New Study Indicates Significant Economic Impact of Bank of America Chicago Marathon
2011 Bank of America Chicago Marathon Delivered More Than $219 Million in Business Activity in Chicago; Equivalent of 1,520 Jobs
CHICAGO--(BUSINESS WIRE)-- The Bank of America Chicago Marathon contributes an estimated $219.7 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-Champaigns Regional Economics Applications Laboratory and announced today by Bank of America (BAC).
The new study, which analyzed the 2011 Bank of America Chicago Marathon, found that the event directly contributed an estimated $88 million distributed among the main sectors of the tourism industry, plus another $131.06 million in indirect activity, accounting for more than $219.7 million worth of total business activity and an equivalent of 1,520 full-time jobs and $74.58 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.
The Chicago Marathon is a spectacular event which brings tens of thousands of people to Chicago, fills the citys hotels, and fuels economic activity and excitement throughout the citys many neighborhoods," said Mayor Rahm Emanuel. I am committed to creating an environment in Chicago where residents can live, work, raise their families and enjoy a high quality of life. I am appreciative of Bank of Americas efforts to support the Marathon and look forward to this exciting annual event in the city.
The Bank of America Chicago Marathon is a tremendous annual event for making Chicago a favorite destination, said Don Welsh, president and CEO of Choose Chicago, the citys official tourism organization. Its continued positive impact on hotel occupancy, dining, the cultural community, nightlife and more cannot be taken for granted. The global awareness the Marathon has generated is certainly beneficial as we continue to work towards elevating Chicago to be among the top five most visited U.S. destinations by overseas travelers. The most recent study indicates that the 2011 Bank of America Chicago Marathon attracted new visitors to Chicago, contributing to a tourism industry challenged by a slow economic recovery.
That the Bank of America Chicago Marathon has been able to generate such a positive economic impact demonstrates how runners from around the world and spectators throughout the region have wholeheartedly embraced this race, said Tim Maloney, president, Bank of America Illinois. Were proud of our association with the Marathon and the role it plays in helping move the Chicago community forward to grow and prosper.
According to Bank of America, this years Chicago Marathon reached the 45,000-participant capacity in a record six days, drawing participants to the city 10,000 of whom have indicated they will be visiting Chicago for the first time from all 50 states and 100 countries.
Bank of America Chicago Marathon
In its 35th 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 field, and an estimated 1.7 million spectators. As a result of its national and international draw, each year, the iconic race assists in raising millions of dollars for a variety of charitable causes while generating over $219 million in economic impact to its host city according to a report by the University of Illinois at Urbana-Champaigns Regional Economics Applications Laboratory (R.E.A.L.). The 2012 Bank of America Chicago Marathon will start and finish in Chicagos Grant Park beginning at 7:30 a.m. on Sunday, October 7. In advance of the race, a two-day Health & Fitness Expo will be held at McCormick Place Convention Center on Friday, October 5, and Saturday, October 6. 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. The company provides unmatched convenience in the United States, serving approximately 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active 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 4 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 (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
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Reporters May Contact:
Diane Wagner, Bank of America, 1.312.992.2370
Source: Bank of AmericaCopyright Business Wire 2012