Bristol racetrack is an economic engine
Auto racing has a big impact on the Bristol area, according to a recently released study.
The direct economic impact of Bristol Motor Speedway and Dragway totaled more than $417 million for 2012 through 2014, according to numbers released by the Bristol Chamber of Commerce. That total was taken from racing and ancillary activities held on-site, charitable events, contributions and tax revenue.
The indirect impact totaled more than $1.4 billion, as spending on racing events moved through the regional economy.
“Our community, along with numerous others in Northeast Tennessee and Southwest Virginia, reaps the benefits of having a partner such as Bristol Motor Speedway in our backyard,” Joy Madison, the president and CEO of the chamber, said in a statement. “Visitors who come to our area for a race experience are also spending money in our communities, and it’s made a significant impact on our region and all neighboring states.”
The area is preparing for another event at the racetrack that is expected to boost the local economy. On Sept. 10, 2016, Bristol Motor Speedway will host a football game between Virginia Tech and the University of Tennessee, an event expected to provide a direct impact of $125 million along with an indirect impact of more than $439 million.