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Tourism and New York City's Economy

By Jason Bram

Abstract

In New York City, tourism has made impressive gains in recent years, particularly in the foreign visitor segment. While not large enough to propel the city’s economy, this long-term growth industry is critical to maintaining the local export base and providing jobs to low-skilled workers. Tourism is one of the few bright spots in New York City’s economy. Between 1977 and 1994, employment growth in local tourist-related industries was more than six times the rate for the city as a whole. At the end of that period, hotel occupancy rates reached a six-year high, and in 1995 they are expected to rise even further. Besides providing direct benefits to local businesses, tourism has helped to maintain the city’s export base, which has suffered from declines in manufacturing. 1 What forces drive foreign and domestic tourism in New York City? How profoundly does this industr

Year: 2011
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