Saturday, December 20, 2014

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Austin F1 plans to bring in $300M per year

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Full Throttle Productions LP, the company that's bringing Formula One to Austin, said the area can expect more than 1,000 jobs and hundreds of millions of dollars in revenue once the Grand Prix comes to town.

According to a 20-page document given to the City of Austin a few months ago by Full Throttle Productions, Formula 1 United States Grand Prix racing will bring in more than $300 million a year, adding up to $3 billion during F1's 10-year contract with the city.

The company estimated that it will employ more than 1,500 workers during the construction phase of the project, and about 1,200 temporary workers to cover race weekends.

The track is expected to be built just outside of Elroy, near the Austin Bergstrom International Airport .

While the plans are not yet final, documents show construction should cost about $180 million. Representatives for F1 said updated plans should be released in three weeks.

The company also plans to release a partial list of events planned for days when races are not scheduled in about 30 days.

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