2015 World Championships still buzzing in Richmond with Economic Impact of $161 Million - 18 December 2015

The 2015 UCI Road World Championships held in Richmond, Virginia, in September has been heralded as an overall success by the Mayor Dwight Jones for having an estimated $161 million impact on the city of Richmond and surrounding region. Richmond 2015, organizers of the event, released the economic impact report of the 10-day event in an announcement Friday.

“People all over the world have been buzzing about Richmond and the Commonwealth of Virginia since the world's best cyclists challenged for world titles. I congratulate Mayor Jones and all of the state, local and private sector partners who contributed to this world-class event that will benefit this region and this Commonwealth for many years to come,” said Virginia Governor Terry McAuliffe in a press release from Richmond 2015 organisers.

The event cost organisers of Richmond 2015 a total of $23.2 million. The city of Richmond announced last month that it cost them $4.1 million from the first bid through the final race on expenses that included support operating, licensing, and other expenses exclusive to the 2015 Worlds, preparation of the course, promotion and merchandising, and police and emergency personel.

A comprehensive economic impact study, prepared by Chmura Economics & Analytics, not only pointed to the overall impact but also found that the 10-day event generated $3 million in tax revenue for local governments and $4.9 million for the state, and put total direct visitor spending at $74.6 million in Richmond, which had an estimated economic impact of $138.4 million.

“It is always a welcomed outcome when we not only meet our goals, but also exceed them,” Richmond Mayor Dwight C. Jones said. “The nine days of racing gave us an opportunity to showcase all that is extraordinary about Richmond, and we know that the by product of all of our collective efforts generated millions of dollars of benefit to the City of Richmond and the region as a whole. And the ancillary benefits will continue for many years to come. My thanks and congratulations to everyone involved.”

The study also tallied the number of spectators at an estimated 650,000 over the course of 10 days, and over 5,000 credentialed participants. Those spectators were from 34 US states and 29 countries.

“To put on an event of this magnitude takes tremendous cooperation, and our local governments, business community and residents rallied together to welcome the world to Richmond,” said Tim Miller, COO of Richmond 2015, Inc. “We are thrilled that the World Championships exceeded our expectations.”

Originally published in www.cyclingnews.com on 18 December 2015

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