Economic Impact Of Daytona Rising Increased
DAYTONA BEACH, Fla. – After breaking ground at the beginning of July, Daytona Int’l Speedway’s historic Daytona Rising project is off to a fast start.
Daytona’s parent company International Speedway Corp. (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 Int’l 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 Int’l Speedway and parent company International Speedway Corp. 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.”