What Percentage of Colorado’s Economy Is Tourism?
Colorado is known for its scenic beauty, stunning landscapes, and adventure sports. It is one of the most visited states in the US, attracting tourists from all over the world.
But have you ever wondered how much of Colorado’s economy depends on tourism? Let’s find out.
The Importance of Tourism in Colorado
Tourism is a significant contributor to Colorado’s economy. The state has a diverse range of attractions, from skiing and hiking to national parks and cultural events. According to the Colorado Tourism Office, tourism generated $22.3 billion in revenue in 2019, making it one of the largest industries in the state.
Tourism also creates job opportunities for Coloradans. In 2019, the industry supported around 180,000 jobs across various sectors such as hospitality, transportation, and recreation.
Tourism’s Share in Colorado’s Economy
So what percentage of Colorado’s economy is dependent on tourism? According to a report by The Business Research Division at the University of Colorado Boulder, tourism accounts for approximately 5% of Colorado’s Gross Domestic Product (GDP). This figure includes direct and indirect contributions from tourism-related activities such as lodging, food services, transportation, and retail.
The report also highlights that without tourism revenue, Colorado would have lost an additional $1.2 billion in tax revenue in 2018 alone.
The Impact of COVID-19 on Tourism
The COVID-19 pandemic has severely impacted the tourism industry worldwide, including Colorado. Travel restrictions and safety concerns have led to a significant decline in tourist footfall since early 2020. According to the Colorado Tourism Office, the state’s tourism revenue in 2020 was $10.8 billion, down from $22.3 billion in 2019.
However, with the rollout of vaccines and easing of restrictions, Colorado’s tourism industry is gradually recovering. The state has implemented several safety measures and guidelines to ensure a safe and enjoyable experience for visitors.
Conclusion
Tourism is a vital part of Colorado’s economy, generating billions of dollars in revenue and supporting thousands of jobs. While the COVID-19 pandemic has impacted the industry, Colorado’s tourism sector is slowly bouncing back. With its stunning landscapes and diverse attractions, Colorado remains a popular destination for travelers worldwide.