FOR IMMEDIATE RELEASE
Bank of America Chicago Marathon Surpasses Record
Bringing More Than $338 Million to Chicago Economy
Event Impact Booms Across Tourism Industry, Drives Business and Job Growth
CHICAGO - The 40th anniversary of the Bank of America Chicago Marathon
generated a record-setting $338 million in estimated business impact to the
city of Chicago, with the 2017 race delivering a $56 million increase from
the previous year. This is the largest amount ever generated by the
marathon and marks the first time the marathon's economic impact has
exceeded $300 million. It's the fifth consecutive year this world-class
event provided more than a quarter of a billion dollars to the Chicago
economy.
A major factor in the boost of economic activity was a strong increase in
the number of international participants, which resulted in heavier
spending and longer stays in the city compared to previous years. Last
year's Bank of America Chicago Marathon drew 45,273 participants to the
Windy City. International runners made up 23 percent of the field, with the
largest representation coming from Mexico, Canada, China, Brazil and the
United Kingdom respectfully. The race saw a nearly 40 percent rise in total
athletes from outside the United States from the year before.
"With the generous support of Bank of America, the Chicago Marathon has
grown into one of the largest races in the world and a strong economic
engine for our city," said Mayor Rahm Emanuel. "This year, we look forward
to welcoming more runners, their families and friends to participate in a
truly great Chicago tradition."
The latest economic impact study reported today found that the 2017 event
directly contributed more than $137 million to the main sectors of the
tourism industry, a nearly 20 percent increase from 2016, in addition to
another $200 million in indirect activity. This equates to 2,264 jobs and
$113 million worth of wages and salary income.
As the steward of this legendary event, Bank of America recognizes the role
the Chicago Marathon plays in boosting the local economy and elevating the
city as a leading tourist destination.
"To the runners, the visitors and those who faithfully raise money for
local and national charities - we thank everyone for continuing to
positively impact Chicago's local economy through the Bank of America
Chicago Marathon," said Paul Lambert, Chicago market president, Bank of
America. "We also could not have celebrated the 40-year milestone or
achieved more than $338 million in economic impact without the support of
our great city, its residents and businesses."
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.
"What started as a local race with a few thousand runners has grown into a
world-class, environmentally responsible event and Chicago tradition for
the city's residents," said Carey Pinkowski, Bank of America Chicago
Marathon executive race director. "The marathon's outsized impact on our
city and community comes to life in what I like to call a 26.2 mile
celebration of commitment, determination and passion for everyone
involved."
About Bank of America Chicago Marathon
In its 41st year on Sunday, October 7, 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 $338 million in annual economic impact to its host city. The
2018 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 7. In advance of the race, a two-day Abbott Health &
Fitness Expo will be held at McCormick Place Convention Center on Friday,
October 5, and Saturday, October 6. 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
67 million consumer and small business clients with approximately 4,400
retail financial centers, including more than 1,700 lending centers, more
than 1,900 Merrill Edge investment centers and more than 1,300 business
centers; approximately 16,100 ATMs; and award-winning digital banking with
more than 36 million active users, including 25 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
across the United States, its territories and more than 35 countries. Bank
of America Corporation stock (NYSE: BAC) is listed on the New York Stock
Exchange.
For more Bank of America news, including dividend announcements and other
important information, visit the Bank of America newsroom. Click here to
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www.bankofamerica.com
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