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The grid for the Chevrolet Detroit Grand Prix. (Paul Anton photo)

Detroit GP Has Huge Financial Impact On Michigan

DETROIT — Driving economic growth for Southeast Michigan, the Chevrolet Detroit Grand Prix presented by Lear produced an all-time high in total spending and economic impact for the metropolitan Detroit area. 

In its return to the streets of downtown Detroit for the first time in 32 years, this summer’s Chevrolet Detroit Grand Prix presented by Lear, held June 2-4, attracted an estimated crowd of 150,000 people over the course of the three-day weekend motorsports festival in the Motor City.

According to an independent study conducted by St. Louis-based Sportsimpacts, the Grand Prix produced a record $104.4 million in spending activity by both local and visiting fans, as well as businesses, for the Greater Detroit region of Wayne, Oakland and Macomb counties.

The total included the build-out and production of the new 1.7-mile street circuit in the heart of Downtown Detroit, along with the operation and execution of the event, including numerous fan engagement areas in the city’s business corridor.

Based on research conducted by Sportsimpacts, the direct spending generated by the 2023 Grand Prix measured $64.1 million and $33.1 million originated from sources outside of the Greater Detroit tri-county area.

After accounting for the effects of local spending multipliers and money leakages, Sportsimpacts determined the total spending from both local and non-local sources generated $104.4 million for the region.

In addition to the record total spending produced by the 2023 Grand Prix, the study also revealed an all-time high in “economic impact” for the event. The Sportsimpacts study determined that the amount of new economic activity stemming from non-local spending, which was retained within Greater Detroit following the Grand Prix, measured $35.7 million in economic impact for the event.

 “Driving economic growth for the City of Detroit and across Southeast Michigan was one of the most important elements of bringing the Grand Prix back to its original home on the streets of downtown Detroit in 2023,” said Michael Montri, president of the Chevrolet Detroit Grand Prix presented by Lear. “With the overwhelming support from fans here locally and attracting visitors from outside our region, we are so proud the Grand Prix generated well over $100 million in total spending and more than $35 million in economic impact this year and we look forward to the event contributing even more to the local economy in the future.”