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.