Race Series Economic Impact Reported as $15 Million
Colorado Mountain College (CMC), through a survey of 4,000 racers who competed in the 2012 Leadville Race Series (LRS), has determined that the economic impact for Lake County was over $15 million, according to a report released earlier this year on April 1, 2013 by the Leadville Trail 100 Legacy Foundation.
The study included the survey responses of more than 800 of the 4,000 racers who participated in the 2012 series. The $15 million includes money spent by participants and their support crews on things such as lodging, food, souvenirs, gasoline and event preparation, as well as money spent by LRS and Lifetime Fitness for salaries and payments to vendors. In addition to the direct expenditures by the racers and their crews, the study computed the indirect effect, where local vendors are buying additional goods due to their increase in business, and the induced impact, for example when the local employees spend money locally that they earned from working during a race or a training camp.
The average direct economic impact generated per participant was estimated to be $1,795 for dollars spent by racers and those who came with them. On average, racers brought with them an additional 3.65 people.
The direct operational cost of the 2012 race series was $648,392, spent by Lifetime Fitness and Leadville Race Series on salaries, catering, trash service, printing, police services, permits, and miscellaneous expenses.
An additional boost to the local economy that was not included in the direct, indirect, or induced effects is the contribution by 34 respondents who answered that they own a second home in the Leadville area. Using data from the Lake County Assessor, the college estimates the total economic impact of these real estate purchases to be $5,746,194, with ongoing property tax revenue of $42,936 annually.
When racers were asked if they or any member of their party visited museums or historical sites in Leadville during their stay, 56% of responders answered affirmatively. In another question, 60% of responders reported that they had traveled to Leadville since their first race to vacation, train, or for other activities.
The document with the results of the survey and the methodology used is at the CMC library, and is available for viewing. Or CLICK HERE to view survey results online.