Tourism IS economic development. Growth in the visitor (tourism) sector can drive growth in other areas of the local economy. The new study finds that:
- Destinations with a higher concentration of visitor-related industries tend to grow faster than average over the past decade.
- Econometric tests show that employment shifts in the visitor economy are followed in subsequent years by sustained changes in growth in other parts of the economy.
- A 10% increase in a destination’s visitor-related employment relative to the US average tends to be followed by a 1.5% rise in broader employment in the short-run.
2014 Destination Promotion_ An Engine of Economic Development (Download link)
Note: The study used the leisure and hospitality sector, consisting of NAICS 71 Arts, entertainment and recreation, and NAICS 72 Accommodations and food service, to represent the visitor economy.
Tourism is an emerging growth industry in Ashtabula County and it can synergize growth in other sectors of the county’s economic base. Email Mark Winchell, Executive Director of the Ashtabula County Convention and Visitors Bureau for more information about tourism development in the county.