New York forecasts $79 billion economic impact from tourism in 2024

24-12-24

New York City's tourism industry has experienced remarkable growth in 2024, approaching a full recovery with an estimated $79 billion economic impact to the city and state economies. This amount includes more than $51 billion in direct spending by travelers, not adjusted for inflation. This economic activity has supported more than 388,000 jobs in the leisure and hospitality sectors, representing approximately 9% of the city's workforce, and has benefited thousands of small and minority-owned businesses in the five boroughs. Visitor spending has generated more than $6.8 billion in tax revenue, contributing to an average savings of nearly $2,000 per household in New York during 2024.

According to New York City Tourism + Conventions, the official destination marketing organization for the five boroughs, the city is expected to welcome 64.3 million travelers by the close of 2024, reaching 97% of its record level of visitation in 2019, which was nearly 67 million visitors.

Mayor Eric Adams noted, “With nearly 65 million visitors this year - the second-highest number in our city's history - New York has once again established itself as the nation's premier destination and one of the world's top tourism hotspots.”Adams added that the city continues to be a dynamic tourism hub, attracting tens of millions of visitors from around the world and generating significant economic impact. He expressed his hope of surpassing the tourism record next year with a full recovery.

Julie Coker, president and CEO of NYC Tourism + Conventions, noted that New York's tourism sector continues to move forward, reflecting the city's resilience and global appeal.In 2024, growth was seen in both visitor numbers and spending, reaching an estimated total direct spending total of more than $51 billion across the city and state.This recovery supported more than 388,000 jobs in the leisure and hospitality sectors and generated more than $6.8 billion in tax revenue, benefiting local businesses. Coker expressed optimism toward 2025, expecting this momentum to continue and further strengthen New York's role as an engine of the state and local economy.

Maria Torres-Springer, First Deputy Mayor of New York City, highlighted that the growth seen has had a positive effect on small businesses and New York households.The nearly $51 billion in direct visitor spending has supported thousands of local businesses, from restaurants and stores to cultural institutions and retailers.In addition, the $6.8 billion in tax revenue generated by tourism has saved approximately $2,000 per household this year. Torres-Springer expressed a continued commitment to a full recovery that will benefit all New Yorkers by 2025.

Tourism growth in New York City in 2024 has been driven by strong domestic tourism, particularly in overnight stays, and an increase in European travelers. Despite this growth, challenges remain, such as exchange rates, visa access, and air travel capacity, which continue to affect business travel and long-haul international markets.

New York City's tourism outlook remains positive heading into 2025, with moderate growth expected and leisure travel forecast to exceed pre-pandemic levels. New York continues to be the most visited city in the United States and a top destination for international markets and high-impact events. 

The mix of international visitors remains incredibly diverse, accounting for 13 million of total arrivals and approximately 50% of spending across the five boroughs in 2024. The city has experienced growth from historically strong markets, including the United Kingdom, Canada, Mexico and Western Europe, supported by robust air access from Europe. The United Kingdom continues to position itself as the largest source of international travelers, with 1.1 million visitors, followed by Canada, with approximately 1 million. France, Brazil and Italy round out the top five source markets, with more than 700,000 visitors each. China is the sixth largest market for New York City, with 609,000 visitors. Germany, Mexico and Australia account for more than 500,000 visitors each. Spain rounds out the top 10 outbound markets, with 494,000 visitors.

Domestic travel accounts for 51.3 million visitors, only 2 million less than the 2019 benchmark. Major outbound markets include the York area, Philadelphia, Washington, D.C., Boston and Los Angeles. Growth in overnight stays has been the driver of domestic tourism, outpacing growth in single-day visits. Overnight stays account for 52% of domestic visitors, totaling 26.5 million trips in 2024. Overnight visits reached 24.8 million visitors in 2024, marking a full recovery to 2019 levels.