The Bank of America Chicago Marathon continues to provide year-over-year growth for Chicago’s economy, with the 2014 race delivering an estimated $254 million in total business.
The findings come from the latest economic impact study reported today by Bank of America. The event remains a key economic driver for the city, providing more than a quarter of a billion dollars to Chicago for the second 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 $102.2 million to the main sectors of the tourism industry, which includes travel, lodging, entertainment and transportation. In addition, another $151.8 million is spent in indirect marathon activity.
This is an equivalent of 1,816 jobs and $86 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.
"The race is a solid example of how high-profile events contribute significantly towards Mayor Emanuel’s goals for Chicago’s visitor industry,” Desiree Rogers, chair of Choose Chicago’s board of directors, said. “The Bank of America Chicago Marathon’s continued upward trend in overall visitors and spending strongly supports the goal of welcoming 55 million annual visitors by 2020."