Impact of Formula One on Local Economy

The presence of the Formula One Grand Prix in Montmeló generates significant economic benefits for the local community, with estimates suggesting an economic impact of approximately $420 million annually. This influx comes from various sectors, including hospitality, retail, and services that thrive during race events. Local businesses, such as hotels and restaurants, heavily rely on F1 events and benefit from the surge in tourism and associated spending. For instance, a local hotel manager emphasized the importance of the race for bookings and revenue, demonstrating how critical this event is for sustaining the hospitality sector in Montmeló.