New Study Reveals Economic Impact of Bank of America Chicago Marathon Delivered More Than $243 Milli
New Study Reveals Economic Impact of Bank of America Chicago Marathon Delivered More Than $243 Million in Business Activity
2012 Bank of America Chicago Marathon Grew More Than 11 Percent, Providing the Equivalent of 1,685 Jobs
CHICAGO--(BUSINESS WIRE)-- The Bank of America Chicago Marathon contributes an estimated $243.46 million in total business activity to the Chicago economy, according to a new economic impact report. The independent study was conducted by University of Illinois at Urbana-Champaign's Regional Economics Applications Laboratory and announced today by Bank of America. Figures indicate an 11 percent growth over the 2011 Bank of America Chicago Marathon's economic impact of $219.7 million.
The new study, which analyzed the 2012 Bank of America Chicago Marathon, found that the event directly contributed an estimated $98 million distributed among the main sectors of the tourism industry, plus another $145.46 million in indirect activity, accounting for more than $243.46 million worth of total business activity and an equivalent of 1,685 full-time jobs and $82.66 million worth of wages and salary income. This means that each dollar spent by a race participant generated an additional $1.29 worth of activity distributed through the Chicago economy. Study authors applied the use of the Chicago Region Econometric Input-Output Model to assemble the findings.
"As one of the city's premier events, the Bank of America Chicago Marathon really brings the city together," said Mayor Rahm Emanuel. "It gives us an opportunity to proudly showcase our world-class hotels, restaurants and entertainment opportunities. I am appreciative of Bank of America's efforts to support the Marathon, as evidenced by the growing interest and economic impact of the event."
"The Bank of America Chicago Marathon continues giving people a reason to visit our city, year after year, from around the country as well as around the world," said Don Welsh, president and CEO of Choose Chicago, the city's official tourism organization. "Its growing impact on hotel, dining, mass transportation and entertainment venues is a testament to the Chicago residents who positively represent our city in everything they do. The Marathon is much more than a sporting event; it's a celebration that is truly global in scale."
"Many people come to Chicago for the first time because of the Marathon, and they come from all 50 states and more than 100 countries," said Tim Maloney, president, Bank of America Illinois. "Tens of thousands of people look forward to it every year, whether they're running in the race, cheering on family and friends, or running a business that caters to these groups. We are proud to work hand-in-hand with Chicago officials and residents to ensure that every Marathon participant has a positive experience and wants to return next year."
The Bank of America Chicago Marathon not only draws 45,000 race participants but also attracts new visitors to Chicago and contributes to improving the image of the city as a tourist destination. In addition, the event takes place during a low tourism period, helping to reduce the negative effect of seasonality in Chicago tourism.
Bank of America Chicago Marathon
In its 36th 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 $243 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 2013 Bank of America Chicago Marathon will start and finish in Grant Park beginning at 7:30 a.m. on Sunday, October 13. In advance of the race, a two-day Health & Fitness Expo will be held at McCormick Place Convention Center on Friday, October 11, and Saturday, October 12. For more information about the event and how to get involved, go to www.chicagomarathon.com.
Bank of America
Bank of America is one of the world's largest 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. We serve approximately 51 million consumer and small business relationships with approximately 5,300 retail banking offices and approximately 16,350 ATMs and award-winning online banking with 30 million active users and more than 13 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 (NYS: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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