AUSTIN (Austin Business Journal) — The Formula 1 U.S. Grand Prix is back in Austin. This weekend, Circuit of The Americas is hosting its 10th F1 race and its first under a new contract that runs through 2026.

By at least one estimate, the U.S. Grand Prix has a bigger economic impact on the Austin area than either Austin City Limits Music Festival or South by Southwest.

The race last year had a total economic impact of around $980 million, including $434 million in direct spending. That’s according to an analysis by local economic analysis firm AngelouEconomics, which works with COTA to measure economic impact as part of the process of applying for funding from Texas’ Major Events Reimbursement Program.

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