New study shows 2023 NASCAR All-Star Race grew NC economy value by over $42M

RALEIGH, N.C. (WTVD) -- A recent study by the NC Department of Commerce revealed hosting the 2023 NASCAR All-Star Race resulted in a significant statewide economic boost of over $42 million.

Governor Roy Cooper's Office highlighted these study findings in a press release ahead of the upcoming 2024 NASCAR All-Star Race.

Here are some more numbers included in the report:

• Created 625 jobs for North Carolinians
• Grew statewide labor income by nearly $30 million
• Led to over $20 million in direct construction and infrastructure investment in Wilkes County
• Generated nearly $29 million in visitor spending

North Wilkesboro Speedway is one of the first NASCAR tracks. The last race held there before 2023 was the 1996 Cup Series won by Jeff Gordon.

The track sat largely abandoned, but in recent years, the community made significant efforts to revitalize it.

"When we made the bipartisan decision to invest federal relief funds from the Biden Administration to renovate speedways, we knew it would put money in the pockets of North Carolina families," Cooper said in a press release from the Governor's office.

The data is in, he said, and bringing NASCAR racing back to North Wilkesboro not only brings back a great sport, but millions of dollars and jobs for North Carolinians.

In November 2021, the Governor signed the state budget that included funds to revitalize speedways across North Carolina. The budget allocated American Rescue Plan funding, with North Wilkesboro Speedway getting $18 million.

According to a press release, the funding went toward new safety barriers, lighting, paving, fencing, roofing, internet, refurbished bathrooms and concession areas, and more.

Racing officially returned to North Wilkesboro Speedway at the end of 2022 for the Window World 125 race, where fans sold out the stadium.

These upgrades were a big factor in the decision for the 2023 NASCAR All-Star Race to return to the track. In May 2023, the North Wilkesboro stadium was packed with 39,000 people to watch the all-star race.

"In 2023, North Wilkesboro Speedway hosted race fans from all 50 states, the U.S. Virgin Islands and seven foreign countries as far away as Australia during (2023) NASCAR All-Star Race weekend," Speedway Motorsports President and CEO Marcus Smith said. "We're very grateful for the financial and community support both from the state and local levels that enabled us to modernize the facility while still maintaining its historic character."

He said they look forward to hosting the fans again for the 40th running of the all-star race.

Governor Cooper and the North Carolina Department of Commerce also announced in 2022, 15 local governments were awarded nearly $46 million to help 17 motorsports venues recover from the pandemic.

According to a press release, the grants helped enhance local tourism, travel and hospitality industries that benefit from motorsports events in North Carolina.

"Grants from our Motorsports Relief Fund have turbocharged tourism, from places like the North Wilkesboro Speedway to racing venues all across the state," Commerce Secretary Machelle Baker Sanders said. "Small businesses in each of these communities benefit from this investment in one of North Carolina's most important economic engines."

The 2024 NASCAR All-Star Race will return to North Wilkesboro on May 19.