Writer: Andrea Teran
2 min read April 2024 — The Boston Marathon, a storied event that captivates runners and spectators, is taking place Monday and serves as more than just a test of endurance and athletic prowess. It acts as a significant economic engine, driving revenue and fostering philanthropy within the Greater Boston area and beyond, drawing participants from 129 countries and all 50 states.
“The Boston Marathon is one of the most iconic and beloved events our city holds all year, bringing tens of thousands of people together to enjoy Boston,” said City of Boston Mayor Michelle Wu in a press release.
The resurgence of interest in marathons, highlighted by record participation in events like those in Chicago, Berlin, and New York City, reflects the economic vibrancy these events bring to their host cities. For example, the 2022 Chicago Marathon contributed a record-high $386 million to the local economy, an increase of 25% from the previous year.
According to the Boston Athletic Association (B.A.A.), the Boston Marathon is the most widely viewed sporting event in New England, attracting approximately 500,000 spectators each year. It acts as a catalyst for economic activity, with a direct economic impact projected at over $200 million for the Greater Boston economy in 2024. This underscores the marathon’s role in stimulating local businesses across hospitality, retail, transportation, and entertainment sectors.
Major marathons, including Boston’s, play a crucial role in job creation, particularly within the tourism and hospitality sectors. The latest economic impact data on the Chicago Marathon shows it directly contributed to nearly 3,000 jobs, underscoring the employment opportunities generated by such events. While specific figures for job creation attributable to the Boston Marathon are not available, the event’s scale and its comparison with other major marathons suggest a substantial impact on local employment.
Philanthropy is another significant aspect of the Boston Marathon’s economic impact. The 2024 marathon set an ambitious fundraising goal of $50 million, with the majority of funds earmarked for local communities through 168 charities. This effort highlights the marathon’s commitment to community support and also underscores the substantial role that participants and sponsors play in achieving these goals.
“We’ll work together to enhance one of the world’s great participatory sporting events. Bank of America will partner with us at every stage to grow, broaden and innovate new pathways in running,” said Jack Fleming, president & CEO of the B.A.A. on a press release.
In 2023, the marathon raised a record $40.2 million for over 200 non-profit organizations, demonstrating the event’s growing emphasis on charitable giving and its ability to mobilize resources for a variety of causes.
“Through this long-term partnership, we will broaden our ability to help communities around the world thrive, creating positive impact for small businesses, charities, runners and teammates on race weekend and throughout the year,” David Tyrie, chief digital officer and chief marketing officer for Bank of America, stated on a press release.
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