The Economic Impact of a Regional Triathlon Event on the Greater Richmond Area

The purpose of this study was to examine the economic impact of the Richmond XTERRA off-road triathlon event on the Greater Richmond Area. The Greater Richmond Area, according to the Greater Richmond Chamber of Commerce, consists of the City of Richmond, Chesterfield County, Hanover County and Henrico County. It was estimated that the XTERRA off-road triathlon would have a significant economic impact on the Greater Richmond Area. A survey instrument was distributed and collected, by the researcher and his assistants, during the registration time on Saturday, June 23, 2001. A total of229 out of350 triathlon participants responded for a 65.4% return rate. The total direct economic impact of local participants was determined by totaling the spending in each expenditure category for locals only. The total expenditures for locals were $8,160 and the average dollar amount spent per person was $91.60 for the two days. The direct economic impact of participants from outside the Greater Richmond Area was determined the same way as for locals. The total direct impact for participants from outside the Greater Richmond Area was $58,064 and the average amount spent per person was $414.70. The Impact Analysis for Planning (IMPLAN) model was used to determine the multiplier for the Greater Richmond Area and to calculate the indirect effect of the new money spent by non-local participants. The indirect impact was $96,086. The total economic impact (direct and indirect) of Richmond XTERRA off-road triathlon on the Greater Richmond Area was $197,236. The findings of this study support the hypothesis that significant economic benefits can be derived from hosting regional participant oriented sporting events.