AUSTIN, Texas, Sept. 24, 2019 /PRNewswire/ -- High Five Events, one of the largest privately owned event production companies in the United States, proudly announces that the Ascension Seton Austin Marathon presented by Under Armour pumped $48.5 million into the Austin economy during race weekend. The Austin Marathon was able to better calculate its economic impact by providing more detailed data and continuing its partnership with Dr. Ali Dadpay, Associate Professor of Finance at the Gupta College of Business at the University of Dallas. This year's economic impact on the City of Austin is an $11 million (23 percent) increase from the 2018 event. The growth of Austin's flagship running event continues to benefit Austin and the Austin economy.
"The Austin Marathon's economic impact is growing because of the increasing participation rate and more spectators supporting the event," said Dr. Dadpay. "High Five Events collecting a wider array of quality data has improved the accuracy of our estimations."
For the third year in a row, Dr. Ali Dadpay conducted the research for the Austin Marathon economic impact report. Dr. Dadpay reviewed participants' survey data, tax revenue, High Five Events' localized spending, and jobs created. Additional data points were reviewed, including money raised for Austin Gives Miles, participants' spending, and hotel room nights. This data allowed him to measure direct, indirect and induced effects. Dr. Dadpay expects the Austin Marathon's economic impact to continue to grow with the increase of out-of-state and overseas participants.
"The 2019 economic impact report highlights the ever-increasing, annual financial impact the Austin Marathon has on the City of Austin," said Stacy Keese, co-owner of High Five Events. "The continued growth of Austin's flagship running event furthers the belief that Austin is a destination for runners from around the world."
2020 will mark the Austin Marathon's 29th year running in the capital of Texas. Austin's flagship running event annually attracts runners from all 50 states and 30+ countries around the world. The start and finish locations are just a few blocks apart and within walking distance of many downtown hotels and restaurants. Participants finish in front of the picturesque Texas State Capitol, making the Austin Marathon the perfect running weekend destination. Registration is still open on the Austin Marathon website.
About High Five Events: Beginning with the launch of a single triathlon in 2003, High Five Events has grown to become one of the largest privately owned event production companies in the United States. In addition to the events it owns and produces, the Austin, Texas-based company offers consulting and event production services to dozens of additional events each year. High Five Events is community-centric and has more than 100 years' combined experience organizing large events across different venue types in a variety of locations. Follow High Five Events on Twitter (@highfiveevents), Instagram (@highfiveevents), and Facebook (facebook.com/HighFiveEventsWorldWide/) for news and updates.
SOURCE High Five Events