Vancouver, BC – November 12, 2013 – The BMO Vancouver Marathon has emerged as a major economic driver in Metro Vancouver. According to a new economic report, the 2013 event contributed nearly $53.6 million to the region thanks to spending by runners, supporters, spectators, exhibitors, sponsors, media, suppliers and the event organizer.
Results from an independent study have just been released by event organizers showing both economic activity and economic impact. The study was assessed by Dr. Brock Smith of the Peter B. Gustavson School of Business at the University of Victoria measuring both economic activity and economic impact to determine the true economic scope of the event.
According to the study, of the $53.6 million in local (GDP) activity, $42.5 million was generated from event-related expenditures related to the total spectator audience of 75,000, which includes locals and visitors. This spending supports the equivalent of 1,277 fulltime jobs in Metro Vancouver and almost $4.3 million in local property tax revenues.
For economic impact, the event generated more than $42 million in net local income (GDP). Of this, $35 million was generated by the estimated 35,228 visitors to Metro Vancouver, , who on average spent $475per person during their stay. This spending supports the equivalent of 1,003 full time jobs in Metro Vancouver and almost $3.4 million in local property tax revenues.
“The BMO Vancouver Marathon is more than a one-day race. It’s a four-day celebration of spring in Vancouver that attracts over 17,000 local and international participants, spectators, and visitors, all with dollars to spend here,” says Executive Director Charlene Krepiakevich. “Now, as a recognized top destination marathon event, we are also seeing more exhibitors at the expo and more interest in the event as a true festival of sport for all ages.”
While the 2013 BMO Vancouver Marathon saw a $16.6 million increase in local income (GDP) activity compared to the 2012 event, bigger plans are on the horizon.
“It is very encouraging to see the economic benefits of the BMO Vancouver Marathon which go hand-in-hand with the positive contributions to the health and quality of life in our community,” said Joanne Gassman, Senior Vice-President, BC & Yukon Division, BMO Bank of Montreal. “Our ties with recreational sports, which can be enjoyed by people of all ages and abilities, reflect some of our most deeply held corporate values, such as the promotion of personal achievements, the importance of lifelong learning (physically and fiscally), and the value of teamwork.
“We are approaching the 2014 event with a renewed focus on building on our 43rd year legacy of running in Vancouver as well as celebrating our 25th Annual Half Marathon, creating exciting and memorable experiences and attracting more participants, spectators, visitors. And with that comes more economic benefits.” says Krepiakevich.
About The Vancouver International Marathon Society
The Vancouver International Marathon Society is the non-profit organization responsible for the BMO Vancouver Marathon. The event is one of Canada’s largest marathons and has a 43-year history within Vancouver and the running community internationally. This year also celebrates the 25th Annual Half Marathon. The event will take place on May 4, 2014, featuring three point-to-point courses, showcasing the city’s famous landmarks, shorelines and neighborhoods. The 2014 events will remain capped at 5,000 for the Marathon, 10,000 for the Half-Marathon, 2,000 for the 8km, 500 for 8km Teen Challenge and 250 for the Kids 1-Mile Fun run participants with the objective of creating exciting and memorable experiences for participants, spectators, visitors and volunteers.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With more than 46,000 employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions and believes in community reinvestment and corporate and social responsibility. In 2012, BMO contributed more than $87.6 million in donations, sponsorships and events in Canada and the United States to groups, organizations and programs that help build and sustain resilient, vital and healthy communities.
Charlene Krepiakevich, Executive Director, Vancouver International Marathon Society, Office: 604-872-2928, Cell: 604-374-8999, [email protected]
Laurie Grant, Senior Manager, Media & Public Relations, BMO Financial Group, Office: 604-665-7596, [email protected]
Twitter: @BMOVanMarathon / @runvancanada
Web: www.bmovanmarathon.ca / www.runvan.org