Economic Impact of DAYTONA Rising Increased
DAYTONA BEACH, Fla. – After breaking ground at the beginning of July, Daytona International Speedway’s historic DAYTONA Rising project is off to a fast start. Daytona’s parent company International Speedway Corporation (ISC) today provided updated economic benefit estimates, calculated independently by the Washington Economics Group (www.weg.com) of Coral Gables, on the DAYTONA Rising project.
Initial economic benefits for the DAYTONA Rising project were based on a $250 million investment. Now that the actual investment from ISC will be between $375 million and $400 million, the DAYTONA Rising project is expected to generate:
More than 6,300 new jobs during the construction – these are direct and indirect construction jobs as well as jobs induced throughout the community by the project
More than $300 million in labor income during construction
More than $85 million in new federal, state and local tax revenue throughout construction
The calculated economic benefits from DAYTONA Rising are in addition to the already substantial impacts generated by the ongoing operations of ISC and Daytona International Speedway:
More than $1.6 billion EACH YEAR in total economic benefit to the state of Florida, including $645 million directly to the labor force
The combined operations of ISC and DIS directly and indirectly generate more than 18,000 PERMANENT jobs in Florida
More than $241 million annually in federal, state and local tax revenue
Currently, more than 60 percent of attendees to the DAYTONA 500 travel from outside the state of Florida, and more than 50 percent of DAYTONA 500 attendees stay five or more nights in Florida during their visit.
“Daytona International Speedway and parent company International Speedway Corporation have been long-standing pillars of our community, responsible for generating billions in economic activity each and every year,” said Florida State Senator Dorothy L. Hukill, District 8. “They are now literally building upon their past success with the DAYTONA Rising project, and investing $400 million to modernize the iconic Speedway for the community and motorsports fans throughout the world – providing a much needed influx of jobs, labor income and tax revenue in the process.”
For tickets and more information on Daytona International Speedway events, visit www.daytonainternationalspeedway.com or call 1-800-PITSHOP.
DAYTONA Rising is a $400 million reimagining of an American icon – Daytona International Speedway. Five expanded and redesigned entrances, or “injectors,” will lead fans to a series of escalators and elevators, transporting them to three different concourse levels. Each level features spacious social areas, or “neighborhoods,” along the nearly mile-long frontstretch. At the conclusion of the redevelopment, Daytona International Speedway will have approximately 101,000 permanent, wider and more comfortable seats, twice as many restrooms and three times as many concession stands. In addition, the Speedway will feature over 60 luxury suites with track side views and a completely revamped hospitality experience for corporate guests. The project is expected to be completed in time for the 2016 Rolex 24 At Daytona and DAYTONA 500.
ROSSETTI, an award-winning architectural design and planning firm for the past 40 years, which headed the design for Ford Field NFL Stadium, University of Notre Dame Compton Family Ice Arena and five Major League Soccer Stadiums, is leading the master planning of the DAYTONA Rising site.
About Daytona International Speedway
Daytona International Speedway is the home of "The Great American Race" - the DAYTONA 500. Though the season-opening NASCAR Sprint Cup event garners most of the attention - as well as the largest audience in motorsports - the approximately 500-acre motorsports complex boasts the most diverse schedule of racing on the globe, thus earning it the title of "World Center of Racing." In addition to eight major weekends of racing activity, rarely a week goes by that the Speedway grounds are not used for events that include civic and social gatherings, car shows, photo shoots, production vehicle testing and police motorcycle training.
No Events Found