Grand Prix Racing – High Decibels, High Revenue

Whether you are Indy Car racing fans or not, no one can dispute the impact that Grand Prix races have on the city in which they are held. Whether it’s decibels or dollars, the races have a significant effect.

Take St. Petersburg, Florida, for example, which recently hosted an Indy Car race. The most pressing issue for many St. Pete residents was noise. Indy cars are very noisy and the rough racing took place every day from 8:30am to about 5pm. Depending on where the residents live, decibel (dB) levels reached from 110 to 122. How loud is 122 dB? A typical conversation takes place at about 60 dB. Washing machines produce 75 dB. A power tool generates about 100 dB. And gunshots can cause immediate hearing loss, with noise ranging from 140 to 190 dB, depending on the weapon.

Aston Martin Cognizant Formula One

Because permanent hearing loss occurs with prolonged exposure of 85 dB or more, it’s safe to say that the race is dangerously noisy, even for non-participants. But does the Grand Prix also have a positive effect?

Only if you call more than $5 million in revenue “good.”

This figure was a result of the “Honda Grand Prix of St.Petersburg Economic Impact Study 2005” of the City of St.Petersburg. The study was done to document the economic impact of the 2005 race on the city. It found that, according to estimates from various media sources, 70,000 spectators attended the three-day event in April.

According to the study, “the combined economic impact of visitors’ spending on commercial accommodation, seasonal residents, day trippers, and people visiting friends and relatives (out-of-province visitors) is related to the Honda Grand Prix of St. Petersburg costing $5,131,070 .”

This figure reflects only spectators of the event and excludes the impact generated by organizers, sponsors and crews. These groups are likely to increase the total amount significantly, according to Dave Goodwin, director of economic development. “The race teams and their entourage and race media are in town for several days, many staying in local hotel rooms, dining at local restaurants and visiting local shops and stores.” All this adds up to thousands of dollars more spent in St. Pete.

Simoni Racing GP 16 New sales Wheel Prix

And that impact will be repeated every year that the race is held. Of the 70,000 race spectators in 2005, 85.7% of the participants came especially for the race. 6.4%, or 4,480, stayed an average of two nights in a commercial accommodation. And they all said they would come back for the 2006 race.

Rick Mussett, St.Pete’s urban development manager, believes the positive impact far exceeds the quantifiable $5 million. “The IRL [Indy Racing League] and ESPN reported that the 2005 race was broadcast in 203 countries and territories and was watched by 309 million households,” Mussett said in an email. “That is probably the biggest impact of the race on the global fame of the city, which gives our image a big boost!”

Goodwin agrees. When asked if the race will have an economic impact beyond the direct race days, he said the Grand Prix “may be the best 2-hour economic development/tourism commercial the city isn’t paying for,” due to its broadcast on EPSN. . “Anything that showcases the city and prompts the viewer to visit, move to, or start a business contributes to the city’s economic base.”

In addition, Goodwin said the city’s Department of Economic Development and the Tampa Bay Partnership are taking advantage of the international coverage of the race to host foreign press and professional site selectors. These people “then blow out to tell the story of St Petersburg and the surrounding region,” Goodwin says.

Regardless of whether or not you like the noise pollution of the Grand Prix and three days of cacophonous activity, there’s no denying that it has a long-term positive impact on the city of St.Pete. From instant dollars spent by fans and crews to priceless international fame, Grand Prix racing is great for the local economy.