The 2023 Chevrolet Detroit Grand Prix presented by Lear produced an all-time high of $104 million in total spending and $37 million in economic impact for the metropolitan Detroit area, according to St. Louis-based Sportsimpacts.
The total included the build-out and production of the new 1.7-mile street circuit in the heart of downtown Detroit, along with the operation and execution of the event, including fan engagement areas in the city’s business corridor.
Sportsimpacts reports that direct spending generated by the Detroit Grand Prix and its estimated 150,000 attendees measured $64.1 million, $33.1 million of which originated from sources outside of the tri-county area.
In addition to the record total spending produced by the race, the study also revealed an all-time high in economic impact for the event. The Sportsimpacts study determined that the amount of new economic activity stemming from non-local spending, which was retained within Greater Detroit following the Grand Prix, measured $35.7 million in economic impact for the event.
“Driving economic growth for the city of Detroit and across southeast Michigan was one of the most important elements of bringing the Grand Prix back to its original home on the streets of downtown Detroit in 2023,” says Michael Montri, president of the Detroit Grand Prix.
“With the overwhelming support from fans here locally and attracting visitors from outside our region, we are so proud the Grand Prix generated well over $100 million in total spending and more than $35 million in economic impact this year and we look forward to the event contributing even more to the local economy in the future.”
Based on surveys conducted with hundreds of fans at the race, the Sportsimpacts study concluded that 52 percent of event attendees came from outside the tri-county area of metro Detroit. Research also revealed that this year’s Grand Prix attracted a younger audience than previous years with 42 percent of attendees between the ages of 18-34 and 26 percent of fans between the ages of 35-54.
Next summer, the Detroit Grand Prix returns to the streets of the Motor City, May 31-June 2, 2024. Renewals for 2023 ticketholders begin this week with tickets expected to go on sale for everyone in early December. To learn more about the event and to sign up for an early on-sale opportunity, visit DetroitGP.com.
