Report Estimates $83.5 Million Economic Impact from Pro Cycling Event
A report released today says this summer’s USA Pro Cycling Challenge had an $83.5 million impact in Colorado during the seven-day August event.
More than three-fourths of that amount came from direct spending by traveling spectators on things like food and lodging. The remaining economic impact was from teams, sponsors and vendors—both in job creation and the resulting “tax effects”.
Not considered in the report are expenses incurred by local towns and their organizing committees. For example, a Colorado Springs’ committee raised about $400,000 to cover expenses for riders that included hotel rooms and food.
Ron Butlin, executive director for Downtown Partnership in Colorado Springs, says the city does not know exactly how much it made in return. Still, he says he thinks hosting the race prologue paid off.
“We think we had 8,000 to 10,000 spectators lining the route,” he says. “So we think it was a terrific event and got our city a lot of positive exposure.”
Butlin says Colorado Springs is applying to host the race prologue again in 2012.
At least one host town from this year’s event, Aspen, recorded a net loss of income from the event. The Aspen Daily News reported earlier this month that expenses for the town’s stage exceeded revenues by more than $15,000.