RICHMOND, Va. (AP) — Economic figures suggest that Richmond did not reap a major financial windfall from September’s world championship bike race.
The Richmond Times-Dispatch reports that the city saw a small uptick in overall economic activity in September, but a decrease in hotel occupancy and flat restaurant sales.
After reviewing the data, Virginia Commonwealth University economics professor Edward Millner said the 10-day UCI Road World Championships event was great public relations for the region but “was not a financial home run.”
Sales tax receipts in Richmond increased 5.32 percent from September 2014, which is slightly better than the state overall. But hotel occupancy rates decreased 7.2 percent, while restaurant sales decreased less than 1 percent.
Race organizers say estimate the event drew 645,000 spectators. That number counts fans each day they attended.
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