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Marathon Boosts Chicago Economy by $171M: Study

The Bank of America released a study on Monday that the Marathon contributes an estimated $171.5 million to the Chicago economy.

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    NEWSLETTERS

    AP Images / Jeff Roberson

    The Bank of America Chicago Marathon delivers millions of dollars to the city's economy, according to a study released Monday.

    The annual marathon brings in an estimated $171.5 million to the Chicago economy, according to a study conducted by the University of Illinois at Urbana-Champaign's Regional Economics Applications Laboratory.

    The study found that last year's marathon contributed an estimated $70.6 million in the main tourism sectors and another $100.9 in indirect activity, according to a press release issued by Bank of America.

    "We're proud of our association with the Marathon and the role it plays in helping make opportunity possible for the Chicago community to grow and prosper," said Tim Maloney, president of Bank of America Illinois, in the release.

    Each dollar spent by a race participant brought an additional $1.29 worth of activity to the Chicago economy as well, according to the study.

    The study also shows the Marathon attracted new visitors to Chicago in 2010, which helped boost tourism at a time when the industry was in a seasonally low period.

    This year's Marathon reached the 45,000-participant capacity in a record 31 days. Ten thousand of these participants have indicated they will visit Chicago for the first time, according to the press release.

    This year marks the 34th year of the Chicago Marathon. It steps off Oct. 9 in Grant Park.