NASCAR has seen attendance decline at its events in recent years, from 7.66 million in 2008 to under 6 million in 2015, and tracks are removing seating. Its teams struggled to get by as the Great Recession left sponsors less able to put money into their brand and into the sport. But despite these setbacks, the sport continues to be profitable and popular. Not only that, but it has proved to be a major draw and huge economic driver in the state. The Old Dominion University report said that while many studies and surveys talk about economic impact of sporting events and activities, such as college football games, it often excludes what it called ‘displaced expenditures.’ NASCAR fans from across the country come to where a race is being held and spend days in the area. They spend money lodging at local hotels, fueling up at area gas stations, eating at local restaurants and shopping at local stores. The report highlights two economic studies from 2009 on tracks in Virginia. One showed that Richmond International Raceway, which hosts two NASCAR premier series events every year, generates $557 million for the state, including $36 million in local and state tax revenues. The other showed that Martinsville Speedway generates $170 million a year statewide. That track also hosts two events a year. The report said stock car racing plays a major role in many parts of the state, both economically and socially. However, its concern is that if the trend of weakening attendance continues, it not only affects the sport, but also hurts the economies of these smaller communities in southern Virginia that in many cases are already struggling.(in part from WTOP)(12-6-2016)
