V8 International race economic impact assessment
14 July 2004
V8 International race economic impact assessment published
A full economic impact assessment of the proposed V8 International street race in Auckland is published today.
The report by Market Economics finds that, per event, the race will generate an extra $48.5 million a year of added value for the regional economy.
After allowing for reductions in business activity of $11.7 million, the event will grow the regional economy by $36.7 million in added value each time it is held.
Auckland has won the right to host the event for seven years from April 2006, with rights of renewal. The race will be held on a Friday, Saturday and Sunday each year.
The economic impact assessment becomes part of the information filed with the resource management consent application for the event.
The application will be heard by three independent commissioners. That hearing is expected to be held early next month.