Tourism Pays for Colorado Springs & the Pikes Peak Region
2016 National Travel & Tourism Week Rally in Colorado Springs
Click here for more details on how tourism pays for the Pikes Peak region.
The Importance of Tourism
- These visitors spend a total of $1.97 billion in our region, resulting in over $70 million in local tax receipts annually
- Travel & tourism generates over $62 per second into the regional economy
- Tax revenue from tourism saves each family of four an averages $633 in taxes per year
- Every dollar the CVB spends returns $30 to the regional economy
- Tourism is the 3rd largest employer in the Pikes Peak region, providing more than 17,000 jobs to residents generating $295 million in earnings
Cutting Tourism Promotional Spending is Risky
- When tourism promotional spending is cut, there is a loss of direct spending as well as a loss of jobs, reduced wages and reduced tax collections
- The impact of cutting tourism spending can be seen by studying the Colorado experience of 1993-1997, when the tourism promotion budget was reduced to zero
- The critical question is "how many lost visitors does it take to negate the savings of a reduced or eliminated promotional budget?"
- According to the Colorado study, the answer is less than 1%. It takes only a 1% reduction in visitation to completely negate the savings of reduced promotional spending
- For more information on the importance of tourism and our national economy please visit, TravelEffect.com