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Published on : Tuesday, September 12, 2017
Ever since the year 2014, the tourism revenue of Virginia has increased by $2.2 billion with a compound growth rate of 3.3 percent year-on-year. For the commonwealth, tourism is generally considered as an instant revenue generator. The sector signifies approximately $23.7 billion revenue last year which is a 10.2 percent increase from 2013, the time when the sector churned out roughly $21.5 billion in revenue.
In today’s context, visitor spending in Virginia generates over 230,000 job opportunities, representing a 7.6 percent growth. In terms of in state and local taxes, Virginia’s tourism sector provides over $1.7 billion, with a compound growth rate of 5.6 percent year-on-year. In 2016, over 45 million visitors visited Virginia from all over United States. The figures are a record high for domestic travel to the commonwealth.
To quote Todd Haymore, Secretary of Commerce and Trade, “as the fifth largest private employer in Virginia, the travel industry is an important sector of the Virginia economy, contributing to the quality of life for our residents and making Virginia the best place to live, work and raise a family.”
Over $3.3 million in matching tourism grants have been granted all through the commonwealth, assisting localities to control marketing dollars and exploit their ability to struggle in an excessively inundated and competitive market. In the last three years, almost every region in Virginia has shown descent economic growth year-on-year.