$250 million for the Chicago area economy. Â Pretty impressive…read more from chicagomarathon.com:
Bank of America Chicago Marathon delivers more than $253 million in business activity
Bank of America announced today that the Bank of America Chicago Marathon continues to be a key economic driver and contributes an estimated $253.49 million in total business activity to the Chicago economy, according to a new economic impact report. This is the first time that the economic impact of the Marathon has exceeded $250 million.
The independent study, which analyzed the impact the 2013 Bank of America Chicago Marathon has on the Chicago economy, was conducted by University of Illinois at Urbana-Champaign’s Regional Economics Applications Laboratory. By comparison, the impact of the 2012 Bank of America Chicago Marathon was $243.46 million.
The new report found the event directly contributed an estimated $101.8 million distributed among the main sectors of the tourism industry, in addition to another $151.7 million in indirect activity. This is an equivalent of 1,742 full-time jobs and $85.94 million worth of wages and salary income. Further, each dollar spent by a race participant generated an additional $1.29 worth of activity distributed throughout Chicago. Study authors applied the use of the Chicago Region Econometric Input-Output Model to assemble the findings.