The Bank of America Chicago Marathon contributes an estimated $171.5 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 (R.E.A.L.), and announced today by Bank of America.
The new study, which analyzed the 2010 Bank of America Chicago Marathon, found that the event directly contributed an estimated $70.6 million distributed among the main sectors of the tourism industry, plus another $100.9 million in indirect activity, accounting for more than $171.5 million worth of total business activity and an equivalent of 965 full-time jobs and $55.91 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 (CREIM) to assemble the findings.
“I am committed to creating an environment in Chicago where residents can live, work, raise their families and thrive,” said Mayor Rahm Emanuel. “Bank of America’s collaboration with the city of Chicago on several initiatives, including the Bank of America Chicago Marathon, not only promotes a healthy and active lifestyle but also spurs economic development and brings jobs to the hard working residents of Chicago.”
The most recent study indicates that the 2010 Bank of America Chicago Marathon attracted new visitors to Chicago, contributing to a tourism industry challenged by a slow economic recovery and reducing the negative effects of an already seasonally low tourism period for the city.
“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. “We’re proud of our association with the Marathon and the role it plays in helping make opportunity possible for the Chicago community to grow and prosper.”
According to Bank of America, this year’s Chicago Marathon reached the 45,000-participant capacity in a record 31 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 109 countries.
Bank of America Chicago Marathon
In its 34th year and as a member of the World Marathon Majors, the 2011 Bank of America Chicago Marathon will start and finish in Chicago’s Grant Park on Sunday, October 9. In advance of the race, a two-day Health & Fitness Expo will be held at McCormick Place Convention Center October 7-8. 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 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 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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Contacts:
Diane Wagner, Bank of America, 1.312.992.2370
diane.wagner@bankofamerica.com
