Annual Marathon of Chicago, Organised By Bank Of America, Is An Additional Economic Drive
Dailycsr.com – 04 September 2015 – The proof of Chicago’s growing economy lies in the annual Marathon organised by the Bank of America Chicago, which generated an approximate amount of “$254 million” during the year of 2014 whereby creating a “total business impact to the city”, as reported by the Bank of America. The event continues to be one of the “key economic” drives of the city which adds an additional “quarter of a billion dollars” for the consecutive second year.
The results thus stated had been the outcome of Illinois University’s “Urbana-Champaign’s Regional Economics Applications Laboratory(’s)” independent study. The study was carried out by using the “Chicago Region Econometric Input-Output Model” which gave out an estimated figure of the economic impacts of marathon made on a direct and indirect scale which in turn affects the local economy.
During the turn of the marathon event, as per the latest report, the main tourism sectors received a direct amount of “$102.2 million” as it was involved in making necessary arrangement like “travel, lodging, entertainment and transportation”. Moreover, the said industry also collected an indirect income of “$151.8 million”. Statistically, both the indirect and the direct income of the tourism industry together would be “an equivalent of 1,816 jobs and $86 million worth of wages and salary income”. The chairperson and the “Choose Chicago’s board of directors”, Desiree Rogers remarked:
"The race is a solid example of how high-profile events contribute significantly towards Mayor Emanuel’s goals for Chicago’s visitor industry. 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."
While the president of Bank of America Illinois branch, Tim Maloney recounts:
“As the steward of this legendary event for our city, Bank of America’s commitment and investment to making the Chicago Marathon one of most exciting endurance races in the world has helped increase the economic impact nearly 78 percent in less than a decade. The continued success is due in part to the strong partnership with the city, its residents and businesses.”
In the year of 2014 the marathon organised by the Bank of America Chicago, enlisted a total participant number of “42,279”. In fact, the marathon has becoming a reason for inviting tourists to the city. Likewise, during the marathon new visitors get attracted to the city whereby promoting Chicago’s image “as a leading tourist destination”.
BusinessWire writes on the Bank of America Chicago Marathon’s welcome note, which goes like this:
“In its 38th year, the Bank of America Chicago Marathon welcomes thousands of runners 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 runners. The race’s iconic course takes runners through 29 vibrant neighborhoods on an architectural and cultural tour of Chicago”.
This year’s Bank of America Chicago Marathon is scheduled to be held on the 11th of October 2015, which will begin and end at the Grant Park.
References:
www.BusinessWire.com
The results thus stated had been the outcome of Illinois University’s “Urbana-Champaign’s Regional Economics Applications Laboratory(’s)” independent study. The study was carried out by using the “Chicago Region Econometric Input-Output Model” which gave out an estimated figure of the economic impacts of marathon made on a direct and indirect scale which in turn affects the local economy.
During the turn of the marathon event, as per the latest report, the main tourism sectors received a direct amount of “$102.2 million” as it was involved in making necessary arrangement like “travel, lodging, entertainment and transportation”. Moreover, the said industry also collected an indirect income of “$151.8 million”. Statistically, both the indirect and the direct income of the tourism industry together would be “an equivalent of 1,816 jobs and $86 million worth of wages and salary income”. The chairperson and the “Choose Chicago’s board of directors”, Desiree Rogers remarked:
"The race is a solid example of how high-profile events contribute significantly towards Mayor Emanuel’s goals for Chicago’s visitor industry. 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."
While the president of Bank of America Illinois branch, Tim Maloney recounts:
“As the steward of this legendary event for our city, Bank of America’s commitment and investment to making the Chicago Marathon one of most exciting endurance races in the world has helped increase the economic impact nearly 78 percent in less than a decade. The continued success is due in part to the strong partnership with the city, its residents and businesses.”
In the year of 2014 the marathon organised by the Bank of America Chicago, enlisted a total participant number of “42,279”. In fact, the marathon has becoming a reason for inviting tourists to the city. Likewise, during the marathon new visitors get attracted to the city whereby promoting Chicago’s image “as a leading tourist destination”.
BusinessWire writes on the Bank of America Chicago Marathon’s welcome note, which goes like this:
“In its 38th year, the Bank of America Chicago Marathon welcomes thousands of runners 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 runners. The race’s iconic course takes runners through 29 vibrant neighborhoods on an architectural and cultural tour of Chicago”.
This year’s Bank of America Chicago Marathon is scheduled to be held on the 11th of October 2015, which will begin and end at the Grant Park.
References:
www.BusinessWire.com
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