Gay Marriage Brings $259 Million Boost To New York Economy
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On the one-year anniversary since passing the historic Marriage Equality Act, which granted same-sex couples the right to marry, New York City Mayor Michael Bloomberg announced on Tuesday that the new law had generated over $259 million for the city’s economy, with at least 8,200 same-sex marriage licenses issued in the first year alone.
On the one-year anniversary since passing the historic Marriage Equality Act, which granted same-sex couples the right to marry, New York City Mayor Michael Bloomberg announced on Tuesday that the new law had generated over $259 million for the city’s economy, with at least 8,200 same-sex marriage licenses issued in the first year alone.
“Marriage equality has made our City more open, inclusive and free – and it has also helped to create jobs and support our economy,” said the mayor in a statement published on his website.
[quote]“New York has always been a great place to get married and since the passage of the Marriage Equality Act, we’re welcoming more and more couples, their families and friends from around the country and the world,” he added.[/quote]According to an economic impact survey, which was conducted by NYC & Co. – the city’s marketing and tourism office – and the city clerk’s office, over $16 million in tax revenue had been collected by the city from same-sex marriages over the past year.
Additionally, more than 200,000 guests had travelled from outside of the City to attend same-sex weddings, with more than 235,000 hotel room nights booked – at an average daily room rate of $275.
The city attracted a record 50.5 million visitors in 2011, with a goal to draw 55 million people by 2015. According to Bloomberg News, which Mayor Bloomberg has a majority share in, the New York City Mayor had been focusing on tourism in order to diversify the city’s economy beyond Wall Street.
“The widespread reach marriage equality has had in New York extends beyond the fundamental need to make sure all people are free to marry the person of their choosing,” said New York City Council Speaker Christine C. Quinn.
[quote]“Our economy has also reaped the benefits full equality has to offer and the impressive economic impact same-sex marriage has and will continue to have on our City is a boon for New York and for all those who fought so hard to make equality a reality in New York State,” she said.[/quote]New York became the sixth state to legalize gay marriage when it passed the Marriage Equality Act on July 24, 2011. According to a report by CNN, other states in the U.S. have also received a significant boost from legalising same-sex marriages, including Massachusetts, which received an estimated $111 million economic boost over the first five years that same-sex marriage has been legal.
The first year results for New York City also is on path to exceed a previous estimate by the State Senate’s Independent Democratic Conference, which predicted that the new act would rake in only $391 million in economic activity for the entire state during its free three years.
According to Mayor Bloomberg, 31 percent of same-sex couples spent over $10,000 or more for their wedding celebration, with the average cost of a same-sex marriage at $9,039.
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To make New York City the top wedding and honeymoon destination for all couples across the world, NYC & Co. launched the NYC I Do campaign immediately following the passage of the Marriage Equality Act. The campaign aims to make New York City the top wedding and honeymoon destination for all couples globally.