Month of May brings big business to Indiana
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe month of May is an opportunity to showcase the state’s more than $1 billion motorsports industry that employs some 23,000 workers. More than 350 motorsports-related companies call Indiana home, and recent investment from big name companies such as Andretti Autosport, Rahal Letterman Lanigan Racing, and McLaren total some $300 million in new facilities.
“It’s amazing, that kind of investment,” said Indianapolis Motor Speedway President Doug Boles. “But it really says a lot about this economy that Indiana is a place to have businesses. It makes sense.”
In the first episode of our Business at the Brickyard series, Boles told Gerry Dick he expects this year’s Indianapolis 500 to surpass last year’s race, which was the first time the 500 was at full strength since the COVID-19 pandemic began.
“It was a huge crowd last year, and we were a little worried that that was just everybody after COVID saying, ‘Oh, I can finally go back,'” Boles said. “Our ticket sales are up this year. So it should be an even bigger crowd this year, which says an awful lot about our fan base and the excitement around the NTT IndyCar Series.”
Boles added it’s more than just Indy 500 ticket sales that underscores the continued growth of the IndyCar series.
“The television numbers have been really strong this year, which is fantastic for the NTT IndyCar Series,” he said. “The attendance, the merch sales, all of those metrics we monitor on all of the races have been up, which is exciting. Our 100 Days to Indy program, that’s the docuseries that’s going on right now, that’s something we’ve never had interest from somebody to come in and say, ‘Let’s do a docuseries on the IndyCar Series.’ So it tells you the momentum is there.”
But it’s the recent announcements from racing teams that are expanding their operations in Indiana that are also showcasing Indiana’s motorsports footprint.
Rahal Letterman Lanigan Racing recently opened its $20 million, 100,000-square-foot facility in Zionsville, and driver Graham Rahal announced plans last August to invest $20 million to build a 115,000-square-foot headquarters for his company, Graham Rahal Brands, in Zionsville’s Creekside Corporate Park.
In December, Andretti Autosport broke ground on its $200 million motorsports headquarters in Fishers.
And nearly a year ago, United Kingdom-based McLaren Racing announced plans to invest more than $25 million to build a new IndyCar facility in Whitestown and create up to 175 jobs by the end of 2025.
“I get a chance to drive by the Rahal Letterman Lanigan shop in Zionsville a couple times a week, and it’s amazing,” Boles said. “The Andretti Autosport thing, when that’s done, is going to be super spectacular, and I think that’ll be an economic driver as well, just people wanting to come in and visit that place.”
Boles said Roger Penske, who acquired the Indianapolis Motor Speedway and IndyCar just months before the pandemic began, remains committed to the industry and the local community.
“He is literally here every week. He loves to roll his sleeves up and get out and go through the fan experience,” he said. “He spends an awful lot of time figuring out how can we make Indiana better. He lent his voice to one of the big Indiana commercials talking about why business works in Indiana. He’s a corporate citizen that doesn’t just want this place to go but he wants all of our sport to grow.”