Austin Economy Prepares for Major Ramp Up from Formula One
published on June 6, 2012
Austin and Travis County are gearing up to host the 2012 United States Grand Prix, a Formula One racing event that will attract 120,000 people to Austin and Del Valle in November. The event center that is currently in progress, called Circuit of the Americas, is working alongside the county to strengthen roadways and develop a strategic traffic plan to avoid the type of gridlock Austinites may be familiar with on Longhorn game days. Residents in nearby south neighborhoods like Legend Oaks and Circle C will not have to worry about traffic bottle necks, as County officials are working to expand lanes and add new throughways to help move cars along come race day.
The Formula One race is expected to bring greater economic benefit to Austin than the Super Bowl brought to Indianapolis, also a host of Formula One racing, which generates $337 million for the city annually. Austin can expect similar results, with the event generating at least 2,000 new jobs, full hotels, busy restaurants, and new business prospects, all positive predictions for the Austin economy. Austin hotels are already booked at 40% capacity for the weekend of November 18th. With major events like the pending Formula One, South by Southwest, and Austin City Limits bringing so many visitors, it can be a wise investment to consider an Austin home search for a vacation home that can be rented out during events.
The Circuit of the America’s event center can also be expected to stay busy year round, with anticipated events that include other motorsports, concerts, and business functions. The space is expected to garner national attention for Austin, with automotive technology companies planning to build businesses close to the track, and high profile leaders in international business coming to survey the business climate. International fans of Formula One may also help further improve rapid growth of the Austin luxury home market.
Austin Home Price Estimate
What's your home worth? Use our instant home price estimator to get an idea of what your home might sell for on the market today.