NYC Tourism on Track to Finish 2024 with $79 Billion in Economic Impact and $51 Billion in Direct Spending Across the Five Boroughs

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Episode Transcript

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City Moves Closer to a Full Industry Recovery With nearly
65,000,000 visitor arrivals in 2024, NYC remains the most
visited large city in the UnitedStates.
New York City S tourism industrycontinued showing remarkable
strength in 2024, moving closer to a full recovery with an

(00:22):
estimated total economic impact of 79 billion across the city
and state economies, including more than 51 billion in direct
spending by travelers. Not adjusted for inflation, this
economic activity supported over388,000 leisure and hospitality
jobs, approximately 9% of the New York City workforce, and

(00:44):
benefited thousands of small andminority owned businesses across
all 5 boroughs. Visitor spending generated more
than 6.8 billion in tax revenue,which helped save each New York
City household around 2000. In 2024.
Today, New York City Tourism Plus Conventions, the official

(01:06):
destination marketing organization for the five
boroughs, released its final forecast for the year.
The city will have welcomed 64.3million travelers by the end of
2024, reaching 97% of its record, setting 2019 visitation
level of nearly 67,000,000. New York City S tourism growth

(01:29):
in 2024 was driven by strong domestic travel, particularly
overnight stays, and an increasein European travelers.
Despite this growth, challenges remain, including exchange
rates, visa access, and air travel capacity, which continue
to impact business travel and long haul international markets.

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New York City S tourism outlook remains positive heading into
2025, with modest growth expected and leisure travel
forecast to exceed pre pandemic levels.
New York remains the most visited city in the United
States and a top destination forinternational markets and major
events. Economic impact Visitor activity

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generated an economic impact of 79 billion across the city and
state economies, including over 51 billion in direct traveler
spending not adjusted for inflation.
This impact spans multiple sectors, including
accommodations, dining, entertainment, sports, live

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theater, arts and cultural attractions, retail, and
transportation. Visitor Growth New York City
welcome to record 64.3 million visitors in 2024 The
international visitor mix remains incredibly diverse, with
international visitors accounting for 13 million of the

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total arrivals and roughly 50% of spending across the five
boroughs. In 2024, the city saw growth
from historically strong markets, including the United
Kingdom, Canada, Mexico and Western Europe, supported by
robust flight access from Europe. the United Kingdom

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remains the largest source of international travelers at 1.1
million visitors, followed by Canada at approximately
1,000,000. France, Brazil and Italy
complete the top five feeder markets with more than 700,000
visitors each. China is New York City's sixth

(03:39):
largest market with 609,000 visitors.
Germany, Mexico and Australia account for more than 500,000
visitors each. Spain completes the top 10
visitor markets at 494,000 visitors.
Domestic travel accounts for 51.3 million visitors, just two

(04:02):
million visitors short of the 2019 benchmark.
Top feeder markets include the New York City, tri-state area,
Philadelphia, Washington DC, Boston and Los Angeles.
Overnight visitation growth has been the driver of domestic
visitation, outpacing day trip visitation growth.

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Overnight visitation accounts for 52% of domestic visitors,
totaling 26.5 million trips in 2024.
Day trip visitation reached 24.8million visitors in 2024,
marking a full recovery to the 2019 level.

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Business travel is expected to grow to 12.5 million visitors in
2024 and 13.1 million in 2025. The sector is anticipated to
reach pre pandemic levels in 2026 due to the economic
constraints and the shifting attitudes about face to face
meetings. As of December 7th, NYC Tourism

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Plus Conventions has booked morethan 1200 meetings and events
through 2030, accounting for more than 295,000 room nights
citywide. Hotel Performance New York City
S hotel sector demonstrated strong performance in 2024
across all 5 boroughs. The city remains the top

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performer in hotel metrics amongthe 25 largest U.S. markets.
Through November 2024, the city S more than 700 hotels sold 34.1
million room nights, marking A4 point 1% increase year over
year, though still 6% below the 2019 level.

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The average daily rate ADR for 2024 stood at 303, up 4.9% from
2023. Hotel occupancy for 20/24 was
83.9% through November. As of December 7th, there were
approximately 122,600 active hotel rooms citywide, with an

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additional 52 hotels and 8500 rooms planned by 2027.
Room nights sold are expected toapproach 40 million in 2025.
Nearing pre pandemic levels. Tourism Infrastructure.
New York City remains the largest point of entry to the

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United States. It operates the world's busiest
airport system, with more than 2900 weekly flight arrivals
across John F Kennedy International Airport, Newark
Liberty International Airport, LaGuardia Airport and Stewart
International Airport. More flights arrive through New

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York City airports than any other destination in the United
States. Air traffic at LGAJFK and EWR
airports now exceeds pre pandemic levels.
October 2024 marked the busiest October of all time at the Port
Authority S commercial airports with 12.4 million passengers.

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Approximately 4.3 million passengers flew internationally
during the month, making it the busiest October ever for
international travel. For the second year in a row,
the Port Authority S commercial airports are on track for their
busiest year ever. Through the 1st 10 months of
2024, airports managed 122.1 million passengers.

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This outpaced the same period in2023 by more than 1.5 million
passengers. More than 20 billion is being
invested across JFKEWR and LGA airports to improve travelers
experiences and support continued growth.
The New York City subway system rebounded, reaching 1 billion

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trips before the end of 2024. October was the busiest October
for a New York City transit since the pandemic, with nearly
114 million subway rides and over 40 million bus rides, which
was 10 million more subway ridesand three million more bus rides
than the previous year. The Metropolitan Transportation

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Authority is putting more than 500 new subway cars into service
through 2025. City bike access continues to
expand to meet growing rider demand, adding bikes in the
Bronx, Queens, Brooklyn, Harlem,Midtown and Downtown Manhattan.
With the completion of this expansion, the city bike system

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will grow to more than 36,000 bikes and 2400 stations.
Additional Insights The arts andculture sector continued to see
the opening of new venues and exhibits.
Employment in the arts and culture sector grew by 5% year
over year to approximately 89,500 jobs.

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By the end of 2024, Broadway attendance will reach
approximately 12.5 million, up 9% from last year, but still
down 8% from the 2019 level. Broadway grosses for 20/24 were
an estimated 1.5 billion, up 6% from 2023 and down 5% from 2019.

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Tourism demand is projected to grow modestly in 2025 and is on
track to surpass pre pandemic levels with 67.1 million
travelers, marking a full tourism recovery.
About New York City Tourism PlusConventions New York City
Tourism Plus Conventions is the official destination marketing

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organization DMO GOO One and convention and visitors GOO
2TT3AR4 Bureau CVB GOO 5TT6 for the five boroughs of New York
City. Our mission is to invite the
world and energize the city, building equitable, sustainable
economic prosperity and community through tourism for
the mutual benefit of residents,businesses and visitors.

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For all there is to do and see in New York City, visit
newyorkseatourism.com.