The long-term impact of Austin's F1 race
An F1 Grand Prix took place near Austin on November 18, 2012, and the Circuit of the Americas event promises to have long-term effects on the city. Many current residents and some of the people who are considering various homes for sale in Austin are taking pride in a city that continues to explore new ways to boost its economy and provide unique entertainment for long-time citizens and newcomers.
Austin City Council member Chris Riley said that the race site is more than just an average venue - it is closer to the character of Austin that many city residents know and love.
"If this were just another race car venue, well then, that would detract from our character," Riley told Reuters.
KXAN-TV reports that 117,429 fans watched the race at the 3.4-mile, 20-turn track. The course was completed only days before the race, but earned rave reviews from many race fans.
Additionally, the news outlet points out that the total attendance for the Grand Prix activities, which began on November 16, 2012, was 265,499. Circuit of the Americas chairman Bobby Epstein noted that Austin proved to be an ideal venue for the event.
"The entire Circuit of the Americas team thanks our guests, our community, our new Formula One family and racing fans around the world for making our first Grand Prix such a remarkable experience,” Epstein told the news source. "The racing was spectacular. The crowd was enthusiastic and appreciative, and we showed the world that Formula 1 has a new U.S. home in Austin."
After the race, Austin City Manager Mark A. Ott thanked the entire community for its support during the event. He said that Austin residents offered a positive experience for visitors, and every person who was involved should take pride in a job well done.
The financial impact of the race
Many local businesses saw new visitors during the event. The city's restaurants and hotels could see short- and long-term gains due to the race's success.
The U.S. Bureau of Labor Statistics states that the total workforce in the Austin area's leisure and hospitality industry increased 3.3 percent between October 2011 and October 2012. If local establishments and hospitality venues provided top-notch support to newcomers during the event, these businesses could enjoy immediate profits. Austin's leisure and hospitality industry employers also could review data after the event, and may make improvements to further enhance the quality of their accommodations, which could make these businesses more attractive to future visitors.
Austin's jobless rate, which was 5.3 percent last month, could continue to fall if the local economy improves. An event like the F1 race provides an instant spark to Austin businesses, and these companies could increase their hiring to help lower the city's unemployment rate.
The effect on the Austin housing market
Austin is an attractive destination for many visitors, but it could also prove to be a worthwhile place to live.
Newcomers likely had a chance to see just a portion of what Austin has to offer during the race, and these people could explore the wide range of houses available to become residents in this city.
Many properties are available in Austin, and homebuyers could consider 15- and 30-year fixed-rate mortgages because these options help many people maintain monthly budgets. With these mortgages, property buyers pay the same amount each month for a set period, and because interest rates are at historically low levels, they could find incredible values in the housing market.