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Study: Bridge run pumps millions into local economy
By HOLLY FISHER
Contributing Writer
The Cooper River Bridge Run lasts just a few hours every April, but its effect on the Charleston area is significant. A new study reveals the 2004 race had a $14.3 million impact on the local economy.
The Joseph P. Riley Jr. Institute for Urban Affairs and Policy Studies at the College of Charleston conducted the study earlier this year, based on responses from 2004 bridge run participants. Janet Key, the institute’s interim director, and Silke Banning, research assistant, crunched the numbers from 518 surveys.
Ten years ago an almost identical survey was conducted. Comparing the results of the two surveys shows how much the event has evolved. The 1995 study revealed the Cooper River Bridge Run’s economic impact was $4.8 million. Both surveys were conducted using a stratified random sample. The 2004 bridge run participants were segmented into categories of runners and walkers, and then broken down by location.
The survey looked at people living 60 to 120 miles from Charleston and also at those who live more than 120 miles from the city. Survey participants were randomly selected, and 1,300 surveys were sent via mail. More than 500 people responded, resulting in a 40% response rate—significant for any survey.
Key and Banning then used an economic impact analysis model to calculate the bridge run’s influence on the economy. The model adjusts for inflation to give a more accurate picture.
The 2005 bridge run should surpass the numbers from the 2004 study. Registrations poured into the bridge run office this year as many wanted to commemorate the last race on the current Cooper River bridge. Race director Julian Smith anticipates next year’s race on the new bridge will be large as well.
As of March 24, the 17,000 race bibs available for walkers were gone and the final runners’ bibs were being snatched up. The cap for this year’s race was set at 42,000. Last year, roughly 30,000 people participated in the event. Each 1,000-race registrants from outside the local area contributes $850,000 to the local economy, according to the study. That means the 2005 race brought more than $20 million to the local economy, Smith points out.
Participant profile
Of the 30,548 registered participants in 2004, almost 70% were from South Carolina, many living in the greater Charleston area. Almost 90% of the 2004 participants said they planned to run or walk the 2005 race. Key says that figure in particular indicates a great deal of “runner loyalty” to the race.
The average bridge run participant is a 36-year-old female with a household income of more than $75,000. Ten years ago, the average participant was a 37-year-old male with a household income of more than $75,000.
More than half of all participants have incomes greater than $75,000, and they are putting some of that money into the Charleston economy through lodging, retail spending and food.
Lodging
About half of those surveyed stayed in private residences with friends or family members, while the other half stayed in local hotels. Most people stayed in Mount Pleasant or in downtown Charleston. More than half stayed two nights in the Charleston area with an average room rate of $143.
Meals
Bridge run participants are more likely to avoid fast food and instead select casual dining or fine dining restaurants. Almost 30% ate one fine dining meal, and 20% ate two fine dining meals. Another 22% ate at a casual restaurant, such as Applebee’s.
Overall impact
In the early 1990s, the race budget was $100,000; today it’s $2 million with about $1.4 million coming from dozens of sponsors in the form of cash and products. At least two new sponsors are ready to sign contracts for next year, Smith says.
Not only are race participants spending money, but the bridge run staff also spends money in the community, buying T-shirts, renting portable toilets and buses, mailing registration forms and packets, Smith points out. “Just that alone has a huge impact,” he says.
The new study also shows a labor income impact of $5.3 million, which translates into the creation of 336 local jobs.
These numbers will help Smith and the other bridge run officials secure additional sponsorships and grow the race. The results of the study also showed half of all participants from outside the Charleston area attended the Cooper River Bridge Run Expo the day before the race, spending $400,000 on running shoes, athletic wear and other items.
“The bridge run’s size makes it the eighth largest 10k in the world,” Smith says. “After this year, we will move way up in that ranking. And probably next year, we’ll grow even more.”
This anticipation comes with the completion of the new bridge and the participants’ desire to run it the first year. And because of this, Smith says he foresees placing a cap on the number of registrations next year.
“It depends on how many we can accommodate,” he says. “The bridge run executive committee will have to look at how many we can accommodate and place a number on it. But we will have to grow.”
The New York City Marathon had 36,562 participants last year, and the Marine Corps Marathon has about 30,000. Smith says he doesn’t think most people realize how large the Cooper River Bridge Run really is.
“Charleston ought to be proud,” he says.
Holly Fisher is a regular contributor to the Business Journal. E-mail her at editorial@crbj.com.
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