Formula 1 Grand Prix brought $350m lift to Miami
Formula 1’s inaugural Miami Grand Prix made a huge impact — and now the economic effect has been quantified.
The May race brought in nearly $350 million of economic activity to the surrounding area, according to a report by Applied Analysis.
Tourists spent $150 million during the race week, with an average of $1,940 per person — almost twice that of the typical tourist to the area.
Visitors to the Miami International Autodrome site totaled 243,000 over the race weekend.
3,000 local workers were paid over $100 million in the leadup to and during the race. Around half of that payout came during the construction phase of the project, which included laying a track composed of 24,000 tons of asphalt.
F1 enjoyed impressive viewership numbers throughout the weekend, with 23 million people tuning in — 27% above Austin’s 2021 Grand Prix. There were 140 million views between F1’s website and app.
The racing series is reshuffling its calendar next year, with Las Vegas joining Austin and Miami. Many in and around F1 have mentioned that an American team and driver could spark U.S. interest even more.
A Harris Poll from May backs that up, with 35% of American F1 fans and 16% of U.S. adults saying they would be more interested in the racing series if there were more American drivers.
