THIS year's TT Races generated more than £23 million pounds for the Manx economy according to the Department of Economic Development.
Figures released by the department show an overall contribution of £23,374,000 – which is an increase of £4,374,000 from last year.
Based on figures from the 2010 Isle of Man Government Treasury Survey this year's event is said to have attracted 37,700 visitors which is an increase of 6,700 (21.7 per cent) from 2010.
The survey assesed that every visitor was worth an average of £620 giving a total contribution of £23,374,000.
Economic Development Minister Allan Bell MHK said: "Whilst there are always areas for continuous improvement I am very pleased with the visitor numbers and the increase in commercial income from the TT Races.
"It's excellent news for everyone who works on the event and the Isle of Man economy as a whole and is tribute to everyone involved including my department and the Departments of Infrastructure and Home Affairs who make an enormous contribution to the successful running of the event."
During the two week festival North One produced 14 hours of original programming for ITV4 and 11 hours for international broadcasters. The TT shows were consistently in the top five of multi channel programming throughout race week.
New territories that took TT programming this year were Spain (Nitro), Germany (Sport1), Sub Saharan Africa (SuperSport) and British Forces Broadcasting alongside incumbent long term broadcast deals in Australia (Network Ten/One HD) and USA (Discovery Channel). BBC Radio Five Live also broadcast a live programme from the TT Grandstand featuring leading riders past and present.
The corporate hospitality programme at the Grandstand is said to have generated £1.3 million of commercial income which is invested back into the event. Sponsorship in the official TT programme also showed an increase of 34 percent.
Geoff Corkish MHK, Political Member for Isle of Man Tourism, added: "TT 2011 was without doubt a resounding success thanks to a huge commitment from so many groups and individuals who volunteer enormous time and effort to it. I thank the racers, marshals and officials, carriers, retailers, caterers and associated clubs and sponsors who all played so great a part in the event and not forgetting the truly outstanding TV and media coverage that brings this fantastic spectacle to millions more.
"Returning TT fans from all over the world will leave our Island with glowing memories of their visit here ready to return next year for the greatest road racing motor cycle event in the world."
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