Main | Tuesday, July 24, 2012

BLOOMBERG: Gay Marriage Has Generated $259M For New York City In Its First Year

Earlier today I mentioned that same-sex marriage became legal in New York state exactly one year today. Just hitting my in-box is the below message from Mayor Bloomberg.
Mayor Michael R. Bloomberg, City Council Speaker Christine C. Quinn, NYC & Company CEO George Fertitta and New York City Clerk Michael McSweeney today announced that one year after the enactment of the Marriage Equality Act, same sex-marriages in New York City have generated an estimated $259 million in economic impact and $16 million in City revenues. At least 8,200 same-sex marriage licenses were issued in the first year, accounting for more than 10 percent of the 75,000 marriage licenses issued in New York City since July 24 last year. The economic impact survey was conducted by NYC & Company and the City Clerk’s Office and found same-sex marriages generated significant additional revenue for New York City’s tourism industry with more than half of same-sex couples holding wedding celebrations in venues across the five boroughs.

More than 200,000 guests traveled from outside of the City to same-sex marriage events and more than 235,000 hotel room nights were booked at an average daily room rate of $275. The announcement was made at the Manhattan Marriage Bureau, where the Mayor and Speaker also were joined by Assembly Member Daniel O’Donnell, City Council Member Jimmy Van Bramer, Marc Solomon, National Campaign Director for Freedom to Marry, and Nic Faitos, Senior Partner of Starbright Floral Design, a small business that has seen a rise in revenue the last year. “Marriage equality has made our City more open, inclusive and free – and it has also helped to create jobs and support our economy,” said Mayor Bloomberg. “New York has always been a great place to get married and since the passage of the Marriage Equality Act, we’re welcoming more and more couples, their families and friends from around the country and the world.”
I'll admit that I'm clueless when it comes to the revenue multipliers used to create an "economic impact" figure like $259M. Surely we've got a bright MBA out there that can edumacate us.

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