I think tourism is worth investing more in. And not just because I work in the industry. We got some interesting research last month, here’s the first official announcement.
Empire State Development ANNOUNCES 9 PERCENT increase in direct tourism spending for New York State in 2007
Tourism industry growth exceeds $50 billion mark for first time
Empire State Development (ESD) today announced a 9 percent increase in direct tourism spending for New York State in 2007. Last year visitors spent $51 billion in the local economy, according to a study commissioned by the Department of Economic Development’s Division of Tourism. This includes a $44 billion contribution to the State’s Gross Domestic Product (GDP), a 12 percent increase that exceeds the State’s overall GDP growth by 5 percent.
A vital and growing component of the State’s economy, tourism spending has seen exceptional growth for four consecutive years, with the growth rate accelerating over 2005 (8.6%) and 2006 (7.2%). As the ninth largest employer in the state, tourism supported 672,000 jobs, or 6 percent of all employment during 2007, with a total associated income of $26 billion. Tourism generated $6.8 billion in state and local taxes.
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According to the recently released report, “The Economic Impact of Tourism in New York State“, tourists spent $51 billion in New York, $1.1 billion in Adirondacks. No study is going to be perfect, but I think this study proves that the tourism industry plays a big role in this state’s economy. It isn’t the most titillating stuff, but the Adirondack specific data may be of interest to local economists or economic developers. The charts and bullet points are courtesy of the New York State Department of Economic Development. The off-the-cuff analysis is mine.
