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UCI Road World Championships made $161 Million economic impact for region, study finds

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Posted at 3:39 PM, Dec 18, 2015
and last updated 2015-12-18 15:39:45-05

RICHMOND, Va. — The 2015 UCI Road World Championships in Richmond made a $161 million impact in the local economy, according to analysis by Chmura Economics & Analytics. The 10-day event, which spanned September 19 – 27, attracted an estimated 645,000 spectators (multiple spectators were counted multiple times if they attended more than one day).

The race, Chmura Economics & Analytics found, generated $3 million in tax revenue for Chesterfield, Henrico, Hanover and Richmond. More than half of the event’s spectators came from the outside the Richmond area, the study found. In addition it was determined 31 percent came from other states and 12 percent from other countries.
“The nine days of racing gave us an opportunity to showcase all that is extraordinary about Richmond, and we know that the byproduct of all of our collective efforts generated millions of dollars of benefit to the City of Richmond and the region as a whole,” Richmond Mayor Dwight Jones said. “The ancillary benefits will continue for many years to come.”

The key findings, according to UCI organizers Richmond 2015, were:

From 2012 to 2015, Richmond 2015 generated an estimated $161.5 million (direct, indirect and induced) in economic impact in Greater Richmond and $169.8 million in Virginia.
Richmond 2015 attracted an estimated 645,000 spectators (defined as individuals watching the race and not unique visitors to the region) as well as 5,284 credentialed participants.
Based on a survey of spectators during the event, the race attracted visitors from 34 U.S. states and 29 countries.
Total direct visitor spending was estimated to be $74.6 million in the Richmond market and $75.7 million in Virginia. (The figure excludes visitor spending that was paid to Richmond 2015 organizers, such as ticket and merchandise sales.)
The total estimated economic impact of visitor spending was $138.4 million (direct, indirect and induced) in the Richmond area and $145.9 million in Virginia in 2015.
Total estimated spending for organizing Richmond 2015 was $23.2 million.
The Commonwealth received an estimated $4.9 million in cumulative tax revenue from the event, while tax revenue for local governments amounted to an estimated $3.0 million.

“To put on an event of this magnitude takes tremendous cooperation, and our local governments, business community and residents rallied together to welcome the world to Richmond,” Tim Miller, COO of Richmond 2015, Inc., said. “We are thrilled that the World Championships exceeded our expectations.”

Cycling News rated the last day of the UCI Road World Championships in Richmond as the “Race of the Year.”