While Austin’s economy does great during Formula 1, the city’s suburbs also benefit greatly from the big race.
AUSTIN, Texas — The Formula 1 U.S. Grand Prix draws crowds from all over the world, directly boosting Austin’s economy. However, the economic impacts are felt even further than Austin. Surrounding towns like Buda also get an influx of people during the event.
Being just 15 miles south of Austin and a quick drive from Circuit of the Americas (COTA), hotels and local businesses get packed during the U.S. Grand Prix weekend.
“They need a place to stay,” said John Hatch, Buda Area Chamber of Commerce chairman. “Our hotels and we have a lot of people that participate in Airbnb and all those kinds of programs. Then you have, you know, people have to eat. And so we’ve got a lot of great restaurants.”
There is also one benefit of staying in Buda instead of Austin.
“The biggest issue that anybody in Central Texas is having right now is traffic congestion,” said Hatch.
Jeff Parks is the owner of Mud Bugs, a Cajun restaurant in Buda that opened two years ago.
“We were voted best new restaurant in Austin,” said Parks. “We’re very proud of that.”
While their weekends tend to get busy, when the U.S. Grand Prix is happening, sales increase by about 25%.
“We had an amazing night last night,” added Parks. “Our sales were through the roof.”
And the more business, the better.
“That brings in a lot of sales tax revenue for our community,” said Hatch. “And, of course, you know, for every dollar we can bring in and sales tax, that’s one less dollar in property tax.”
Local businesses will continue to prepare for additional people Saturday and Sunday. Parks made sure to add extra employees to the weekend shifts and stock up on supplies for the busy weekend they have ahead.
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