Madrid welcomed back Formula 1. Here’s what it meant for the city.

Earlier this month, the Spanish city of Madrid hosted a Formula 1 race for the first time in 45 years.

Events of this scale require extensive planning and massive investment. But they can also have a huge impact on local business.

By one estimate, the race is expected to bring in over $500 million and create almost 9,000 jobs in the local economy. The city will now host the annual race until at least 2035.

During Madrid’s inaugural Spanish Grand Prix weekend, metro lines shuttled 21,000 F1 fans an hour between the $160 million MADRING circuit at IFEMA Madrid, the city’s premier convention center, and other parts of the city.

Daniel Rascher, a sports economist at the University of San Francisco, studied the economic impact of the Singapore Grand Prix. He said that a host city must think about whether the investment is worth it.

“They had to build out the infrastructure, the roads, which interrupted their normal course of business for a number of weeks as they built things out,” said Rascher. “They actually had us even measure some of that interruption.”

By interruption, Rascher means disruptions to the community, like people working from home during race week.

“They weren't going to their normal lunch spot spending money,” said Rascher. “So then, those places actually saw a decrease in spending, until that actual race day or the day before the race day.”

Cities must consider both the short- and long-term benefits.

“People coming to your city for three or four or five days who would not have come otherwise and who've never been there,” Rascher said. “That's a huge impact because not only is their direct spending an impact, but then if they take away a really good feeling about Madrid, then they may come back, or they'll tell their folks about it.”

Prior to the Sep. 13 race, Javier Beroiz of the Madrid City Council Tourism Board explained that’s exactly what Madrid set out to do: “We want to set a new standard of hospitality, and we want people to enjoy the Formula One, but also to enjoy the city.”

Beroiz said the city’s efficient transportation system is the key to the fan experience.

“So people, in the morning, can be watching a Goya painting or Velázquez painting, and two hours later, they can enjoy the passion of Formula 1,” said Beroiz.

Leading up to the race, the city expected the race to boost Madrid’s global tourism profile. Paraguas Group’s Metropolis Hotel & Club communications director, Veronica de Mendoza, pointed out how F1’s impact was already showing up in the hospitality sector.

“One night in Madrid, usually it is $200,” said de Mendoza of the Madrid hotels’ average daily rates. “Right now, it is $585, so almost $600.”

De Mendoza is hopeful and inspired about the opportunities F1 is opening up for the city, as it attracts people from all over the world.

“We are also becoming a city that is offering the best, in terms not only of culture, gastronomy, but also to become a city for the elite sports,” de Mendoza said.

With elite sports like F1 come elite fans who are ready to spend both inside and outside of the race.