How Indiana benefits from the month of May

(WIBC) — The state of Indiana benefits financially from activities going on at the Indianapolis Motor Speedway all throughout the Month of May.

You might remember when the Indiana University Public Policy Institute provided a comprehensive study on the activity generated by events and operations at the Indianapolis Motor Speedway in October of 2023. They concluded that IMS generated about $1 billion.

Of that total, more than half — $556.4 million — can be attributed to the Month of May and the Indianapolis 500, the study said.

“You have to look at the business of motorsports. When you look at the teams, the suppliers, the vendors, and the dirt tracks all around the state, it’s very significant,” said Gerry Dick, president of Inside Indiana Business, in a Monday morning interview with 93 WIBC’s Tony Katz.

Dick says with ticket sales already expected to be higher than last year’s Indy 500, there could be more revenue headed to Indiana.

Visitors within 100 miles of the Indianapolis Motor Speedway accounted for $86 million and other events and activities accounted for $375.1 million.

Rahal Letterman Lanigan opened a luxury motorcycle dealership in Carmel last year. They also recently opened their own $20 million headquarters in Zionsville.

Andretti Global, the parent company of Andretti Autosport, has also broken ground on its new 575,000-square-foot global racing and technology headquarters in Fishers. That is set to open in 2025 and will add up to 500 jobs to the local community by early 2026.

“If you look at the investment being made locally, it’s easy to see that the investment is not only driving the sport, but also Indiana’s economy,” said Dick.