Tourism industry in Virginia shows $2.2 billion growth since 2014

Published on : Tuesday, September 12, 2017

virginia

The revenue generated by Virginia tourism in 2016 was $23.7 billion with a surge of 10.2 percent from 2013 when the tourism industry generated approximately $21.5 billion in revenue.

 

The revenue is said to have grown by $2.2 billion since 2014,  with 3.3 percent compound annual growth rate.

 

The visitors spending in Virginia supports 230,000 jobs leading to a 7.6 percent increase. There is a compound annual growth rate of 5.6 percent and the Virginia’s tourism industry caters to $1.7 billion in state and local taxes. A record high of 45 million visitors came to Virginia from across the United States last year.

 

Todd Haymore, Secretary of Commerce and Trade said that Virginia being the fifth largest private employer is an important sector of Virginia economy. This will improve the quality of the resident’s life making Virginia one of the best places to work and raise a family.

 

 

Across the commonwealth, more than $3.3 million have been awarded to leverage the limited marketing dollars and maximising the ability to compete in an overly competitive market, every region of Virginia is said to have shown economic growth during the past three years.

 

Domestic travelers spent nearly $65 million per day across the commonwealth in 2016. In the Halifax County, the travelers spent $47.15 million in tourism during 2016.

 

 

The payroll income of the employees in Virginia’s travel industry is $5.6 billion, showing an increase of 5.4 percent over 2015. The Halifax County have a tourism payroll of $10.46 million last year for the 560 local tourism employees. There was an increase of 2.1 percent over 2015.

 

Food and lodging sectors saw the largest increase with a $630 million increase as compared to 2015.

 

The Virginia Tourism Corporation (VTC) , the state agency which markets Virginia as a premier travel destination and promoting the 48-year old brand, the longest-running state tourism slogan in the country. VTC receives its annual economic impact data from the U.S Travel Association and the information is provided via the domestic visitor spending.

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