Did NASCAR’s Chicago Entry Actually Boost the Economy of the City?

NASCAR’s second visit to the Chicago Street Course ended up being a highly positive result from a racing standpoint. But did all the fanfare and celebration help fill the city’s coffers? In 2023, the race weekend added $109 million to the city’s economy. Over 750 jobs were created and multiple small businesses benefited from the influx of cash. Was it the same case this time? In a large part, yes.

The weather played along better this time than it did last year and it reflected well. The president and the CEO of the Chicago Loop Alliance told NBC Chicago that their goal had been to give racing fans a proper taste of Chicago by exposing them to local businesses. To do this, they invited a host of vendors from the neighborhood to set up shop and showcase their culinary artistry.

One of the businesses that benefited from this arrangement was Bronzeville Winery. Lamar Moore, a partner of the winery, said, “We just killed it. I mean, we sold a lot of food, which is amazing too. Hopefully, people will say, ‘Hey, I saw them at NASCAR and then come to our restaurant.” Such exposure can be life-altering for small businesses.

The city administration could end up benefiting as well. NASCAR paid $550,000 in permit fees, $2 for every admission ticket (To the Park District), and a 15% commission on the sale of food and beverage. However, it ought to be noted that the city spent at least $3.25 million to manage and repair infrastructural damages caused by the event in 2023. The expenses for this year are yet to be revealed.

Not everybody was left happy with NASCAR’s visit to Chicago

One element that did not change from last year’s event to this year was the closure of major streets to host the race. A result of this was damage to certain local businesses that were in these regions. Betty Hlavka, a restaurant owner, said to Fox 32 Chicago, “I wish we had that traffic. It was like a ghost town in this area, for sure.”

“A lot of small businesses have been impacted negatively due to street closures and the lack of parking for the past couple of days. Because we are on the outskirts, maybe people just don’t want to walk over.” Chicago has been extremely cautious about allowing NASCAR to return to its streets. Whether it greenlights the race for next year and beyond will depend on a thorough reward vs damage analysis.