Thursday, December 9, 2004
The economic impact of motorsports extends far beyond race day and is one of the engines that can help drive the Indianapolis region's economy into the future, according to a study, "Motorsports Industry in the Indianapolis Region," commissioned by The Indy Partnership.
"This study verifies that motorsports is a business cluster that we should pursue," said Greg Schenkel, president and chief executive officer of The Indy Partnership.
Motorsports businesses pay more than $425 million per year in wages alone and employ up to 8,800 workers in the nine-county Indianapolis region. Jobs in motorsports pay 33 percent more than the state's average annual wage. And the study, done by the IUPUI Center for Urban Policy and the Environment, verifies there is significant growth potential for the industry.
The local segment of the multibillion-dollar motorsports industry is expected to grow by more than 37 percent over the next five years, according to the study paid for by The Indy Partnership, Hendricks County Council for Economic Development, Madison County Corporation for Economic Development and the Indianapolis Motor Speedway Corp.
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"Motorsports involves advanced manufacturing, high technology, even life sciences and logistics, really every segment of the New Economy industries we want to capture," said Jeb Conrad, executive director of Indianapolis Economic Development, a member organization of The Indy Partnership.
The wage figures do not include the economic impact of the three major races - the Indianapolis 500, the Brickyard 400 and the United States Grand Prix - conducted annually at the Indianapolis Motor Speedway.
"For those of us who work at the Speedway, we see the words 'Racing Capital of the World' every day," said Joie Chitwood, IMS president and chief operating officer. "But these numbers released today, added to the fact that the three IMS events contribute more than $700 million into the local economy, reinforce the significance of motorsports. Indianapolis is the racing capital of the world, and motorsports is truly a major industry here."
The study found that motorsports is also an example of the New Economy because it's highly entrepreneurial and highly innovative, and it forms a competitive cluster in the Indianapolis region in which workers can move easily from one company to another as demand shifts.
An executive summary of the study is complete. The full study is expected to be finalized shortly after Jan. 1, 2005. Both will be available for viewing at The Indy Partnership's Web site, www.indypartnership.com.
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