South Florida Motorsports (SFM) has released the findings of the first Economic Impact Report for the Formula 1® Crypto.com Miami Grand Prix which reveals the local economy was boosted by nearly $350 million. Compiled by leading economic consultants Applied Analysis, the report details the specific fiscal benefits to the South Florida and Greater Miami regions, including Miami Gardens. “We were proud to deliver on the commitment Stephen Ross made to impact the local economy and the people throughout our community; especially right here in Miami Gardens,” said Richard Cregan, CEO of the Crypto.com Miami Grand Prix. “Our team worked selflessly to create a campus and experience that was unique to the international culture of Miami. We look forward to growing the event and the positive impact it will continue to make here for years to come.” In the first week of May, the venue hosted the first-ever Formula 1® Crypto.com Miami Grand Prix held around a new 19-turn circuit known as the Miami International Autodrome, built around Hard Rock Stadium in Miami Gardens. The race, which is one of 23 races worldwide comprising the 2022 Formula 1 Championship, will take place at the Miami International Autodrome for at least the next nine years. The weekend attracted over 243,000 spectators across the three days and culminated with a thrilling race as Red Bull’s Max Verstappen beat the Ferrari of Charles Leclerc. As well as enjoying the on-track action, fans were able to soak up the incredible atmosphere of the event which quickly became the hottest ticket in town. Celebrities from the worlds of film and pop mingled with sports stars in luxury VIP hospitality areas, such as Hard Rock Beach Club and MSC Cruises Yacht Club while international DJs performed to the entire campus and Miami restaurants served up the best local cuisine. The report highlights the overall economic impact of the race. When operational activities and net visitor spending are aggregated, the overall economic impact reaches $349 million annually and supports more than $100 million in salaries and wages for over 3,000 local workers. Visitor spending in the Greater Miami region during race week reached over $150 million. The average visitor to Miami for the race spent a total of $1,940 while in the city, which was nearly double the typical non-Formula 1 visitor. In addition, 84% of visitors traveled to Miami primarily for the event and 66% of attendees were out-of-town visitors. The tourist influx data revealed the country with the largest number of visitors was Canada, closely followed by the United Kingdom, Mexico, Colombia, and Argentina. The race was an extraordinary success from a broadcast perspective with 23 million US viewers spread across the weekend. The Saturday qualifying audience was 7.6 million rising to 15.4 million for Sunday’s race. In addition, viewership increased 27% compared to the 2021 US Grand Prix in Austin, TX across the weekend.
In the United States, race day viewership grew by 106% compared to the 2021 US Grand Prix with 2.2 million viewers, while on the F1 Web/App there were 140 million views (up 39% on the 2021 US race) and 118.6 million page views (up 50%) and 288,483 new followers. During the weekend F1 surpassed 19 million followers on Instagram, increasing its followers by 1.4 million since the start of the year.