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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-boston-athletic-association-and-meet-boston-announce-500-million-economic-impact-for-the-commonwealth-of-massachusetts-302305908.html
SOURCE Bank of America Corporation