2015 World Cycling Championship Could Bring $158.1 Million to Commonwealth
Richmond 2015 is estimated to generate a significant economic impact in the Greater Richmond region. Staging the event can generate a $21.3 million cumulative economic impact in the region from 2012 to 2015. Visitor spending can bring a $129.2 million economic impact to the region in 2015. The Richmond 2015 visitor spending is estimated to result in $3.8 million in tax revenue for local governments in the Greater Richmond region in 2015. For Virginia, the economic impact of Richmond 2015 is estimated to be $158.1 million, from both event staging and visitor spending. Richmond 2015 is estimated to also generate $5.0 million in state tax revenue.
The World Championships is a 9-day event from which Richmond can expect to draw more than 450,000 on-site spectators over the course of the nine day event, from around the United States and the world. The Championships will also attract approximately 6,000 accredited representatives, including 1,000 athletes, 600 support staff, journalists, UCI delegates and other officials. Members of this group are expected to spend, on average, 9.4 nights in Virginia. Spending by European visitors is typically higher than that of domestic visitors.
The study does not attempt to quantify the dollar value of the tremendous international media exposure the event will generate for Richmond and Virginia. However, based on recent World Championship events, Chmura estimates that over 1,000 journalists, representing 500 media outlets from 35 countries would come to Richmond to cover the competition. The study further estimates that the World Championships will generate more than 400 hours of worldwide television, with 300 million worldwide television viewers.