Formula One 'injects nearly $1BILLION into the US economy' in 2022

To many Americans, Austin, is strictly known for Longhorns football, the South by Southwest music festival, and actor Matthew McConaughey's 1999 arrest for playing his bongos in the nude.

The city's profile outside the United States has been even less noteworthy, that is, until 2012, when the Circuit of the Americas racetrack was completed and began hosting an annual Formula One event.

Now, thanks to the rising popularity of Europe's premiere racing series, Austin enjoys an additional half billion dollars, or so, in annual revenue from the US Grand Prix. Not only does that eclipse the estimated $280 million South by Southwest brought into Austin's economy last spring, according to a report by Greyhill Advisors, but it's also helped to raise the city's profile internationally.

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