New York tourism can only fully recover by 2024

During the pandemic, New York lost 44 million tourists and $ 60 billion compared to 2019. In addition, the economic crisis caused by the coronavirus pandemic has cost the New York tourism industry 89,000 jobs (31.4%) out of 283,200 working directly in the city.

The health crisis has put an end to ten years of growth in the industry, and the government does not believe that recovery is possible at least until 2024 or 2025.

The number of visitors fell by 67%, increasing from 66.6 million in 2019 to 22.3 million in 2020, and revenue from this industry fell by about 75% – from 80.3 billion dollars. US in 2019 to 20.2 billion last year, according to the Office of the State Comptroller.

Hotel workers were among those most affected by the ongoing pandemic, 46% of whom were laid off in 2020. This industry directly and indirectly supports more than 376,800 people, which is almost 10% of all employment in the private sector in the city. The State Comptroller’s Office estimates that the drop in spending has cost the city about $ 1.2 billion in lost tax revenue.

  US President Joe Biden recognized the 1915 murder of Armenians as genocide

After studying the negative effects of the closure and the restrictions imposed to slow the spread of the virus, the OSC made its predictions, announcing that a full rebound for the city may not be possible until 2024 or 2025. However, the report warns that “employment is unlikely to be fully restored at the expense of visitors.”

The report comes a week after the mayor announced the largest tourism campaign in New York, ever helping to rebuild the city, allocating $ 30 million for a large-scale advertising campaign.

The $ 30 million effort is expected to “span the world and make people realize how important it is to return here. It’s an opportunity to be part of a renaissance … something truly special in a place that has long been the epicenter of a pandemic in this country.” – said Mayor Bill de Blasio during a virtual press conference. The first stage of the campaign will focus on domestic tourism, as it normally accounts for more than half of the income.

  US President Joe Biden recognized the 1915 murder of Armenians as genocide
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