An economic impact study has been published detailing the benefits to Richmond and Virginia from the hosting of the UCI World Cycling Championships in September of this year.
The 10-day event was held from September 18 to 27 and attracted an estimated 645,000 spectators from around the world and spending from both the organisers and visitors “contributed positively to the economies of both the Richmond metropolitan statistical area (MSA) and Virginia” according to the study.
Amongst the key findings in the report are that spending by visitors to Richmond 2015 generated an estimated $138.4 million in economic impact (direct, indirect, and induced) in the Richmond MSA, and $145.9 million in Virginia during the UCI Championships.
Combining event organisation and visitor spending, the total economic impact of Richmond 2015 was an estimated $161.5 million (direct, indirect, and induced) in the Richmond MSA and $169.8 million in Virginia.
The estimated total expenditure for organising Richmond 2015 was $23.2 million, consisting of spending in administration (including rights fees), business development, technical and competition, event operation, marketing and communications, and collegiate championships as the official test event. This figure also includes the value of in-kind services provided by businesses and local government agencies.
Of surveyed spectators, 44% live in the Richmond MSA, and 13% came from other Virginia locations. Moreover, 31% of surveyed spectators were from other states, and 12% came from other countries.
You can read the full report here.
