Often asked: What Is The Economic Impact Of Tourism Related To New York City?

How much does tourism contribute to NY economy?

Travel & tourism is a substantial and growing component of the New York State economy. Direct spending of $64.8 billion generated nearly $105 billion in total business sales including indirect and induced impacts. Over 780,000 jobs were sustained by tourism activity in 2016 with total income of $34.6 billion.

How does tourism affect New York City?

New York State tourism generated $8.9 billion in state and local taxes in 2018, saving each NYS household an average of $1,221 in taxes. The unemployment rate in New York State was 4.1% in 2018. If the jobs sustained by travelers were eliminated, the unemployment rate would rise to 12.5%.

What is economic impact of tourism?

Export revenues from tourism could fall by $910 billion to $1.2 trillion in 2020. This will have a wider impact and could reduce global GDP by 1.5% to 2.8%. Tourism supports one in 10 jobs and provides livelihoods for many millions more in both developing and developed economies.

How much money does NYC make from tourism?

Massive Drop in Tourism Spending DiNapoli estimates after reaching a record high of 66.6 million visitors in 2019 and generating $47.4 billion in spending, the number of visitors to the city dropped by 67 percent and their spending declined by 73 percent in 2020.

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What drives NYC economy?

Finance, high technology, real estate, insurance, and health care all form the basis of New York City’s economy. The city is also the nation’s most important center for mass media, journalism, and publishing.

What are 5 interesting facts about New York?

15 Bustling Facts About New York City

  • THE TERM “THE BIG APPLE” ORIGINALLY REFERRED TO HORSE RACING.
  • THE OLDEST BUILDING IN NEW YORK CITY DATES BACK TO AROUND 1642.
  • BIRDWATCHERS HAVE SPIED 275 SPECIES OF BIRDS IN CENTRAL PARK.
  • NEW YORK CITY TAXIS WERE ORIGINALLY RED AND GREEN.

How many tourists visit NYC a day?

The daytime population consists of approximately 1.61 million commuting workers, 1.46 million local residents, 404,000 out-of-town visitors, 374,000 local day – trip visitors, 17,000 hospital patients, and 70,000 commuting students.

How many people travel to New York in a year?

Industry

Year Total Visitors (millions) Domestic Visitors
2015 55.9 43.2
2016 60.5 47.8
2017 62.8 49.7
2018 65.2 51.6

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