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Austin isn’t the only city experiencing an economic boom during Formula 1 racing

While Austin’s economy is great during Formula 1, the city’s suburbs also benefit greatly from the big race.

AUSTIN, Texas – The Formula 1 US Grand Prix draws crowds from all over the world and directly boosts Austin’s economy. However, the economic impact is felt even further than in Austin. Surrounding cities like Buda also attract many people during the event.

Just 15 miles south of Austin and a short drive from the Circuit of the Americas (COTA), hotels and local businesses are packed during US Grand Prix weekend.

“You need a place to stay,” said John Hatch, Buda Chamber of Commerce chairman. “Our hotels and we have a lot of people participating in Airbnb and all these programs. Then people have to eat. And that’s why we have a lot of great restaurants.”

There is also an advantage to staying in Buda rather than Austin.

“The biggest problem that everyone is facing in central Texas right now is traffic congestion,” Hatch said.

Jeff Parks is the owner of mud bugsa Cajun restaurant in Buda that opened two years ago.

“We were voted Best New Restaurant in Austin,” Parks said. “We are very proud of this.”

While their weekends tend to be busy, sales during the US Grand Prix increase by around 25%.

“We had a great night last night,” Parks added. “Our sales went through the roof.”

And the more business, the better.

“It brings in a lot of sales tax revenue for our community,” Hatch said. “And of course, you know, for every dollar we can bring in and sales tax, that’s a dollar less in property taxes.”

Local businesses will continue to prepare for additional people on Saturday and Sunday. The parks made sure to hire extra staff for the weekend shifts and stock up on supplies for the busy weekend ahead.

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https://www.kvue.com/article/news/local/formula-1-austin-buda-economy-boost-2022/269-31ba15a1-f5e3-4849-951b-0e8d23f23b89 Austin isn’t the only city experiencing an economic boom during Formula 1 racing

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