Motorsports Industry Gets Boost with New State Budget
As expected, the state legislature passed a two-year budget bill and it was signed into law by Governor Roy Cooper yesterday. The bill sets aside $46 million to support the motorsports industry in our state. Of that $46 million, $1 million is to go to small racing venues in our state; $5 million is to be used to offer grants to local governments to increase opportunities for motorsports events, $9 million is to go to Richmond County to improve the infrastructure at Rockingham Speedway, $13 million to the City of Concord for water and sewer improvements at Charlotte Motor Speedway, and $18 million to make improvements at the now closed North Wilkesboro Speedway. The budget acknowledges that the motorsports industry can have a major impact on North Carolina’s tourism, travel and hospitality industries.