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Tourism Pays

The Travel Effect Celebrated via Top Events During National

Travel &Tourism Week

Region’s World-Class Events and Festivals Create Significant Economic Impact

The week of May 3rd-11th marks the 31st annual National Travel and Tourism Week.  Each year, cities nationwide represent the travel community’s collective call to showcase the importance and impact of travel on jobs and economic growth in their communities. Colorado Springs and the surrounding Pikes Peak region rely heavily on tourism. The 3rd largest industry in the area accounts for 14,100 jobs.

The Pikes Peak region sees 5.5 million overnight visitors each year. The entire state of Colorado receives 29.5 million overnight visitors annually. Many of those visitors are drawn to the area due to our world-class events and festivals. The U.S. Travel Association’s multiyear campaign—known as Travel Effect—showcases the huge impact that travel and tourism has on our lives, businesses and local, state and national economies.

Locally, the Travel Effect is especially significant:

  • These visitors spend a total of $1.35 billion in our region, resulting in over $35 million in local tax receipts annually
  • Travel & tourism infuses 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 additional taxes each year
  • 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

These numbers are fueled by top events such as attendance and media exposure of the Pikes Peak International Hill Climb, Pikes Peak Ascent & Marathon and U.S. Pro Challenge. Colorado Springs Convention & Visitors President and CEO Doug Price states, “We are so fortunate to represent such a vibrant, beautiful and long-standing travel destination. In addition to our exceptional natural assets, we’ve drawn unrivaled events and happenings that only brand our destination in a more positive way and provide extensive exposure that positively impacts our community and quality of life.”

Across the region, travel employs a diverse workforce, from airline and hotel employees, to restaurant, attraction, casino, tour guide and retail workers, as well as supports employees in other industry sectors such as construction, manufacturing and finance.

 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