Event Impact Continues to Drive Tourism Industry, Business, and Job Growth
CHICAGO, Sept. 27, 2023 /PRNewswire/ -- The Bank of America Chicago Marathon continues to generate significant impact for the city of Chicago, with the 2022 race contributing a record-breaking $386 million (PDF) to the city's economy, a 25 percent increase from 2021, according to an independent economic impact study conducted by the University of Illinois at Urbana-Champaign's Regional Economics Applications Lab.
Since 2018, the marathon's economic impact has exceeded $300 million every year the event has taken place in-person, which was felt by tourism, hospitality, and business industries across all 50 Chicago Wards.
The 44th Bank of America Chicago Marathon saw 42,948 participants, 33 percent of whom were international visitors. The marathon is a marquee event for the city, attracting guests from around the world and promoting Chicago as a premier tourism destination. Overall, 2022 was the first year the marathon's impact exceeded pre-pandemic levels, a strong sign for both the local community and economy.
"The Bank of America Chicago Marathon is an incredible opportunity to showcase our city to runners from around the world, and we are thrilled to see the race continue to have such a positive impact on our city," said Glenn Eden, Chairman of the Choose Chicago Board of Directors. "When visitors come to Chicago for the marathon, they can't help but fall in love with our city and we know they will return to visit for years to come. On behalf of the city's entire tourism industry, I want to congratulate the Bank of America Chicago Marathon for these amazing results and thank them for their commitment to Chicago."
The study also showed that the 2022 event directly contributed more than $163 million to the main sectors of the local tourism industry, equating to 2,848 jobs and $136.6 million worth of wages and salary income. The average visitor spent $664 per day on accommodations, shopping, food, transportation and entertainment.
"2022 was a banner year for the marathon. Beyond the economic impact the marathon has on Chicago, we saw 10,000+ charity runners raise a record-breaking $27.6 million for 180 worthy causes last year," said Carey Pinkowski, Bank of America Chicago Marathon executive race director. "To see Chicagoans welcome friends and family from all across the country, and those from around the world, to our one-of-a-kind event each year is incredibly special."
"Each year, the Bank of America Chicago Marathon is an inspiring, joyful and fulfilling experience for the whole city," said Rita Sola-Cook, President, Bank of America Chicago. "On behalf of BofA, we'd like to thank the dedicated runners who raised millions for charity, the selfless volunteers who managed the event, the 1.7 million spectators who cheered along the race route, and the countless residents, businesses and organizations who created a welcoming and cordial environment for all to enjoy. It takes the whole community to create a $386 million economic impact, and that's exactly what happened in 2022. We can't wait to see what's in store for 2023."
The 45th Bank of America Chicago Marathon kicks off Sunday, October 8 at Grant Park. For more information about the bank's support of the iconic event, please visit www.bankofamerica.com/chicagomarathon.
About 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 elite 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 2023 Bank of America Chicago Marathon, a member of the Abbott World Marathon Majors, will start and finish in Grant Park on Sunday, October 8, 2023. In advance of the race, a three-day Abbott Health & Fitness Expo will be held at McCormick Place Convention Center on Thursday, October 5, Friday, October 6, and Saturday, October 7. 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 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 57 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
