The Bank of America Chicago Marathon contributes an estimated $243.46 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 and announced today by Bank of America. Figures indicate an 11 percent growth over the 2011 Bank of America Chicago Marathon’s economic impact of $219.7 million.
The new study, which analyzed the 2012 Bank of America Chicago Marathon, found that the event directly contributed an estimated $98 million distributed among the main sectors of the tourism industry, plus another $145.46 million in indirect activity, accounting for more than $243.46 million worth of total business activity and an equivalent of 1,685 full-time jobs and $82.66 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.
“As one of the city’s premier events, the Bank of America Chicago Marathon really brings the city together,” said Mayor Rahm Emanuel. “It gives us an opportunity to proudly showcase our world-class hotels, restaurants and entertainment opportunities. I am appreciative of Bank of America’s efforts to support the Marathon, as evidenced by the growing interest and economic impact of the event.”
“The Bank of America Chicago Marathon continues giving people a reason to visit our city, year after year, from around the country as well as around the world,” said Don Welsh, president and CEO of Choose Chicago, the city’s official tourism organization. “Its growing impact on hotel, dining, mass transportation and entertainment venues is a testament to the Chicago residents who positively represent our city in everything they do. The Marathon is much more than a sporting event; it’s a celebration that is truly global in scale.”