–Strong Recovery Pace Continues as International Visitation Triples Over 2021–
–Tourism Industry Contributes Approximately $60 Billion in Economic Impact Supporting the City’s Rebound–
–Week Ending December 10 Sees Strongest Hotel Demand Week of the Year
NYC & Company, the official destination marketing organization and convention and visitors bureau for the five boroughs of New York City, has announced that the City’s tourism is expected to reach new heights in 2022. According to the organization, 56.4 million travelers are projected to visit the City by the end of the year. This represents a staggering 71.4% increase compared to the previous year. The majority of these visitors will be domestic travelers (47.4 million), while international travelers are expected to account for 8.9 million. The number of international visitors alone is expected to more than triple compared to 2021.
This level of tourism activity marks the return of 85% of the City’s record-breaking numbers seen in 2019. NYC & Company also predicts that New York City will attract 61.7 million visitors in 2023. The continued rebound in tourism is expected to play a significant role in fueling the City’s economic recovery. It is estimated that the tourism industry will support around 410,000 jobs in the leisure and hospitality sector, and generate over $40 billion in direct visitor spending, or approximately $60 billion in total economic impact for the year.
“New York City is not just making a comeback, we are back and better than ever,” said New York City Mayor Eric Adams. “Despite facing some of the toughest challenges during the height of the Covid-19 pandemic, we have emerged stronger with nearly 57 million travelers visiting our great city this year. This is a testament to our resilience and determination to succeed. Thanks to a thriving tourism industry, our city continues to play a vital role in driving economic recovery, supporting 410,000 jobs for New Yorkers and generating $60 billion in economic impact across all five boroughs. We are excited to welcome even more visitors in 2023 and I have one message for them all: Come, explore and spend money in our great city!”
“New York City’s economy is experiencing a resurgence as tourism continues to thrive, with both domestic and international travelers eager to experience the magic of the Big Apple,” said Deputy Mayor for Economic and Workforce Development, Maria Torres-Springer. “Ensuring that New York remains a top destination for both business and leisure is crucial in bringing jobs back to pre-pandemic levels.”
NYC & Company President and CEO, Fred Dixon added, “New York City has always been known for its resilience and we have every reason to be optimistic about the future of tourism. With $40 billion in direct spending and a 71.4% increase in visitation, New York City has clearly shown that its recovery pace is among the strongest in the country and that normal visitation patterns are returning.”
“New York City’s economy has long been supported by a strong tourism sector, which now accounts for 9% of the City’s jobs and supports thousands of businesses citywide,” said NYC & Company Board Chair and The Shubert Organization Executive Vice President Charles Flateman. “Continued investments in transportation, hotels, arts, attractions and other related sectors in the coming years will help to secure the City’s growth by cementing New York City’s status as a premier destination for both business and leisure travel.”
Several factors contributed to the City’s tourism rebound in 2022. Visitors returned to all five boroughs and travel activity began to return to pre-pandemic patterns. The demand for hotels remained strong and was supported by an increase in midweek business travel. Meetings and conventions activity increased citywide, with the Javits Center seeing a 15% increase from August to December 2022 compared to the same period in 2021. Additionally, the resumption of airline service routes, the continuation of infrastructure investments throughout the pandemic, and the addition of new tourism offerings, programs, and major events across the five boroughs have been critical in attracting visitors back to the City and encouraging spending activity. Tax revenue generated by visitor spending saved each New York City household approximately $2,000 in 2022.
Hotel performance grew throughout 2022 and is forecast to reach nearly 32 million room nights sold, which is just 20% below 2019 record levels. New York City is again among the top 25 US markets and was the highest-performing hotel city in the US in November and December 2022. For the week ending December 10, hotel demand recovered 96% of the 2019 benchmark with over 800,000 room nights sold. Hotel occupancy was over 90% and the Average Daily Rate (ADR) was over $400, which translates to a recovery of 124% of 2019 rates.
Jobs in the tourism and hospitality industry, including accommodations, restaurants, shops, museums, theaters, transportation and attractions across all five boroughs, also saw steady improvement, although they are still below pre-pandemic levels, with a roughly 13% increase. As of October 2022, over 410,000 people were employed in the full leisure and hospitality sector, which accounted for 9% of all jobs in the City. The hotel sector, in particular, also saw an increase in job strength, reaching 37,300 through October 2022, according to the Bureau of Labor Statistics.
New York City remains the largest point of entry to the US and a top destination for international travelers. International visitation, which accounts for nearly half of visitor spending, rebounded in 2022 with arrivals tripling over 2021 for a total of nearly 9 million travelers. Western European visitation rebounded significantly in 2022 after travel restrictions were removed at the end of 2021. In addition, travel from South America improved—from Brazil and Colombia in particular. In 2022, New York City’s five largest international markets were the United Kingdom (754,000), Canada (656,000), France (607,000), Brazil (520,000) and Spain (413,000).
Ongoing investments across New York City’s five boroughs will support continued growth in the tourism industry. These projects include a multibillion-dollar slate of improvements at LaGuardia, Newark-Liberty, and John F. Kennedy airports, a new Moynihan Train Hall, and an expanded Javits Center to host business meetings and conventions. Additionally, more than 11,000 hotel rooms will be added to the City’s inventory in the next three years, and new attractions, museums, tours, and other offerings continue to launch across the City. New York City will also benefit from major events in the coming years, such as the celebration of the 50th anniversary of the birth of hip-hop beginning in 2023, and the hosting of the FIFA World Cup in 2026. These events will provide even more opportunities for visitors to experience all that the City has to offer.
