Record Visitor Count in 2023: A Boost for Rhode Island's Economy

Record Visitor Count Boosts Rhode Island's Economy

The Rhode Island Commerce Corporation proudly announced the remarkable economic contributions made by visitors in 2023. Recent data from Tourism Economics reveals that Rhode Island has seen an unprecedented influx of tourists, reaffirming the state’s appeal as a premier travel destination.

Visitor Growth and Economic Impact

In the year 2023, the number of visitors to the state escalated by 2.2%, culminating in an impressive total of 28.4 million people. Visitor spending reached a staggering $5.6 billion, marking an increase of 4.6% from the previous year. This surge in tourism has resulted in sustaining approximately 86,612 jobs and generating $935 million in state and local tax revenues, which represents a 3.5% tax revenue increase from 2022. The overall impact of the visitor economy reached $8.3 billion.

Government Officials Praise Tourism Efforts

Governor Dan McKee acknowledged the achievements, stating, "This record achievement is proof that Rhode Island is truly 'All That!' We will continue to make investments in tourism to support the state's economic resilience and showcase the unique experiences our great state offers to the world." His sentiment reflects the importance of tourism for both job creation and local businesses.

Support from the Commerce Team

Rhode Island Secretary of Commerce Liz Tanner also highlighted the vital role tourism plays in the state's economy. She expressed her gratitude towards the dedicated tourism team at the Rhode Island Commerce Corporation for their efforts in reaching this milestone. Tanner stressed that tourism not only uplifts the local economy but also enhances job opportunities and supports small businesses.

Visitor Spending Breakdown

The breakdown of visitor spending in 2023 provides insights into tourist preferences. Of the total $5.6 billion spent, food and beverages accounted for $1.4 billion, making up 26% of total visitor spending. Lodging expenses were significant as well, comprising 22% of the total with $1.2 billion in revenues, which includes both short-term rentals and the value of second homes.

Air Travel and Recreational Growth

The surge in air travel spending also stood out, witnessing a notable rise of 10.2% in 2023. Additionally, spending on recreational activities grew by 7.5%, amounting to nearly $1.1 billion, as visitors increasingly opted for experiential activities that enrich their travel experience.

Role of Tourism Economics

Helping to shape these insights, Tourism Economics, an Oxford Economics subsidiary, specializes in merging travel industry expertise with robust economic analysis. This partnership influences decision-making strategies for over 500 clients annually, equipping them with vital data to bolster their tourism endeavors.

About Rhode Island Commerce Corporation

The Rhode Island Commerce Corporation serves as the official full-service economic development organization for the state. This entity collaborates with various stakeholders - public, private, and nonprofit - to establish conducive environments for businesses across numerous sectors to flourish. Their tourism division strategically partners with local bureau counterparts, chambers of commerce, and private organizations to promote the state both domestically and internationally for economic growth.

Frequently Asked Questions

What was the record number of visitors to Rhode Island in 2023?

Rhode Island welcomed a record 28.4 million visitors in 2023.

How much did visitors spend in Rhode Island?

Visitors spent a total of $5.6 billion in Rhode Island in 2023.

What economic impact did tourism have on jobs and tax revenues?

Tourism supported approximately 86,612 jobs and generated $935 million in tax revenues in 2023.

What areas saw the highest visitor spending?

Food and beverages accounted for $1.4 billion, and lodging accounted for $1.2 billion of total visitor spending.

Who released the tourism data for Rhode Island?

The data was provided by Tourism Economics, a part of Oxford Economics, which specializes in travel-related economic analysis.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.