A new study by the Indiana University Public Policy Institute provides a comprehensive look at the annual economic activity generated by events and operations at Indianapolis Motor Speedway.

Researchers found that IMS contributes $1.058 billion to the Indiana economy, with over half that total – $566.4 million – attributed to the Month of May and the world-famous Indianapolis 500. The 2023 study addressed the direct and indirect economic contributions made by IMS between June 1, 2022, and May 31, 2023.

“The Racing Capital of the World is a marquee hub for economic development that directly benefits Central Indiana and the Hoosier State, triggering innovative activity and providing jobs and income for thousands of families,” IMS President J. Douglas Boles said. “The impact and value of IMS and its contributions to Indiana’s economy are invaluable and fuel us to further prioritize our role as a key driver of progress and impact moving forward.”

Notable statistics from the extensive study include:

• A contribution of $1.058 billion to the Indiana economy
  • Brickyard Weekend 2022 accounted for $117.2 million
  • Month of May 2023 accounted for $566.4 million
    • Visitors within 100 miles of the Speedway accounted for $86 million
  • Other events and activities accounted for $375.1 million
     
• Generation of 8,440 direct and indirect full-time equivalent jobs, totaling an estimated $360 million in labor income

The last economic impact study was conducted in 2013 and determined that IMS generated more than $510 million annually to the Indiana economy at that time. Over the last decade, the growth has been influenced by additional motorsports events and activities, as well as increased attendance at marquee events. The growth of race teams and motorsports-related businesses in the area also contributes to the increased impact.

For more details and to read the complete study, see the full announcement here.