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Tourism Pays

 

 The Importance of Tourism

  • Travel & tourism is a $1.3 trillion industry in the U.S. generating $100 billion in tax revenue
  • The Pikes Peak region welcomes 5.5 million visitors each year
  • These visitors spend a total of $1.35 billion in our region, resulting in over $35 million in local tax receipts annually
  • Travel & tourism pumps over $42 per second into the local economy
  • Tax revenue from tourism accounts for 25% of the City’s annual budget, saving each family of five $402 in taxes
  • The Colorado Springs CVB inspires and assists visitors resulting in an estimated direct economic impact of more than $187 million
  • Every dollar the CVB spends results in City and El Paso tax collections of more than $3
  • Tourism is the 3rd  largest employer in the Pikes Peak region, providing over 14,100 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