Economic Impact Numbers of Road America Announced
ELKHART LAKE, Wis., – March 7, 2023 – Road America, the world-renowned motorsports facility in Sheboygan County, is more than just an exciting place to watch races. It is also a significant economic driver for the state of Wisconsin.
The Washington Economics Group (WEG) was retained by Road America as independent consultants to estimate the comprehensive economic impacts associated with the ongoing operations of Road America on both Sheboygan County as well as the entire state of Wisconsin. These include both qualitative and quantitative categories of economic impacts. According to the Study, the total economic Impact of Road America each year is $254 million throughout Sheboygan County. Of this total, $181 million (or 71 percent) is due to direct economic effects, with $73 million (or 29 percent) attributable to indirect and induced economic effects. In addition, this economic activity supports 2,975 jobs, generates $83 million in Household Income, $131 million in GDP, and $34 million in Federal, State & Local Fiscal Revenues throughout the County.
WEG also quantified the estimated Impact of Road America’s planned capital expenditures through Spring 2024. These include paving and routine repair costs, the construction of new infrastructure and fencing, improvements to the spectator areas, and remodeling of the bathrooms and other facilities. These improvements will attract even more annual visitors once completed in 2024, further contributing to the annual impacts.
The Total Economic Impact of Road America each year is $403 million for the entire State of Wisconsin. This is $149 million larger than Road America’s Impact on Sheboygan County due to larger indirect and induced economic multipliers relative to Sheboygan and the additional impact of out-of-County visitors. WEG added that $354 million of the $403 million in statewide impacts is due to visitor spending. Additional off-site lodging, dining, shopping, travel, and entertainment expenditures made by race fans, race competitors, and all other visitors as they shop and take advantage of different amenities throughout the local area, especially out-of-town visitors, contributed to the total figures.
The main portion of the Study presents the economic impacts at a summary level. Direct, Indirect, and Induced Impacts are aggregated into the Total impact, and Industries are summarized by function.
Below is a snapshot of the Total Annual Economic Impact Generated by Road America in the State of Wisconsin by Industry (in $ Millions)
Knowledge-Based Services $156.0 or 39%
– Information, Finance & Insurance, Real Estate, Professional Services, Administrative, Educational Services, Health & Social Services, Arts, Entertainment & Recreation, and Other Services.
Visitor Industry $132.9 or 32%
– Accommodation and Food Services sector
Wholesale Trade & Transportation Services $48.2 or 12%
– Wholesale Trade and Transportation & Warehousing
Retail Trade $29.0 or 7%
Government & Other $23.3 or 6%
– Agriculture & Forestry, Mining, Utilities, Company Management, and Government & Other
Construction and Manufacturing $13.6 or 3%
Total $403 Million
WEG quantified and estimated the direct, indirect, and induced comprehensive economic impacts utilizing the professionally accepted and widely used IMPLAN Input / Output Methodology. WEG’s representative client list includes several motorsports and entertainment venues, including Watkins Glen International Raceway, Virginia International Raceway, Talladega Superspeedway, Richmond International Raceway, and several other organizations and corporations on a domestic and international level.
“We are proud to be a part of the Sheboygan County community and to make such a positive impact on the local economy and a significant tourism driver for the state of Wisconsin,” said Road America President and General Manager Mike Kertscher. “Our facility attracts visitors from all over the world, and we are grateful for the support of our neighbors in Sheboygan County.”
Road America hosts various motorsports events throughout the year, including professional and amateur races, track days, and driving schools. These events draw thousands of visitors to the area from around the U.S., boosting local businesses and hotels.
“Road America is a vital part of our economy, and we are fortunate to have such a world-class facility in our backyard,” said Brian Doudna, Executive Director of the Sheboygan County Economic Development Corporation. “Not only do they provide exciting entertainment for our residents and visitors, but they also have a significant impact on our county. Road America is a great community partner.”
With its rich history and beautiful location in the heart of Wisconsin’s Kettle Moraine, Road America is a true gem for Sheboygan County and the entire state. Its continued success is a testament to the hard work and dedication of its employees and the support of the community. Along with over 500 events held seasonally at the 640-acre facility, several major weekends are open to the public, which include the NTT INDYCAR Series, the MotoAmerica Superbike series, three vintage racing events, numerous Sports Car Club of America (SCCA) events, the Trans Am Series, Fanatec GT World Challenge, the IMSA WeatherTech SportsCar Championship, and the NASCAR XFINITY Series. Fans should check out www.roadamerica.com for a season schedule and ticket information.
Contact: John Ewert
| Communications Director | Elkhart Lake’s Road America
Phone | 800-365-7223 Ext. 2007 | Email: firstname.lastname@example.org