Tourism’s Multiplier Effect
Tourism is a gigantic economic engine, but many people don’t fully appreciate how pervasive its effect is. In New York State, for example, tourism is a $43 billion industry. This under-appreciated element in the economy is a classic example of a win-win proposition that benefits everyone its touches.
When John Dyson helped create the first celebrity commercials for the I LOVE NEW YORK campaign featuring Broadway stars, he convinced them to work for union scale. The payback was huge. Broadway went from dark theaters to standing-room-only in 18 months. And tourism spreads the wealth through a multiplier effect. New York State estimates that every $1 generated directly by tourism indirectly generates $7 for the state’s economy.
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