The Formula 1 Miami Grand Prix significantly contributes to the local economy, generating substantial revenue. For the 2023 race, the event benefited the local economy by $449 million.
The economic impact of the F1 Miami Grand Prix has shown considerable growth since its inception. The 2023 figure represents a 29 percent increase in economic benefit compared to the 2022 race.
Over its first two years, the total economic impact generated by the F1 Miami Grand Prix amounts to $798 million. This cumulative figure highlights the significant and growing financial contribution of the event to the South Florida region.
Economic Impact Breakdown
To illustrate the financial contributions, here's a breakdown of the economic benefits generated by the F1 Miami Grand Prix:
| Year | Economic Benefit (USD) | Notes |
|---|---|---|
| 2023 | $449 million | A 29% increase from the previous year. |
| 2022 | $349 million | Derived from the total impact and 2023 figures ($798M - $449M). |
| Total (2022-2023) | $798 million | Cumulative economic impact over the first two years of the event. |
This data underscores the substantial financial stimulus the Formula 1 Miami Grand Prix brings to the local economy, encompassing various sectors such as hospitality, tourism, retail, and local employment.
