Bank of America Chicago Marathon Creates Record Breaking $547 Million Impact on Chicago Economy in 2023

Rhea-AI Summary

The Bank of America Chicago Marathon generated a record-breaking $547 million economic impact for Chicago in 2023, a 42% increase from 2022's $386 million, according to an independent study. Since 2017, the marathon has contributed over $2.3 billion to the local economy. The 2023 event saw 48,472 participants, up 13% from 2022, with 35% being international visitors.

The marathon directly created 3,694 full-time jobs and generated $182.98 million in wages and salary income. The tourism industry, including hospitality, food service, retail, and transportation across all 50 Chicago wards, benefited most with $177 million in economic activity. The 46th Bank of America Chicago Marathon is scheduled for October 13, 2024, at Grant Park.

Positive

• Record-breaking $547 million economic impact in 2023, up 42% from 2022
• Cumulative economic impact of over $2.3 billion since 2017
• 48,472 participants in 2023, a 13% increase from 2022
• 35% of participants were international visitors
• Created 3,694 full-time jobs in 2023
• Generated $182.98 million in wages and salary income
• $177 million economic activity for the tourism industry

Negative

• None.

Insights

Financial Analyst

The Bank of America Chicago Marathon's record-breaking $547 million economic impact in 2023 represents a significant 42% increase from 2022. This substantial growth underscores the event's importance to Chicago's economy, particularly in tourism-related sectors. The marathon's ability to attract 48,472 participants, with 35% being international visitors, demonstrates its global appeal and potential for sustained economic benefits.

For investors, this news highlights Bank of America's successful brand positioning and community engagement strategy. The marathon's growing impact could lead to increased brand value and customer loyalty, potentially translating to long-term financial benefits for BAC. However, it's important to note that while positive for brand image, the direct financial impact on BAC's bottom line may be relative to its $311 billion market cap.

The event's contribution to job creation (3,694 full-time jobs) and wages ($182.98 million) also indicates a positive ripple effect on the local economy, which could indirectly benefit BAC through increased economic activity in its operating markets.

Market Research Analyst

The Bank of America Chicago Marathon's economic impact study reveals important insights for investors. The event's cumulative impact of over $2.3 billion since 2017 demonstrates consistent growth and stability, making it a valuable asset for BAC's brand portfolio. The 13% increase in participants from 2022 to 2023 suggests rising popularity and potential for further expansion.

The marathon's ability to drive $177 million in economic activity for the tourism industry across all 50 Chicago wards indicates widespread economic benefits. This broad impact could strengthen BAC's relationships with local businesses and government entities, potentially leading to new business opportunities and favorable regulatory environment.

For investors, the marathon's growing international appeal (35% international participants) aligns with BAC's global presence, potentially enhancing its international brand recognition. This could support the bank's efforts in attracting global customers and expanding its international operations.

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

FAQ

What was the economic impact of the 2023 Bank of America Chicago Marathon (BAC)?

The 2023 Bank of America Chicago Marathon generated a record-breaking $547 million economic impact for Chicago, a 42% increase from the previous year.

How many participants were in the 2023 Bank of America Chicago Marathon (BAC)?

The 2023 Bank of America Chicago Marathon welcomed 48,472 participants, an increase of nearly 13% over 2022.

What percentage of participants in the 2023 Bank of America Chicago Marathon (BAC) were international visitors?

35% of the participants in the 2023 Bank of America Chicago Marathon were international visitors.

How many jobs did the 2023 Bank of America Chicago Marathon (BAC) create?

The 2023 Bank of America Chicago Marathon directly contributed to 3,694 full-time jobs in Chicago.

When is the 46th Bank of America Chicago Marathon (BAC) scheduled for?

The 46th Bank of America Chicago Marathon is scheduled for Sunday, October 13, 2024, at Grant Park.