The latest Isle of Man Government Treasury survey has shown a significant increase, over a three-year period, in the economic contribution that the TT Races makes to the Island's economy.
The increase is driven by a rise in visitor numbers, and a higher per-head spend while visitors are on the Island. The research was carried out at the 2013 TT Races and compared with data collected during the 2010 meeting.
The study has revealed that almost 40,000 (39,224) visitors attended the 2013 TT Races, a 27% increase on the 2010 figure (30,787). On average they stayed 6.5 nights and spent £668 compared to £620 in 2010. The total spending of TT visitors in 2013 was £26.2 million compared with £19 million in 2010.
Treasury has assessed the economic contribution of this figure to be £18.9 million with an exchequer benefit of £3.5 million, which represent rises of £5.2 million and £900,000 respectively.
Laurence Skelly, MHK, Political Member, Isle of Man Tourism, commented: "It is important that the Department maximises the contribution that the TT makes to the Island's economy and these results are extremely encouraging and reflect the Department's work in promoting the TT races and developing the commercial programme."
He continued: "As well as the positive economic growth through visitors, we are also seeing significant rises in the commercial income such as sponsorship and ticket sales as well as a notable increase in media coverage which helps to promote the event, the Island and our business interests worldwide."
The net cost of the TT Races to the Government's Department of Economic Development, once commercial revenues and income have been offset against costs, is £2,617,210. Costs include race administration, course set up costs, grandstand and paddock security, IT, communications, marshalling, medical cover including the air med service, marketing and administration, prize fund and appearance fees.