The Boston Athletic Association and Meet Boston Announce $500 Million Economic Impact for the Commonwealth of Massachusetts
The Boston Athletic Association and Meet Boston Announce $500 Million Economic Impact for the Commonwealth of Massachusetts |
| [14-November-2024] |
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 Boston5K 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
About the Boston Athletic Association (B.A.A.) About Meet Boston Bank of America Reporters may contact Anusha Mookherjee Andy Aldridge
SOURCE Bank of America Corporation | ||
Company Codes: NYSE:BAC, NEO:BOFA |
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