FOR IMMEDIATE RELEASE
Bank of America Chicago Marathon Brings More Than $282 Million to
Chicago Economy
Study Finds Event Continues to Drive Tourism, Business and Job Growth
CHICAGO - 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 Marathon
In 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 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
4,500 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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