FOR IMMEDIATE RELEASE
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. “With 19 percent
of participants traveling here internationally and 27 percent of runners
visiting Chicago for the first time, the marathon strongly supports the
city’s 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
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