A study has revealed the Goodwood Festival of Speed brings £25m into the Chichester area annually.
According to a survey published today (June 25) by the Historic Vehicle Research Institution in collaboration with the University of Brighton, the Goodwood Festival of Speed contributes some £25m to the local economy.
The survey measured the economic impact of the 2014 Festival of Speed in a 20km area around the Goodwood Estate.
With crowds of more than 210,000 people, researchers said the festival draws an international following, generating profits for the area’s leisure, food and drink industry.
According to the survey, the festival also generated a further £35m for the wider economy, plus £8.5m raised in government revenue through VAT - making a total contribution of £69m.
In total, the Festival of Speed, with the Goodwood Revival, generate a total of £105m for the UK economy, according to the study.
Of that, £37m is fed directly back into the Chichester area.
Geoffrey Smith is the director of the Historic Vehicle Research Institute, which carried out the study. He said: “The other great thing for the future is the loyalty - 97 per cent of the public said they would come back to the Festival of Speed.
“This economic contribution can be continued, and increased.”
Mr Smith said the figures were ‘minimum’ estimates because the majority of the manufacturers and exhibitors do not declare their investment in the Festival of Speed.
The festival has been running for four consecutive days since 2010, with crowds growing from 185,000 up to 210,000. More than 100 million people have made their way to the Festival of Speed in that period.
Lord March said the investment safeguarded employment in the area.
“We have safeguarded employment for some 600 people, making Goodwood one of the Chichester area’s largest private-sector employers.”
Goodwood CEO Alex Williamson said the estate wanted to provide for the long term future of West Sussex.
“We take our role very seriously,” he added. “The Festival of Speed generated £25m worth of economic value last year as far as Havant, Angmering and Fernhurst.
“If you role that out nationally it had an impact of about £69m on the UK economy, with a £105m impact from two events in the year.”
And he said the events inject income into West Sussex.
“This is one of the largest green field events in the world, and sells more tickets than Glastonbury.”
Click here for our round-up of the event: Festival of Speed 2015
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Watch a video of Lord March talking about this year’s Festival of Speed: Lord March
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