The Acura Grand Prix of Long Beach continues to prove to be a powerhouse event, delivering nearly $100 million in economic impact to the City of Long Beach and the broader Southern California region, a $35 million increase over the last study completed after the 2018 event. According to the study conducted by Kleinhenz Economics, the 2024 event generated impressive economic benefits over its three-day duration.
The key findings of the study include:
Regional Economic Impact
Economic Output: The Grand Prix produced a total economic impact of $98.7 million across a seven-county region, stemming from $58 million in visitor and operational expenditures.
Job Creation: The event supported 702 jobs across various industries, with 523 direct jobs and 178 indirect or induced positions. These positions included sectors like food and beverage, hotels, retail, entertainment, and transportation.
Income Generation: The event generated $40.3 million in total income, with an average annualized wage of $57,400.
Tax Revenue: The Grand Prix contributed $17.9 million in tax revenues, including $8.3 million at the state and local levels.
City of Long Beach Economic Impact
Economic Output: Within the City of Long Beach, the event produced $58.7 million in economic activity.
Job Creation: The Grand Prix supported 525 local jobs with an average wage of $50,500.
Tax Revenue: The event brought in $8.9 million in local and state taxes, enhancing community resources and infrastructure.
Beyond the Numbers
The Acura Grand Prix of Long Beach is more than just a racing event. Its high visibility, with more than two million viewers across national and international media platforms, establishes Long Beach as a premier motorsport and tourism destination. The event fosters long-term business investment, infrastructure development, and economic vitality, leaving a legacy that extends well beyond its three-day schedule.
With more than 194,000 attendees in 2024 enjoying races, concerts, and other attractions, the Grand Prix continues to rev up the local and regional economies while delivering unforgettable experiences.
“The Acura Grand Prix of Long Beach is not just an exciting racing event—it’s also a dynamic economic engine for the City and the Southern California region,” said Grand Prix Association of Long Beach President & CEO Jim Michaelian. “This year’s economic impact report highlights the substantial benefits the event delivers, from creating jobs to generating millions in revenue for local businesses and government. It’s a testament to the power of motorsports to bring people together while driving significant economic growth. We’re proud to play a pivotal role in enhancing Long Beach’s reputation as a premier destination for world-class entertainment and business investment.”
“Major events like the landmark Grand Prix of Long Beach create both excitement and economic opportunity for our city and region. From local businesses seeing a surge in customers to job creation and infrastructure investments, the impact extends far beyond the checkered flag,” said Long Beach Mayor Rex Richardson. “For Long Beach, this means more support for small businesses, increased tourism revenue, and a stronger local economy that supports city services that our residents depend on.”
The Acura Grand Prix of Long Beach remains a driving force behind Southern California’s economic growth and cultural appeal. As the 50th Anniversary event approaches this April 11-13, the focus remains on maintaining this iconic event’s reputation as both an entertainment spectacle and an economic catalyst. To read the full report, visit gplb.com/economic-impact-report.
