Arts & Entertainment
2024 NASCAR Chicago Street Race Generated $128M in Economic Impact for City: Report
A still from a promotional video for the NASCAR Chicago Street Race. (Courtesy of NASCAR)
This summer’s NASCAR Chicago Street Race weekend generated an estimated $128.1 million in economic impact for the city — up more than 17% from the inaugural race last year, according to a report released by the city’s tourism agency.
The NASCAR race, which transformed the streets of downtown into a 2.2-mile street course, is already set to make its return to the city next summer.
The new report commissioned by the city’s tourism agency Choose Chicago was completed by the Sports Industry Research Center at Temple University.
This year’s event attracted about 75,000 attendees, a 5% decrease from the previous year, according to the report. However, the event saw 53,000 unique attendees — about a 12% increase from last year — half of whom traveled to Chicago solely or primarily for the event.
The estimated $128.1 million in local economic impact includes an estimated $72.4 million from non-local attendees who traveled to the city for the event and $55.7 million from NASCAR and other corporations to run and promote the event, according to the report.
The year’s street race weekend generated $9.6 million in new tax revenue on the state and local level, $1.3 million more than last year, the report found, adding that the largest sources of taxation revenue are property taxes, sales taxes, personal income taxes and hotel occupancy taxes.
This year, NASCAR was required to pay the city a $550,000 permit fee in addition to paying the Chicago Park District a $2 fee per admission ticket and a 15% commission on food, beverage and merchandise sold at the event.
The event also supported 865 jobs — 115 more than last year’s race, the report found.
Last year, the street race weekend generated $109 million for the city’s economy.
“NASCAR’s presence in Chicago demonstrates that we are the best city in America for innovative sporting events,” Mayor Brandon Johnson said in a statement. “I look forward to working collaboratively with my leadership team and the community to leverage this event to drive even greater impact next year.”
This year’s race contributed $43.6 million in “media value” for the city through media coverage and publicity of the event, an 85% increase from last year, an accompanying media impact report found. The increase is driven in part by an increase in international media coverage.
The latest reports come two months after the mayor’s office and NASCAR announced the street race would return to Chicago next summer for a third year.
The announcement prompted some pushback, including from Ald. Bill Conway, whose 34th Ward includes parts of the Loop. At the time of the announcement, Ald. Conway said in a statement that while NASCAR has been “a good community partner,” surveyed residents said they didn’t want the race held on 4th of July weekend because the race blocks park access.
The next Chicago Street Race is scheduled for July 5-6, 2025.
Contact Eunice Alpasan: @eunicealpasan | 773-509-5362 | [email protected]
