Bank of America Chicago Marathon Brings More Than $282 Million to Chicago Economy
September 27 2017 - 10:00AM
Business Wire
Study Finds Event Continues to Drive Tourism,
Business and Job Growth
The Bank of America Chicago Marathon continues to contribute to
Chicago’s economy, with the 2016 race delivering an estimated $282
million in total business impact to the city. The findings come
from the latest economic impact study reported today by Bank of
America ahead of the 40th anniversary of the event on October 8,
2017.
Providing more than a quarter of a billion dollars to Chicago
for the fourth year in a row, the event remains an important
economic driver for the city. Over the past 12 years, the economic
impact of this world-class event has nearly tripled, generating $96
million in 2005 and rising to more than $282 million in 2016.
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 $115 million to the main sectors of the tourism industry,
which includes lodging, entertainment and transportation, in
addition to more than $167 million in indirect activity. This is an
equivalent of 1,939 jobs and $95 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.
“As we celebrate the 40th running of the Bank of America Chicago
Marathon, we’re proud to be part of an event that continues to have
an enormously positive economic benefit for the city of Chicago,”
said Paul Lambert, Chicago market president, Bank of America.
“Everyone associated with this iconic running event, including
runners, spectators, residents, businesses and charity partners,
feels the effects of the marathon across this great city in the
heart of our communities, well beyond race weekend.”
The Bank of America Chicago Marathon had 41,608 race
participants pick up packets in 2016, a 5 percent increase from
2015. Of those participants, 28 percent noted that they were
visiting Chicago for the first time. Each year, the marathon
attracts new visitors to Chicago and helps improve the image of the
city as a leading tourist destination, while boosting local
revenue.
“For 40 years, the Chicago Marathon has not only brought runners
and fans from across the country and around the world to Chicago,
it has brought the city of Chicago together to celebrate a truly
tremendous sporting event,” Mayor Rahm Emanuel said. “I am
appreciative of Bank of America’s continued support of the Chicago
Marathon, a race which has a strong economic impact for Chicago and
gives us another opportunity to share our renowned culture,
entertainment, architecture and dining with visitors from across
the globe.”
“As runners have raced through our city streets over the past 40
years, they have powered more than $1 billion into our local
economy,” said Carey Pinkowski, Bank of America Chicago Marathon
executive race director. “Taking on 26.2 miles is no small task,
and the commitment and dedication of our participants, volunteers
and corporate partners can be seen in the marathon’s outsized
impact on our city and community.”
About Bank of America Chicago MarathonIn its 40th 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. Annually, an estimated 1.7 million
spectators line the streets cheering on more than 40,000 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 $282 million in annual economic
impact to its host city. The 2017 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 8. In
advance of the race, a two-day Abbott Health & Fitness Expo
will be held at McCormick Place Convention Center on Friday,
October 6, and Saturday, October 7. 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
47 million consumer and small business relationships with
approximately 4,500 retail financial centers, approximately 16,000
ATMs, and award-winning digital banking with approximately 34
million active users, including 23 million mobile users. Bank of
America is a global leader in wealth management, 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.
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Reporters May Contact:Diane Wagner, Bank of America,
312.992.2370diane.wagner@bankofamerica.com
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