BINGHAMTON, N.Y. — Broome County generated strong tourism growth in 2023, reaching record levels of visitor spending and economic impact, according to Visit Binghamton.
The economic impact of tourism in Broome County totaled an estimated $585 million in 2023, up 18.5 percent from 2022 levels, according to a Tourism Economics Report commissioned by New York State. That translated into 5,465 jobs in the area, stressing the importance that tourism plays in the overall economy.
Visitor spending in Broome County totaled $5 million in 2023, up 6.2 percent over 2022 spending levels. That spending affects numerous areas of the local economy including lodging, recreation, transportation, food and beverage, and retail.
(Sponsored)
How Do Value Conclusions and Value Calculations Differ?
The value of a business is relevant in a wide variety of legal contexts, including divorces, shareholder disputes, mergers, bankruptcy and tax planning. Nevertheless, not every so-called “valuation” service is
Why Now Is the Time To Start Planning for Your Company’s Business Succession
You’ve built a great business, and you love what you do. Retirement is a long way off, so why worry about how you’ll transition the ownership of your company down
The lodging industry saw the highest spending at a little over $2 million, followed by food and beverage at $886,000.
Tourism generated more than $46.5 million in taxes for Broome County in 2023, including nearly $25.1 million in local taxes and almost $21.5 million in additional state taxes. That revenue provides funding for public service and infrastructure that helps support quality of life for all county residents. The taxes raised through tourism result in an estimated tax savings of $572 per household, Visit Binghamton said.
According to the report, the tourism is a $5.1 billion industry in Central New York.
Visit Binghamton is the official destination-marketing organization for Broome County.
