AUSTIN, Texas — Austin is buzzing, as Formula 1 weekend drew crowds from around the world, pumping hundreds of millions of dollars into the local economy. For many businesses, it’s one of the most lucrative weekends of the year.
According to Visit Austin, the race averages around 430,000 attendees over the weekend. The last full economic impact study for Austin’s F1 U.S. Grand Prix, conducted in 2021, estimated roughly $434 million in direct spending.
Since then, Visit Austin said the true impact is likely closer to $1 billion, citing inflation, growing popularity of the sport, higher attendance and increased hotel revenue year over year…