CHICAGO--(BUSINESS WIRE)--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.
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 Marathon
In 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 America
Bank 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.
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