Race weekend once again proves financially beneficial for Austin economy
The 2018 Austin Marathon® injected $37.5 million into the Austin economy during race weekend. Click To Tweet The Austin Marathon was able to better calculate its economic impact by utilizing the faculty expertise at St. Edward’s University’s Bill Munday School of Business for the second year in a row. This year’s economic impact on the City of Austin is a $3.1 million (8 percent) increase from the 2017 event.
“The increase of this year’s economic impact report highlights the growth of Austin’s flagship running event, the ever-increasing financial impact it has on the city, and the belief that Austin is a destination for runners from around the world,” said Stacy Keese, co-owner of High Five Events.
An ever-growing partnership
Dr. Ali Dadpay conducted the research for the 2018 Austin Marathon economic impact report. He is a professor of Economics for The Bill Munday School of Business. This year, Dr. Dadpay also looked at High Five Events’ localized spending, volunteer contributions, and jobs created, to measure the direct, indirect and induced economic impact. Dr. Dadpay expects the Austin Marathon’s economic impact to continue growing with the increase of out-of-state and overseas participants and the addition of new routes and new airlines at Austin Bergstrom International Airport.
“The Austin Marathon is becoming a driver of sustainable development in Austin’s metropolitan area and we can see its continuity is paying dividends for our economy,” said Dr. Dadpay. “The Austin Marathon’s economic impact is widespread, benefiting the tourism and hospitality industries the most.”
In 2019, High Five Events and St. Edward’s will work to better understand spectator contributions, the value generated by social media, digital marketing, and digital brand recognition. This is an understudied aspect of such events. Other cities are looking into ways to measure the true impact of marathon events. The Austin Marathon is excited about the continued growth of their partnership with St. Edward’s University.