Recession Could Harm NYC 55 Billon Dollar Tourism Industry.

Times Square Areat

Times Square Area

Many New Yorker’s avoid the TIMES SQUARE AREAS FOR IT’S TOURIST TRAP REPUTATION. For the worlds top tourist trap locations see http://www.forbestraveler.com/best-lists/tourist-traps-story.html. While we New Yorker’s may have our noses in the air,  Perhaps we should be a little more gratful to the visitors to this area, for they are an economic engines for New York. I guess we have been spoiled and should be more appreciative of our toursim industry.

Mayor Bloomberg warned that as a result of the 2008 recession/depression tourism to Times Square could drop. If this was to occur New York City’s finances already in tough shape from the collapse of investment banking in America would take another hit. See http://www.reuters.com/article/domesticNews/idUSTRE49G4OU20081017?feedType=RSS&feedName=domesticNews

I was shocked to readt that 1/8 of the City’s revenue is dervied from the Great White Way. I was aware that Wall Street represented roughly 23% of the City’s tax base.  These are staggering numbers and I don’t think folks are paying enough attention to the severity of this economic tsunami we are in.

The Times Square Alliance http://www.timessquarenyc.org/ has a nice site with informatio on the great white way http://en.wikipedia.org/wiki/Great_White_Way#Great_White_Way which according to legend was named because of all the ” white lights”.

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One response to “Recession Could Harm NYC 55 Billon Dollar Tourism Industry.

  1. I would like it if foreign tourism declined a bit. It’s not the tourists as individuals, it’s just that there are so many of them that they are clogging the sidewalks and making it difficult to get around.

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