“Staggering” Damage To New York City Tourism Cost City $1.2 Billion In Tax Receipts In 2020

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The Covid affected tax numbers for 2020 are starting to roll in – and they’re ugly. New York City suffered a massive $1.2 billion plunge in tax revenue during the course of the year – as spending by visitors was down 73% – as a result of the pandemic and associated government shut downs.

Tourism losses accounted for 59% of the city’s $2 billion fall in tax collections from the year before, a report from the state comptroller’s office said.

Employment in the industry plunged – 31.4% of all jobs were lost from the year prior, when employment records were being set. Taxi drivers saw their average trips per day fall by 96%, peak to trough, from January 2020 to April 2020.

The city saw a staggering 43.7 million drop in visitors, down more than 66% from the year prior. The tourism industry’s impact on the city fell to $20.2 billion from $80.3 billion in 2019, according to Bloomberg. It marked the end of a 10 year record growth in tourism for the city.

Comptroller Thomas DiNapoli said Wednesday: “The pandemic’s damage to this industry has been staggering and it may take years before tourism returns to pre-pandemic levels. Visitors and their spending are essential factors in measuring the health of the economy.” – READ MORE

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