The last full economic impact study for Austin’s F1 U.S. Grand Prix, conducted in 2021, estimated roughly $434 million in direct spending.

AUSTIN, Texas — Austin is buzzing, as Formula 1 weekend drew crowds from around the world, pumping hundreds of millions of dollars into the local economy. For many businesses, it’s one of the most lucrative weekends of the year.

According to Visit Austin, the race averages around 430,000 attendees over the weekend. The last full economic impact study for Austin’s F1 U.S. Grand Prix, conducted in 2021, estimated roughly $434 million in direct spending.

Since then, Visit Austin said the true impact is likely closer to $1 billion, citing inflation, growing popularity of the sport, higher attendance and increased hotel revenue year over year.

While the race is the main draw, visitors told KVUE it’s just one part of their adventure in Austin.

“You can’t come here without trying to get a taste or a piece of Texas,” said Miles Johnson, who was in town visiting from Seattle.

Many are staying in hotels or short-term rentals and soaking up the city’s sights, flavors and culture.

“Vegan food for me was the best,” said Freddy Marichal, visiting from Boston. “And then the best spot to visit was Barton Springs, which is a natural pool, I think was pretty cool.”

Local businesses are feeling the surge. Prototype Vintage, a shop on South Congress, said foot traffic has doubled in just the past three days.

“It’s something that we’re kind of always, like, prepping for,” said Jade Wright of Prototype Vintage. “Especially once the slow down, and back to school happens and September hits, which is like a little bit slower and more chill. It’s just like the calm before the storm.”

Even though Circuit of the Americas is nearly 20 miles from South Congress, the distance hasn’t stopped visitors from exploring the area. 

“A lot of tourism is over here,” Wright said. “A lot has been built up, so it doesn’t feel out of place for a lot of people to be here. It’s mostly just so many people at once.”

With Circuit of the Americas securing an eight-year extension to host the U.S. Grand Prix through 2034, businesses are gearing up to make it a staple of their yearly plans.