New Study Finds Bank of America Chicago Marathon Delivers More Than $253 Million in Business Activity
August 21 2014 - 12:30PM
Business Wire
2013 Chicago Marathon Provided the Equivalent
of 1,742 Full-time Jobs
Bank of America announced today that the Bank of America Chicago
Marathon continues to be a key economic driver and contributes an
estimated $253.49 million in total business activity to the Chicago
economy, according to a new economic impact report. This is the
first time that the economic impact of the Marathon has exceeded
$250 million.
The independent study, which analyzed the impact the 2013 Bank
of America Chicago Marathon has on the Chicago economy, was
conducted by University of Illinois at Urbana-Champaign’s Regional
Economics Applications Laboratory. By comparison, the impact of the
2012 Bank of America Chicago Marathon was $243.46 million.
The new report found the event directly contributed an estimated
$101.8 million distributed among the main sectors of the tourism
industry, in addition to another $151.7 million in indirect
activity. This is an equivalent of 1,742 full-time jobs and $85.94
million worth of wages and salary income. Further, each dollar
spent by a race participant generated an additional $1.29 worth of
activity distributed throughout Chicago. Study authors applied the
use of the Chicago Region Econometric Input-Output Model to
assemble the findings.
"The Bank of America Chicago Marathon is a demand generator that
helps foster increased visitation from around the globe," said Don
Welsh, president and CEO of Choose Chicago. "In 2013, one-fourth of
visitors who traveled to Chicago for the Marathon say it was their
first trip ever to Chicago, and 56 percent of participants say
their motivation was to run through one of the most beautiful
cities in the world. The race strongly supports the efforts to
elevate the city of Chicago as a global visitor destination, and we
are proud to continue our support."
“Exceeding $250 million for the first time underscores not only
the significance of the economic and tourist activity the race
brings to the city, but also supports the fact that the Marathon
has a personal connection to everyone involved, whether a runner,
spectator, business owner, or charity,” said Tim Maloney,
president, Bank of America Illinois. “We’re committed to ensuring
everyone associated with the Marathon, including Chicago’s
businesses and residents, has an enjoyable experience, so we can
continue to make a positive impact on the city for many years to
come.”
The Bank of America Chicago Marathon drew 40,900 race
participants in 2013, with 17 percent from international locations.
Each year, the Marathon attracts new visitors to Chicago and
contributes to improving the image of the city as a leading tourist
destination, even during a low tourism period helping to reduce the
negative effect of seasonality in Chicago tourism.
Bank of America Chicago MarathonIn its 37th year and a member of
the World Marathon Majors, the Bank of America Chicago Marathon
annually attracts 45,000 participants, including a world-class
elite runner and wheelchair athlete field, and an estimated 1.7
million spectators. As a result of its national and international
draw, the iconic race assists in raising millions of dollars for a
variety of charitable causes while generating $253 million in
annual economic impact to its host city, according to a report by
the University of Illinois at Urbana-Champaign’s Regional Economics
Applications Laboratory (R.E.A.L.). The 2014 Bank of America
Chicago Marathon will start and finish in Grant Park beginning at
7:30 a.m. on Sunday, October 12. In advance of the race, a two-day
Health & Fitness Expo will be held at McCormick Place
Convention Center on Friday, October 10, and Saturday, October 11.
For more information about the event and how to get involved, go to
www.chicagomarathon.com.
Bank of AmericaBank of America is one of the world's leading
financial institutions, serving individual consumers, small
businesses, 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 49 million consumer and small business relationships
with approximately 5,000 retail banking offices and approximately
16,000 ATMs and award-winning online banking with 30 million active
users and more than 15 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 more than 40 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
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Reporters May Contact:Diane Wagner, Bank of America,
312.992.2370diane.wagner@bankofamerica.com
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