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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