The economy of Virginia depends heavily on the travel industry. Visitors are a crucial economic driver for the state’s future, providing advantages to homes, businesses, and the government equally.
How important?
In 2021, 5.2% of all jobs in the state were supported by tourism. Policymakers can make better decisions about the funding and prioritizing of the sector’s development by keeping an eye on the visitor economy. They can also carefully track its achievements and requirements in the future. This is especially true for Virginia, which is expanding its tourism industry.
The industry can monitor its development by creating a baseline of economic impacts. Tourism Economics created a thorough model outlining the wide-ranging effects resulting from visitor expenditure in order to measure the importance of the visitor economy in Virginia. The study’s findings demonstrate the extent of the visitor economy in terms of direct visitor spending, as well as overall economic effects, employment opportunities, and fiscal (tax) repercussions on the larger economy.
