Estimated Economic Impact of 2015 UCI Road World Championships for Richmond Region Put at $161 Million for 10-Day Event
Chmura Economics & Analytics also estimates that Commonwealth of Virginia reaped almost $170 million from Cycling Event
RICHMOND, Va., December 18, 2015 – Richmond 2015, the organizer of the 2015 UCI Road World Championships, announced today the results of a comprehensive economic impact study of the 2015 UCI Road World Championships in Richmond, an event that was estimated to have more than a $161 million impact to the Richmond region and an almost $170 million impact to the Commonwealth as a whole.
The independent analysis, prepared by Chmura Economics & Analytics, also estimated that the 10-day cycling event – an Opening Ceremony followed by nine days of racing – was estimated to generate $3 million in tax revenue for local governments in the Richmond MSA, which includes the City of Richmond, three other cities as well as nine surrounding counties. An estimated $4.9 million in tax revenue was generated for the state.
The economic impact from the event was derived from visitor spending as well as the cost of organizing the event. Of the estimated 645,000 spectators who attended at least one day of the event (multiple spectators were counted multiple times), including the Opening Ceremony on the eve of the first day of racing, 56 percent was estimated to live outside the Richmond MSA: 31 percent came from other states; 13 percent came from other Virginia locations; and 12 percent came from other countries.
“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 byproduct 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.”
Virginia Governor Terry McAuliffe added: “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.”
Among the report’s key findings:
* From 2012 to 2015, Richmond 2015 generated an estimated $161.5 million (direct, indirect and induced) in economic impact in Greater Richmond and $169.8 million in Virginia.
* Richmond 2015 attracted an estimated 645,000 spectators (defined as individuals watching the race and not unique visitors to the region) as well as 5,284 credentialed participants. o Based on a survey of spectators during the event, the race attracted visitors from 34 U.S. states and 29 countries.
* Total direct visitor spending was estimated to be $74.6 million in the Richmond market and $75.7 million in Virginia. (The figure excludes visitor spending that was paid to Richmond 2015 organizers, such as ticket and merchandise sales.)
* The total estimated economic impact of visitor spending was $138.4 million (direct, indirect and induced) in the Richmond area and $145.9 million in Virginia in 2015.
* Total estimated spending for organizing Richmond 2015 was $23.2 million.
* The Commonwealth received an estimated $4.9 million in cumulative tax revenue from the event, while tax revenue for local governments amounted to an estimated $3.0 million.
“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.”
This year’s World Championships marked the first time since 1986 that the event has been held in the United States. In addition to the on-site spectators, hundreds of millions of viewers in 150 countries watched on TV. Richmond 2015, was named “Person of the Year” by the Richmond Times-Dispatch, and cycling was named “Richmonder of the Year” by Richmond magazine. In addition, readers of Cycling News rated the final day of Worlds as the “Race of the Year” as it became the first race to top Paris-Roubaix in the 14 years of the honor.
“It’s inspiring how the Commonwealth of Virginia, City of Richmond and Henrico and Hanover counties collaborated to orchestrate a world-class event that put Richmond on display as a great place to live, work, play, visit and conduct business,” said Wilson H. Flohr, CEO of Richmond 2015. “The entire Richmond community rose to the occasion, and we couldn’t be more excited about the legacy of the event.”
Click here to download the full economic impact report.
What they’re saying about the 2015 UCI Road World Championships
* Frank J. Thornton, Chairman, Henrico County Board of Supervisors: “The World Championships provided our residents the opportunity to experience a world-class event and our county the chance to introduce ourselves to thousands of visitors and people all over the world.”
* Wayne T. Hazzard, Chairman, Hanover County Board of Supervisors: “The excitement in Hanover County and all over the Richmond region is a memory we won’t soon forget. The event was a wonderful way to showcase all that our county and region have to offer.”
* Jack Berry, President and CEO, Richmond Region Tourism: “The Richmond Region never looked better than during those nine days in September. Visitors were blown away by the area and our friendly residents. The UCI Road World Championships helped elevate the Richmond Region in the eyes of the world, and we are kicking off the New Year with recognition by Travel + Leisure as a Best Place to Travel in 2016.”
About Richmond 2015, Inc.
Richmond 2015, Inc., is the independent nonprofit corporation responsible for the organization, management and promotion of the 2015 UCI Road World Championships. Partners of Richmond 2015 include Altria, Anthem, CarMax, ChildFund International, Cushman & Wakefield | Thalhimer, Davenport & Company, Dominion, Genworth, Hourigan Construction, Hunton & Williams, Kings Dominion, Lansing Building Products, Lexus, Markel Corp., MARTIN’S Food Markets, McGuireWoods, Michelob Ultra, Norfolk Southern, Owens & Minor, PIASCIK, The Community Foundation, TowneBank, University of Richmond, VCU Health, Virginia is for Lovers, WestRock and Williams Mullen.
In addition to its corporate partners, the Commonwealth of Virginia, the City of Richmond, Hanover County and Henrico County are all key partners of Richmond 2015. For more information about Richmond 2015, visit www.Richmond2015.com and connect on Twitter and Facebook.
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