Home >> National News >> Chicago Marathon Brings $277 Million to Local Economy

Chicago Marathon Brings $277 Million to Local Economy

Study Finds Bank of America Chicago Marathon
Brings More Than $277 Million to Chicago Economy

Event Impact Continues to Drive Tourism, Business Activity and Job Growth

CHICAGO
– The Bank of America Chicago Marathon continues to provide significant
growth to Chicago’s economy, with the 2015 race delivering an estimated
$277 million in total business impact to the city, an increase of more
than 9 percent compared to 2014. The findings come from the latest
economic impact study reported today by Bank of America.

The event remains an important economic driver for the city, providing
more than a quarter of a billion dollars to Chicago for the third 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 $112
million to the main sectors of the tourism industry, which includes
travel, lodging, entertainment and transportation, in addition to
another $165 million in indirect activity. This is an equivalent of
1,948 jobs and $94 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 the proud steward of this iconic tradition, Bank of America is
pleased to support an event that continues to be a significant driver of
economic benefit to the city of Chicago,” said Paul Lambert, Chicago
market president, Bank of America. “The marathon’s economic impact
continues to grow, increasing by more than $23 million from 2014 to
2015. The marathon’s success is largely due to our enduring partnership
with the city, its residents and businesses.”

The Bank of America Chicago Marathon had 39,499 race participants pick
up packets in 2015. Of those participants, 27 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.

“The Bank of America Chicago Marathon continues to be a major demand
generator each year, helping foster increased visitation to Chicago not
only from throughout the United States, but also from around the globe,”
said David Whitaker, president and CEO of Choose Chicago. ‰ÛÏWith 19
percent of participants traveling here internationally and 27 percent of
runners visiting Chicago for the first time, the marathon strongly
supports the city‰Ûªs goal of increasing its visibility as a tourist
destination.”

According to the 2015 study, the economic impact of the Bank of America
Chicago Marathon is highlighted by significant increases across multiple
sectors, including:

  • $277 million in total business impact to the city, an increase of more than 9 percent compared to 2014.
  • $112 million in direct impact of the tourism industry, an increase of nearly 10 percent compared to 2014.
  • Spending on transportation more than doubled to $18,574,405, a nearly 180 percent increase compared to 2014.
  • Spending on shopping nearly doubled to $33,075,426, a 96 percent increase compared to 2014.
  • Spending on entertainment increased by 51 percent to $8,067,671.

About the Bank of America Chicago Marathon
In its 39th 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 2015, an estimated 1.7
million spectators lined the streets cheering on 37,459 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
2016 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 9. In advance of the race, a two-day Abbott
Health & Fitness Expo will be held at McCormick Place Convention
Center on Friday, October 7, and Saturday, October 8. 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 47 million consumer and small business
relationships with approximately 4,700 retail financial centers,
approximately 16,000 ATMs, and award-winning online banking with
approximately 33 million active accounts and more than 20 million mobile
active 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.

www.bankofamerica.com

Check Also

Boston Wheelchair Champion Romanchuk to Race BAA 10K – Seeks to Break 6-Time Winner’s CR

Marathon Champion Returns to Boston for Weekend Events Men’s Wheelchair Champion Daniel Romanchuk to be …

Leave a Reply

Do NOT follow this link or you will be banned from the site!
X