Austin Formula 1 race generates $1 billion economic boost

The United States Grand Prix is projected to generate $1 billion in economic activity for the Austin metropolitan area, tourism officials said ahead of race weekend.

Tom Noonan, chief executive of Visit Austin, told local broadcaster KXAN that team arrivals seven to nine days before the race turn the event into the equivalent of an extended citywide convention.

The United States Grand

Hotel occupancy across the city is expected to reach 95% over the race period. Joanna McCreary, a local hotel manager, said the four-day event generates roughly 7% of her property's annual revenue.

Travis County records show Formula 1 has contributed more than $10 billion to the Central Texas economy since the Circuit of the Americas opened in 2012. An extension agreed with race organizers secures the Austin stop on the world championship calendar through 2034.