STUDY SHOWS IOWA SPEEDWAY PROVIDED NEWTON REGION $34.6 MILLION TOTAL ECONOMIC VALUE IN 2009, PROJECTS FUTURE GROWTH
NEWTON, IOWA (Feb. 22, 2011) – An economic study commissioned by the City of Newton shows in 2009 Iowa Speedway spurred $34.6 million in total economic activity in the Newton region, while supporting the equivalent of more than 380 jobs.
Results of the study, undertaken by Dave Swenson, regional scientist in the Department of Economics at Iowa State University, were made available to the public Monday night at the Newton City Council meeting.
Key findings include:
· The total economic value of Iowa Speedway to the Newton region was $34.6 million in 2009.
· The total economic activity stemming from the Speedway’s 2011 schedule is expected to exceed $44.6 million – an increase of more than $10 million in two years.
· Total economic activity associated with the Speedway in 2009 supported the equivalent of more than 380 jobs in the region through direct purchases and indirect effects as those purchases multiplied through the economy.
· The Speedway is projected to support the equivalent of more than 490 jobs in 2011 – a jump of more than 100 in a two-year span.
The City of Newton commissioned the study, with funding support from Iowa Speedway.
“The study is valuable to the City because it clearly demonstrates the large impact that the Iowa Speedway is having on the region,” stated Bryan Friedman, Newton Community Development Director. “It shows that the Speedway is very important as we attempt to diversify the local economic base with activities like tourism. This really shows how the Speedway’s impact reverberates through the region.”
Iowa Speedway, one of the state’s premier entertainment venues, has consistently drawn larger-than-average crowds for its races.
It’s been the site of the only two NASCAR Nationwide Series sellouts in the past two years and boasts season ticket holders from 26 states.
The study’s detailed findings allow city and Speedway officials to build a broader and deeper understanding of the track’s impact on the local, regional and state economy.
“We’ve always known Iowa Speedway contributes a great deal to the quality of life in the state – and our races have enjoyed virtually unrivaled support from sponsors and fans,” Iowa Speedway President Jerry Jauron said. “This study substantiates what we’ve known and said all along. Iowa Speedway is indeed ‘America’s to Race,’ and a valuable asset for the local economy.”
Jauron stressed that Iowa Speedway remains true to its in-state roots in a variety of aspects, beginning with the Brooklyn, Iowa-based construction company, Manatt’s Inc., which owns the facility.
“What the Manatt family has done for fans and sponsors of elite-level motorsports in this state is amazing,” Jauron said. “They believed a world-class motorsports and entertainment venue could not only be built, but could thrive in Iowa and clearly, that’s proven to be the case.”
The complete study can be accessed online at the City of Newton website (www.NewtonGov.org). Copies are also available upon request.
Iowa Speedway opens its 2011 season May 21-22 with NASCAR K & N Pro Series and Nationwide Series events.
For tickets and information, log on to iowaspeedway.com, call (866) 787-8946, or visit the track administration offices at 3333 Rusty Wallace Drive, Newton, IA 50208.
