The tourism economic-impact figure of nearly $115 billion exceeds $100 billion for the fifth straight year, Cuomo’s office said in a Monday news release. In addition, visitors generated an “all-time high” $71.8 billion in direct spending.
The nearly $115 billion in economic impact represents a $6.1 billion, or 5.6 percent increase, over 2017, and nearly $28 billion more than 2011, when Cuomo first took office, his office said.
The $71.8 billion in direct spending in 2018 was up more than $4 billion, or 6 percent, from the prior year. Direct visitor spending was up nearly $18 billion — or more than 33 percent— since 2011, per the release.
New York State tourism generated $8.9 billion in state and local taxes in 2018, a nearly 5 percent increase over 2017, saving each household an average of $1,221 in taxes, the governor said.
Tourism statistics were provided by Tourism Economics, a travel-data firm that has its U.S. headquarters in Wayne, Pennsylvania. It uses the impact analysis for planning (IMPLAN) input-output model for New York. The model follows the flow of sales through the economy to the generation of GDP, jobs, wages, and taxes, Cuomo’s office said.
Contact Reinhardt at ereinhardt@cnybj.com