INDIANAPOLIS — A new study revealed the Indianapolis Motor Speedway contributed a record-breaking $1.058 billion to Indiana’s state economy. This data comes from a study conducted by the Indiana University Public Policy Institute from June 2022 up until May 2023.
“It doesn’t surprise me at all,” said Liz Glover, the owner of Charlie Brown’s Pancake and Steak House.
Those were the first words from Glover when she learned the Indianapolis Motor Speedway contributed more than $1 billion dollars to the state in the last year.
“It keeps growing,” she said. “What it was 10 years ago is not what it is now. It is more!”
This is the first economic study of IMS in 10 years. The last time a study like this was done, IMS generated more than $510 million to the Indiana economy. Now, that number has nearly doubled. The economic impact includes the generation of more than 8,000 jobs.
“For us to actually know that the Indianapolis Motor Speedway, the events around it, the jobs created by it, impact the state of Indiana by over $1 billion dollars every single year, it was pretty powerful to us,” said Doug Boles, president of the Indianapolis Motor Speedway.
IMS leaders say the significant growth comes from an increased interest in motorsports, as well as the development of a new business model, allowing for more events at the track year-round. And as Boles said, the impact goes way beyond the track.
“We want to be able to, when we go up and around the state to make sure if you live in Vanderburgh County in Evansville or if you live in Lake County in Gary or you are in Allen county in Fort Wayne, that you feel really good about the fact that IMS is driving economic development for the entire state,” Boles said. “All 92 counties, not just the one county of Marion.”
But IMS’ greatest impact is felt by local business owners in Indianapolis like Glover, who say they want to continue to see this kind of growth in the next decade and beyond.
“Once you are here, you want to stay here,” she said. “Speedway is the place to be, but Main Street is top-notch.”
Officials hope to do another economic study a year or two after the IMS Museum reopens in 2025.”