While I agree with the sentiment that the Formula 1 track is a really stupid idea, speaking strictly from a construction standpoint, it's a tremendous help for a construction community in Austin that has been hammered by the economy more so than the other major cities in Texas.
As it stands right now, there is one single Construction Manager, 7 different General Contractors, and what will probably end up being well over 100 sub-contractors that will all be helping to construct the track.
That's a ton of jobs, and a ton of money for a lot of people that may otherwise have to close up shop if it weren't for this.
So it's not all bad.