While there’s been talk about economic growth because of population increase, job growth and such, Austin seems to be heading into some more money in a different way. Two events should help Austin make some big bucks in the near future, and will provide money and even more fun for us Austinites.
With the upcoming finish of the Formula One racetrack and the Grand Prix race in November of this year, Austin could be serving those F1 fans with yet another time to celebrate the races. If permits are granted, a new event called Fan Fest, centered around the races in November, could also bring Austin a lot of revenue. The event is organized by the Circuit of the Americas and will feature a RunTex sponsored running event and a concert, but city officials did not agreed to having it at Auditorium Shores.
As we all know, Austin City Limits Festival brings thousands of people from all over the world to soak in the finest of musical talents. For the past ten years, ACL Festival has brought in artists such as Coldplay, the Eagles, Dave Matthews Band, Sherly Crow and John Mayer. The festival has been climbing in attendance since the first year, and today is one of the biggest music festivals in the country. With that steadily increasing attendance, city officials just agreed to extending the festival to two weekends for the 2013 festival, providing Austin with lots of money (and mayhem!) for an extra weekend of music, according to Austin Business Journal.
With these two events extending their presence in Austin–Austin City Limits doubling its lineup to two weekends of live outdoor music in 2013 and Formula One planning more people-packed events over the next three years–Austin’s economy will enjoy an influx of revenue for the city and downtown Austin if City Council members grant the needed permits.