Colorado is known for its beautiful landscape and outdoor recreational activities, making it a popular destination for tourists. But just how much does tourism contribute to the state’s economy? Let’s take a closer look.
Understanding Colorado’s Economy
Colorado has a diverse economy, with industries such as healthcare, education, and technology playing significant roles. The state also has abundant natural resources and a thriving agricultural sector.
The Importance of Tourism
Tourism is a vital part of Colorado’s economy. According to the Colorado Tourism Office, the state welcomed over 86 million visitors in 2019 alone, generating $22.3 billion in visitor spending. This spending supports over 180,000 jobs across the state.
The Breakdown
While tourism is just one aspect of Colorado’s economy, it does make up a significant portion. In fact, according to research conducted by Dean Runyan Associates, tourism accounted for 5.7% of Colorado’s GDP in 2019.
Additionally, tourism-related tax revenue is also an important source of income for the state. In 2018, visitors to Colorado generated $1.28 billion in state and local taxes.
Industry Impact
Tourism impacts a variety of industries in Colorado. The hospitality industry is perhaps the most obvious beneficiary, with hotels and restaurants seeing increased business during peak tourist seasons.
Outdoor recreation businesses also benefit from increased tourism. Activities such as skiing, hiking, and white-water rafting attract visitors year-round and support local businesses.
Conclusion
Tourism plays an important role in Colorado’s economy by generating revenue and supporting jobs across various industries. As such, it is crucial for the state to continue investing in promoting itself as a desirable destination for tourists from all over the world.
- Key Takeaways:
- Tourism accounts for 5.7% of Colorado’s GDP.
- Visitor spending generated $22.3 billion in 2019.
- The hospitality and outdoor recreation industries are major beneficiaries of tourism in Colorado.
Sources:
- https://industry.colorado.com/sites/default/files/2020-02/2019_CO_Economic_Impact_Research_Report.pdf
- https://www.com/articles/colorados-tourism-industry-sets-new-record-2019