Study Finds Bank of America Chicago Marathon Delivers More Than $254 Million to Chicago Economy
September 02 2015 - 11:00AM
Business Wire
Event Impact Continues to Drive Tourism,
Business Activity and Job Growth
The Bank of America Chicago Marathon continues to provide
year-over-year growth to Chicago’s economy, with the 2014 race
delivering an estimated $254 million in total business impact to
the city. The findings come from the latest economic impact study
reported today by Bank of America.
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The event remains a key economic driver for the city, providing
more than a quarter of a billion dollars to Chicago for the second
year in a row.
The independent study is conducted by University of Illinois at
Urbana-Champaign’s Regional Economics Applications Laboratory.
Study authors used the Chicago Region Econometric Input-Output
Model to estimate the direct and indirect economic impact the
marathon has on the local economy.
The latest report found the event directly contributed an
estimated $102.2 million to the main sectors of the tourism
industry, which includes travel, lodging, entertainment and
transportation, in addition to another $151.8 million in indirect
activity. This is an equivalent of 1,816 jobs and $86 million worth
of wages and salary income. Each dollar spent by a race participant
generated an additional $1.27 worth of activity distributed
throughout Chicago.
"The race is a solid example of how high-profile events
contribute significantly towards Mayor Emanuel’s goals for
Chicago’s visitor industry,” said Desiree Rogers, chair of Choose
Chicago’s board of directors. “The Bank of America Chicago
Marathon’s continued upward trend in overall visitors and spending
strongly supports the goal of welcoming 55 million annual visitors
by 2020."
“As the steward of this legendary event for our city, Bank of
America’s commitment and investment to making the Chicago Marathon
one of most exciting endurance races in the world has helped
increase the economic impact nearly 78 percent in less than a
decade,” said Tim Maloney, president, Bank of America Illinois.
“The continued success is due in part to the strong partnership
with the city, its residents and businesses.”
The Bank of America Chicago Marathon had 42,279 race
participants pick up packets in 2014. Each year, the marathon
attracts new visitors to Chicago and contributes to improving the
image of the city as a leading tourist destination.
Bank of America Chicago MarathonIn its 38th year, the Bank of
America Chicago Marathon welcomes thousands of runners from more
than 100 countries and all 50 states, including a world-class elite
field, top regional and Masters runners, race veterans, debut
marathoners and charity runners. The race’s iconic course takes
runners through 29 vibrant neighborhoods on an architectural and
cultural tour of Chicago. In 2014, an estimated 1.7 million
spectators lined the streets cheering on a record 40,659 runners
from the start line to the final stretch down Columbus Drive. As a
result of the race’s national and international draw, the Chicago
Marathon assists in raising millions of dollars for a variety of
charitable causes while generating $254 million in annual economic
impact to its host city. The 2015 Bank of America Chicago Marathon,
a member of the Abbott World Marathon Majors, will start and finish
in Grant Park beginning at 7:30 a.m. on Sunday, October 11. In
advance of the race, a two-day Abbott Health & Fitness Expo
will be held at McCormick Place Convention Center on Friday,
October 9, and Saturday, October 10. For more information about the
event and how to get involved, go to chicagomarathon.com.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
48 million consumer and small business relationships with
approximately 4,800 retail financial centers, approximately 16,000
ATMs, and award-winning online banking with 31 million active users
and approximately 18 million mobile users. Bank of America is among
the world's leading wealth management companies and is a global
leader in corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
www.bankofamerica.com
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Reporters May Contact:Diane Wagner, Bank of America,
312.992.2370diane.wagner@bankofamerica.com
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