The Boston Athletic Association and Meet Boston Announce $500 Million Economic Impact for the Commonwealth of Massachusetts

Rhea-AI Summary

The Boston Athletic Association and Meet Boston released an economic impact report showing the Boston Marathon generated a $509.1 million impact for Massachusetts. This includes B.A.A.'s operational costs, participant and spectator spending, and secondary economic impacts. The 2024 marathon weekend hosted 30,000 participants across multiple events, with 51% from outside New England spending a median of $500. The event's charitable impact reached a record $45.7 million across 160 organizations, with total philanthropic impact of $71.9 million. The marathon weekend included various events like the Boston 5K, invitational mile races, and the Bank of America Boston Marathon Expo.

Positive

• Generated $509.1 million economic impact for Massachusetts
• Record charity fundraising of $45.7 million across 160 organizations
• 68% of participants stayed in Boston area hotels, boosting local hospitality sector
• 51% of participants from outside New England, indicating strong tourism draw

Negative

• None.

Insights

Market Research Analyst

The $509.1 million economic impact of the Boston Marathon represents a significant revenue stream for the Greater Boston area, but has minimal direct impact on Bank of America's financial performance. While BAC benefits from brand exposure as the presenting sponsor, this represents a marketing expense rather than a revenue-generating activity.

The marathon's charitable component, raising $45.7 million in 2024, demonstrates BAC's commitment to community engagement and ESG initiatives. However, the financial impact on BAC's $348.2 billion market cap is negligible. The event's 68% hotel occupancy rate and $500 median participant spend primarily benefit local businesses and hospitality sectors rather than the banking sponsor.

Boston Marathon presented by Bank of America Economic Impact Report Released

BOSTON, Nov. 14, 2024 /PRNewswire/ -- The Boston Athletic Association (B.A.A.) and Meet Boston today released an independent economic impact report (PDF) conducted by the Economic and Public Policy Research group at the University of Massachusetts Donahue Institute, commissioned to look at the direct impact of one of the oldest and most historic marathons in the world, the Boston Marathon presented by Bank of America.

The $509.1 million impact represents the B.A.A.'s operational costs, spending by marathon participants and spectators, and other secondary economic impacts from household spending, taxes and vendor spending. For this report, the Donahue Institute examined the two categories of expenditures of the B.A.A. – year-round operations and a larger set of spending associated with marathon weekend.

"The Boston Marathon is more than just a race; it's a powerful driver that shines a spotlight on the Greater Boston area, attracting visitors and showcasing our city's rich history, vibrant culture, and diverse communities," said Martha J. Sheridan, President & CEO of Meet Boston.

"Each year, it brings people together from across the globe, expanding the impact of tourism and enhancing our competitiveness. This iconic race fosters a sense of unity and purpose for all the domestic and international visitors that come to spectate or participate."

Spectators were surveyed to understand areas of spending, including retail, food and beverage, and lodging.

Marathon weekend includes more than the race on Patriots' Day. The B.A.A. hosts the Boston 5K presented by Point32Health with 10,000 participants, an invitational mile for both students and professional runners, the Bank of America Boston Marathon Expo, Boston Marathon Fan Fest presented by DICK'S Sporting Goods, and the Boston Marathon Post-Race Party presented by Samuel Adams. Additionally, sponsors and other adjacent brands provide activations throughout Greater Boston.

The 2024 marathon weekend had 30,000 participants across the Boston 5K, B.A.A. Invitational Mile, B.A.A. Relay Challenge and the Boston Marathon. Participants had an average party size of two, with 77% of spectators who attended indicating they are there to support a family member or friend running. 51% of the participants reside outside of New England, with the median weekend spend of $500. 68% of participants stayed in a Boston area hotel.

"The B.A.A. and Bank of America are honored to put on this world-class race, in partnership with the business and hospitality industry. The marathon and supporting events prove to be a net positive for our economy, region, and most importantly, the towns and cities that the Boston Marathon runs through," said Dr. Cheri Blauwet, Chair of the Board at the B.A.A.

"The race continues to be a catalyst for growth through its economic and charitable impact, enriching local communities and inspiring a lifelong passion for running and sport. Its enduring impacts extend far beyond race day, supporting local businesses, highlighting our communities, and encouraging active lifestyles. We are deeply proud to carry on the tradition of this race each year, while continuing to reflect who we are today."

In 2024, the Bank of America Boston Marathon Official Charity Program reached a new record fundraising level of $45.7 million across 160 organizations. The total philanthropic impact of last year's race tallied $71.9 million raised. Since the Official Charity Program's inception in 1989, more than $550 million has been raised surrounding the Boston Marathon.

"While the Boston Marathon has a profound economic impact on the region, it also brings together the community with a spirit of giving," said Miceal Chamberlain, President, Bank of America Massachusetts. "That spirit extends from Hopkinton to Boylston and throughout the region, helping create a lasting effect year after year."

The 129th Boston Marathon presented by Bank of America will be held on April 21, 2025.

Related links

• 2024 Boston Marathon presented by Bank of America Economic Impact Report (PDF)
• 2023-2024 B.A.A. Impact Report (PDF)

About the Boston Athletic Association (B.A.A.) 
Established in 1887, the Boston Athletic Association is a non-profit organization with a mission of promoting a healthy lifestyle through sports, especially running. The B.A.A. manages the Boston Marathon, and supports comprehensive charity, youth, and year-round programming. The 129th Boston Marathon presented by Bank of America is scheduled to take place on Monday, April 21, 2025. The Boston Marathon is part of the Abbott World Marathon Majors, along with international marathons in Tokyo, London, Berlin, Chicago, and New York City. For more information on the B.A.A., please visit www.baa.org.

About Meet Boston
Meet Boston is the primary private sector sales, marketing and visitor services organization charged with the development of meetings, conventions, and tourism-related business in the region. As a partnership organization, Meet Boston promotes and collaborates with over 1,000 partners in the greater Boston region and across New England to drive a robust visitor economy and to build equity within the sector. The Meet Boston mission is to elevate Boston's vibrant neighborhoods and diverse people, amplifying their stories and sharing them locally and across the globe.

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 3,700 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).

Reporters may contact
Lorna Campbell
Phone: 1.857.400.1716
lcampbell@baa.org 

Anusha Mookherjee
Phone: 1.617.947.2269
amookherjee@denterlein.com 

Andy Aldridge
Phone: 1.980.387.0514
andrew.aldridge@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

What was the economic impact of the 2024 Boston Marathon presented by Bank of America?

The 2024 Boston Marathon generated a $509.1 million economic impact for Massachusetts, including operational costs, participant and spectator spending, and secondary economic impacts.

How much money did the 2024 Boston Marathon raise for charity?

The 2024 Boston Marathon Official Charity Program raised a record $45.7 million across 160 organizations, with a total philanthropic impact of $71.9 million.

How many participants attended the 2024 Boston Marathon weekend events?

The 2024 Boston Marathon weekend had 30,000 participants across multiple events, including the Boston 5K, B.A.A. Invitational Mile, B.A.A. Relay Challenge, and the Boston Marathon.