It might only have been on the F1 calendar for 15 years, but the United States Grand Prix - specifically the version at the Circuit of the Americas in Austin, Texas - has become one of the more beloved races around.

COTA's layout is a driver and fan favourite, and the shenanigans around the race weekend keep everyone nicely entertained. That appears to be paying off for the whole Austin area, too.

Tom Noonan, president and CEO of Visit Austin, has claimed that this weekend's race in Texas will generate around $1bn in economic impact (although we're not sure how much of that is accounted for by the world's biggest cowboy hat).

The race is one of three American races currently on the F1 schedule, along with the glitzier but less well-loved street circuits in Miami and Las Vegas.

Tourism chief: F1 brings eyeballs to Austin

Noonan explained the boom around the race to KXAN, saying: “These (F1) teams get in town like seven to nine days in advance, and they might have 500 people in this team, 700 people in that team. It’s the equivalent of having like a citywide convention in town even before the race even starts.”

He added: “One of the other things I really like about it is think about all the eyeballs in Austin, Texas, around the world during Formula 1. It’s incredible. It’s a great marketing platform for us too."

Hotel bookings in Austin are on record pace

Joanna McCreary, a local hotel manager, said: “This is the best October we’ve ever actually. This hotel has had on record since we’ve been open since 2010,” adding “Formula 1, just those those four days, is about 7 per cent of our annual revenue. And obviously we’re open for 365."

She also noted that the uncertainty around some of the season's other races – including the season-ending pair in Qatar and Abu Dhabi - may have helped drive some extra eyeballs and dollars to Austin this year.

“The race, I think, this year was impacted by the fact that some of the global destinations were either canceled or a little more touch and go," McCreary said.

"So those clients and customers had more money to spend in Austin, which is great."