In case you have been on a space shuttle the last 10 years, you may not have heard that National Association for Stock Car Auto Racing (NASCAR) and its estimated 75 million fans generate big money in local communities. Not only does NASCAR play large among its traditional southern base, but now the endorsement-laden racing industry is making an economic impact up north-Joliet, Ill., to be exact.
A recent study by Geoffrey J.D. Hewings, a professor in the Departments of Geography and Economics as well as director of the University of Illinois' Regional Economics Applications Laboratory (REAL) examined the "direct, indirect, and induced economic activity" generated around Joliet's Chicagoland Speedway and Route 66 Raceway for the years 1997-2003. Chicagoland Speedway has a seating capacity of 75,000; Route 66 Raceway has a seating capacity of 32,000. REAL found that Chicagoland Speedway and Route 66 Raceway, which feature NASCAR and National Hot Rod Association (NHRA) races, respectively, provided an overall economic activity of $755.6 million.
Other highlights:
- 9,750 jobs, all full-time equivalent jobs from construction and annual operations of the facilities and affected businesses in the area;
- $275 million in payroll and benefits for people who are directly or indirectly employed as a result of construction or events at the facilities;
- $20 million in taxes paid in 2003 alone to federal, state, and local governments; and
- 1.626 million in the total spectators that have attended more than 380 event days over the last six years. Annually, an estimated 160,000 motel and hotel rooms were rented in Will and Cook counties by out-of-state visitors.
REAL was assisted in the study by the Wilmette-based Frost Motorsports LLC, a consultant to the racing industry.
