Report: Tourism had $1.4 billion impact on city's economy - WDRB 41 Louisville News

Report: Tourism had $1.4 billion impact on city's economy last year

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LOUISVILLE, Ky. (WDRB) -- Tourism had a $1.4 billion impact on Louisville's economy in 2011.

That figure is among the findings of a new economic and community impact study on Louisville's tourism industry.

The study was conducted by the University of Louisville's Urban Studies Institute based on statistics from the 2011 calendar year and was commissioned by the Louisville Convention & Visitors Bureau.

"This report validates the importance and the impact tourism has on our community, from economic impact to jobs to generating much needed tax revenue, tourism is one of the key drivers in Louisville's overall economy," said LCVB President & CEO Jim Wood.

Highlights of the report:

  • Louisville hosted 12.7 million visitors in 2011;
  • Visitor spending in 2011 for the 13 county MSA is estimated at $1,429,240,000;
  • 22,100 jobs were sustained directly by tourism in 2011 with a combined payroll of $382 million;
  • When multiplier effects are calculated, the $1.4 billion in direct spending leads to $2.1 billion of economic output and supports about 31,000 jobs with an annual payroll of $655 million;
  • State and local governments benefit from more than $173 million in tax revenues generated by tourism in Louisville;
  • Jefferson County Public Schools receive about $2.7 million annually form taxes associated from tourism;
  • Nearly 72 percent of visitors came for leisure, over 5 million visiting friends and family. Of the 29 percent here for business, over 1 million were attending conventions;
  • The LCVB's marketing efforts increase room occupancy of leisure travelers by approximately 25% each year;
  • Tourism is a renewable resource so long as the community supports efforts to protect existing tourism venues and develop new ones.

For the complete report, visit www.lcvb.info.

Copyright 2012 WDRB News. All Rights Reserved.

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