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DIS's Ripple Effect Worth $1.6B Each Year
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Daytona International Speedway, which has spent an estimated $500 million on upgrades and improvements to its facility since 2005, is one of the top driving forces of the area economy.
Over the years, International Speedway Corp., the Speedway’s parent company, has commissioned studies on the economic impact the track and its events have on the local economy.
In its most recent estimate, ISC says the Speedway and its events generate an estimated $1.6 billion for the area each year.
The value is based on the fact that dollars spent by the Speedway and its hundreds of thousands of guests in the community change hands in the area for several months.
When ISC issued an economic report in 2008 that quoted a number above the $1 billion mark, the County Council of Volusia County was so giddy it issued an official proclamation, which read in part:
“This report highlights something we’ve known for a long time—that ISC, NASCAR, and Daytona International Speedway are an incredible economic engine for Volusia County and the State of Florida. They truly drive our economy in a way that benefits all our residents and businesses.”
ISC pumping money into the area economy reached new heights with the construction of Daytona Rising, which over a nearly three-year period transformed the Speedway into the world’s first motorsports stadium.
The Speedway produced a media handout with facts and figures about the $400 million project, which broke ground on July 8, 2013, and was officially finished on January 12, 2016.
The fact page showed that 75 percent of the contractors and vendors used were from Florida and that the project created 4800 jobs with 92 percent of the workforce from the Sunshine State.
Most of that money went into labor income, $320 million, according to ISC. Because of Daytona Rising, 500 permanent jobs were created, according to the Speedway.
The 2015 Daytona 500 attracted people from all 50 states and from other countries around the world and over half of those stayed in Florida five or more days.
“Our fans spend money in restaurants, hotels and on entertainment and as we continue to provide more activities and entertainment opportunities, they will stay longer and spend more money,” said ISC CEO Lesa France Kennedy in a recent interview. “That’s what we all are trying to do together in the community.
“It’s a very strong story in the State of Florida, and I feel like it’s good for the region. We have been very pleased.”
Former Speedway president Joie Chitwood III said the true economic impact in this area is “heads in beds.”
Chitwood made these comments as Speedway president. He has since been promoted to ISC Chief Operating Officer.
“The more people we get from outside our community and stay in our community, those are the dollars so important and give us the ability to excel as a community,” he said.
David Spitzer, who has a background in motorsports, teaches engineering and business at Embry-Riddle. He said the Speedway gives this area a unique status among Florida coastal towns.
“We have assets in this community that set us apart,” he said. “People come here and look around and they feel good, they had a good time.
“Those people might have never stopped here if it wasn’t for these assets that we have. It is pretty cool to know there are generations of people who have been coming here, leaving here happy and hoping to return down to the road."
Over the years, International Speedway Corp., the Speedway’s parent company, has commissioned studies on the economic impact the track and its events have on the local economy.
In its most recent estimate, ISC says the Speedway and its events generate an estimated $1.6 billion for the area each year.
The value is based on the fact that dollars spent by the Speedway and its hundreds of thousands of guests in the community change hands in the area for several months.
When ISC issued an economic report in 2008 that quoted a number above the $1 billion mark, the County Council of Volusia County was so giddy it issued an official proclamation, which read in part:
“This report highlights something we’ve known for a long time—that ISC, NASCAR, and Daytona International Speedway are an incredible economic engine for Volusia County and the State of Florida. They truly drive our economy in a way that benefits all our residents and businesses.”
ISC pumping money into the area economy reached new heights with the construction of Daytona Rising, which over a nearly three-year period transformed the Speedway into the world’s first motorsports stadium.
The Speedway produced a media handout with facts and figures about the $400 million project, which broke ground on July 8, 2013, and was officially finished on January 12, 2016.
The fact page showed that 75 percent of the contractors and vendors used were from Florida and that the project created 4800 jobs with 92 percent of the workforce from the Sunshine State.
Most of that money went into labor income, $320 million, according to ISC. Because of Daytona Rising, 500 permanent jobs were created, according to the Speedway.
The 2015 Daytona 500 attracted people from all 50 states and from other countries around the world and over half of those stayed in Florida five or more days.
“Our fans spend money in restaurants, hotels and on entertainment and as we continue to provide more activities and entertainment opportunities, they will stay longer and spend more money,” said ISC CEO Lesa France Kennedy in a recent interview. “That’s what we all are trying to do together in the community.
“It’s a very strong story in the State of Florida, and I feel like it’s good for the region. We have been very pleased.”
Former Speedway president Joie Chitwood III said the true economic impact in this area is “heads in beds.”
Chitwood made these comments as Speedway president. He has since been promoted to ISC Chief Operating Officer.
“The more people we get from outside our community and stay in our community, those are the dollars so important and give us the ability to excel as a community,” he said.
David Spitzer, who has a background in motorsports, teaches engineering and business at Embry-Riddle. He said the Speedway gives this area a unique status among Florida coastal towns.
“We have assets in this community that set us apart,” he said. “People come here and look around and they feel good, they had a good time.
“Those people might have never stopped here if it wasn’t for these assets that we have. It is pretty cool to know there are generations of people who have been coming here, leaving here happy and hoping to return down to the road."
