The Toyota Grand Prix of Long Beach is a lucrative event for the Southern California economy, a report released Friday concludes.

Beacon Economics analyzed data from last year’s race, finding that it generated $63.4 million in economic output, with $32.4 million of that coming directly to Long Beach.

The report came as the result of last year’s negotiation’s over the future of the race. The city ultimately extended a contract with the Grand Prix Association through 2023, with the caveat that it conduct an analysis of what the event brings to the city.

The report examined the economic impact to Long Beach, as well as the Southern California region. Among its findings:

The race supports the employment of 606 people, both directly and indirectly, including 284 in Long Beach.

The event increased labor income for workers in Southern California by $24.4 million, including $12.9 million in Long Beach.

The event generated roughly $1.8 million in tax revenue, including $700,000 in Long Beach.

The results of the study “confirm our estimation of the significant financial impact that the Toyota Grand Prix of Long Beach had in 2017,” Jim Michaelian, president and CEO of the race association, said in a written statement.

Last year’s race was the first to do without the popular Toyota Pro/Celebrity Race, which featured stars such as actor Alfonso Ribeiro, comedian Adam Carolla and Olympic swimmer Dara Torres. In 2017, race organizers added the Can-Am Challenge, and this year’s race will feature the Historic Trans-Am Challenge.

Despite the loss of the celebrity race, roughly 183,000 people came to the three-day event in 2017. Beacon Economics concluded that attendees from Southern California spent about $12.5 million at the event, while visitors from outside that area spent $7.4 million. Of this total, $16.4 million was spent in the city of Long Beach.

The Grand Prix Association, meanwhile, spent $9.5 million in Southern California to host the race, including $2.3 million in Long Beach. Most of this was for expenses such as rentals, security, advertising, cleanup and other personnel, according to the report.

To determine the effect on the local economy, Beacon Economics used modeling technology that allows estimation of indirect benefits to businesses outside the race itself, such as restaurants, retail stores and hotels.

The jobs estimate is the result of an uptick in temporary hiring as the race is organized and staged in Long Beach, according to the report. The 606 number includes direct employment of those who take tickets and provide security at the race, among others, as well as indirect jobs such as restaurants bringing on more staff to handle the influx of customers.

This year’s Grand Prix is April 13-15.