Independent Study Proves Event is Economically
Crucial for Tourism Industry, Local Businesses, and Job
Growth
CHICAGO, Sept. 24,
2024 /PRNewswire/ -- The Bank of America Chicago
Marathon continues to generate significant impact for the
Chicagoland region, with the 2023 race contributing a
record-breaking $547 million to the city's economy, a 42% increase
from the $386 million impact in 2022,
according to an independent economic impact study conducted by
Jones & Associates Economics.
Since 2017, the Bank of America Chicago Marathon has had a
cumulative economic impact of over $2.3
billion. The tourism industry, which includes businesses in
the hospitality, food service, accommodations, retail, and
transportation sectors across all 50 Chicago wards, saw the most
significant impact with $177 million
in economic activity tied directly to the 2023 race.
The Bank of America Chicago Marathon is widely considered one of
the most important events in Chicago every year, attracting visitors from
all over the world and showcasing the city as a premier travel
destination. Last year, the marathon welcomed 48,472 participants,
an increase of nearly 13% over 2022, of which 35% participants were
international visitors.
"At over half a billion dollars of impact, the Bank of
America Chicago Marathon proved to be one of the greatest drivers
of economic activity in Chicagoland in 2023," Rich
Gamble, Interim president and CEO of Choose
Chicago. "Marathon weekend is one of the most important dates on
the calendar in Chicago, and no
event better exemplifies our city's hosting abilities than the Bank
of America Chicago Marathon."
In 2023, the marathon directly contributed to 3,694 full-time
jobs, as well as $182.98 million in
wages and salary income, further illustrating the significance of
the race on the Chicago
economy.
"Every year, the Bank of America Chicago Marathon's impact
and visibility grows," said Carey Pinkowski, Bank of America Chicago
Marathon executive race director. "Whether it's economic or
charitable impact, or the prestige of the event itself, we continue
to be humbled by the marathon's growth. We've come a long way and
we owe so much to the 10,000+ passionate volunteers and countless
community members who make race weekend possible."
"The Bank of America Chicago Marathon places Chicago on the world stage, spotlighting our
city as a premier destination for world-class athletes and the
global running community," said Rita Cook, president, Bank of America
Chicago. "Beyond the enormous economic lift it provides small
businesses and individuals across the city, the marathon – and race
weekend in particular – fosters a sense of camaraderie,
competition, and community among Chicagoans and visitors alike. We
are immensely grateful to the organizers, volunteers, spectators,
small businesses, and everyone whose commitment helped make the
2023 marathon such a resounding success."
The 46th Bank of America Chicago Marathon kicks off Sunday, October 13 at Grant Park. For more information, please visit
www.chicagomarathon.com.
About the Bank of America Chicago Marathon
The Bank
of America Chicago Marathon welcomes thousands of participants from
more than 100 countries and all 50 states, including a world-class
professional field, top regional and Masters runners, race
veterans, debut marathoners and charity participants. The race's
iconic course takes participants through 29 vibrant neighborhoods
on an architectural and cultural tour of Chicago. The 2024 Bank of America Chicago
Marathon, a member of the Abbott World Marathon Majors, will start
and finish in Grant Park on
Sunday, October 13, 2024. In advance
of the race, a three-day Abbott Health & Fitness Expo will be
held at McCormick Place Convention Center on Thursday, October 10, Friday, October 11, and Saturday, October 12. 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 69 million consumer and small business clients with
approximately 3,800 retail financial centers, approximately 15,000
ATMs (automated teller machines) and award-winning digital banking
with approximately 58 million verified digital 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 4 million small business
households 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 is listed on the New York Stock Exchange
(NYSE: BAC).
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America
newsroom and register for news email alerts.
Reporters May Contact:
Diane
Wagner, Bank of America
Phone: 1.312.992.2370
diane.wagner@bofa.com
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SOURCE Bank of America Corporation