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Tourism Industry drove California’s Economy in 2017

Posted by: In: Real Estate 02 Aug 2018 Comments: 0 Tags: , , , , , , , , , , ,
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A report published by VisitCalifornia.com shows that the tourism industry benefited many different communities in the Golden State, both in terms of jobs generation and in tax revenue. The tourism sector expanded last year, bringing some $10.9 billion in tax revenue to the state and creating around 1.1 million jobs.

Tourists spent in excess of $132 million in California last year. VisitCalifornia’s report showed that tourism increased by 4.8% in 2017, the 8th year of consecutive growth for the sector. The organisation’s President and CEO, Caroline Beteta, said that the state could not afford to lose any of the benefits the tourism sector brought to the Californian economy. Tourism represented the “foundation of California’s economy”, she said.

VisitCalifornia targets the Golden State’s 14 main markets with its marketing campaigns, among them Canada, China, Great Britain and Mexico. The organisation released its report in May as part of the California Travel and Tourism Month, which happens every May.

Ms Beteta also said that the 2017 growth of the sector was a “testament to the strength of the California brand at home and abroad”, adding that in the light of international competition the organisation was “commited to elevating the California brand by sending the message to international visitors that all dreams are welcome” in the Golden State.

For investors in real estate, the growth rate of the tourism industry presents some interesting prospects.

Article by Maria Thermann on behalf of Propertyshowrooms.com

Source:: Property show rooms

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