Tourism Industry in New York City, Essay Example

The goal of this research is to review the condition of the present tourism industry in New York City. The aspects of the number of increasing employment positions and the prospects for the New York City tourism industry within the next three to five years will be explored. The aspect of the increasing tourism industry in New York City as a result of the post Hurricane Sandy period will be reviewed. The aspect of the recession, tourism and hospitality employment positions replacing lost employment positions in the New York City economy will be explored (Bloomberg1; Crawford 1; NYEDC 2; Pritchard 1)

Efficacy in the Increase of The Tourism Sector

In the past several years the field of tourism study has attain a state of development where it has progressed beyond the applied research base of business to encompass critical and reflexive academic inquiry. The phase of the study of tourism has been witness to the production of networks in the community of tourism research. Examples of these networks within the fields of tourism are the mobility and sustainability networks. As the past forty years have been the subject of significant works with regards to critical inquiry of  the manner by which to maintain a sustainable tourism industry,  the past five or six years have demonstrated the production of an increasing network of hopeful academics in the field of tourism study. This academy which has been built upon hope has attracted increased attention be means of conferences and publications (Pritchard 1).

Job Creation in the Tourism Ande Hospitality Sectors

“The tourism industry remains a bright spot for New York City, contributing to more than 320,000 jobs across the five boroughs” (Bloomberg 1). The 2013 tourist season in New York City provide better results than anticipated. The tourism industry in the City of New York continues to derive an advantage from the robust automobile tourism from the Atlantic seaboard of the United States, the perpetuating importance of New York City as a travel destination for global commercial travelers and a robust position with respect to the Asian and European markets. These characteristics, in addition to the hopeful outlook for the tourism which originates in the Middle East, Australia, Asia and Latin America have caused a bright outlook for the tourism industry in New York City. The tourism industry increased has spurred the creation of well- paid employment positions. Twenty two new hotels have been announced to open in New York City during the 2013- 2014 tourist season (Reuters 1).

A hotel concierge’s salary can be as high as $80,000 per year. Waiters and sommeliers can earn as high as $60,000 in the upscale New York restaurants. A doorman at a hotel can earn as much as $32,000 per year. A bartender can earn as much as $550 – $600 per shift in the upscale bars which cater to tourists (New York Magazine, 1). Data which was derived from the Bureau of Labor Statistics (2013) demonstrates that 62, 400 employment positions were created in New York City during the period from May 2012 to May 2013 (BLS 1). A substantial portion of the employment positions were attributed to the increase in the New York City tourism sector (he cultural attractions (i.e., Statue of Liberty, restaurants, museums, cultural landmarks Broadway shows) have caused the New York City tourism industry to experience an annual growth of approximately four percent (Bloomberg 1).

Economic Impact of Tourism on The NYC Economy

The effect which the tourism industry has exerted on the New York City economy has caused an increase of $55.3 billion in revenues for 2013. “Growth in the tourism industry is why we continue to outpace the nation in job growth” (Bloomberg 1). The tourism and the technological industries are assisting New York City in with the needed revenues in order to rebuild the infrastructures subsequent to the damage caused by Hurricane Sandy in 2012. In addition to these aspects, a newly constructed cruise ship will be using the New York Harbor as one of its destinations (Bloomberg, 2013).

The total effect of the cruise industry on the New York City economy was assessed at $196.3 million. The crews and the passengers of the cruise ships which docked in New York Harbor spent approximately $121.5 million during the time which they came ashore to New York City. The average expenditure per members of the crew and passengers was assessed at $207 per person. The only tourist destination in the United States which achieved higher revenue per tourist is Honolulu. The passengers who spent a weekend in New York City spent an average of $91.00 per passenger for beverage and food and $205.00 per passenger for hotel accommodations (NYEDC 2).

The cruise industry in New York City has experienced a growing number of passengers and an average 20% annual increase had been experienced between the years of 2009 – 2011. There was a slight decline in the New York City cruise industry during 2012.  The number of tourist ships which applied New York harbor as a port of entry into the Untied States experienced more than an average 15% annual increase between 2009 and 2011. The expenditures which were made by the cruise ship passengers during the pre-cruise and post cruise sojourns totaled to $91 million (NYEDC 3).

Impact of Strong Internatiobal Currencies on Tourism

The decrease of the value of the dollar against major world currencies has had an assertive effect on NYC tourism. The aspect of robust Euro and Asian currencies have derived job growth in the tourism sector, in addition to enhanced corporate profits. The European tourists who arrive at New York City benefit from a strong European currency. Consequently, the local retailers report increased sales and revenues. This has been demonstrated in high end goods which are marketed by New York City retailers. The NYC hospitality industry has documented gains as a result of a robust European currency (Crawford 1).

Conclusion

New York City is a popular tourist destination due to its strategic location on the Atlantic seaboard and the importance of the city as a cult7ural and commercial center. The tourism trade has been one of the factors which have caused increased job creation in the New York City economy. If the trends which have been demonstrated during the 2009 – 2011 period continue, the outlook for the tourism industry in New York City is encouraging. The aspect of the revenues which were realized by the New York City economy in the post Hurricane Sandy period of 2012- 2013 can be attributed to the resilience of the New York City tourism industry.

Works Cited

Bloomberg, Mike. ”NYC announces record 50.5 million visitors.” Mike Bloomberg LLC, 2012.Web. 27 February 2 2014 http://www.mikebloomberg.com/index.cfm?objectid=1662e6f-c29c-7ca2

Bloomberg, Mike. ”NYC’s tech and tourism industries spur growth.” Mike Bloomberg   LLC, 2013.Web. 27 February 2014 http://www.mikebloomberg.com/index.cfm?ob9C-7CA2-FF830624BB447AC6

BLS. “New York area employment – May 2013.” BLS News Release, 3 July 2013.Web. 1 March 2013 http://www.bls.gov/ro2/9490may.pdf

Crawford, Peggy J., Terry Young & Julia Taktarov.”The dollar vs. the euro: How low will it go?” Graziadio Business Review 7.1(2004) http://gbr.pepperdine.edu/2010/08/the-dollar-vs-the-euro

New York Magazine. “Salaries in the city.” New York Magazine News and Politics, 2014. Web. 1 March 2014             http://www.nymag.com/nymetronews/bizfinance/features/4286/index3.html

NYEDC. ”NYCruise economic impact study.” New York Economic Development Corporation, 2012.Web.27 February             2012http://www.nyedc.com/sites/default/files/filemanamger/resources/studies

Pritchard, Annette, Nigel Morgan, Irena Ateljevic.”Hopeful tourism: a new transformative perspective.” Annals of Tourism Research (2008).Web. 27 February       2014 http://www3.uwic.ac.uk/English/Cardiff-School-of-Management/Research

Reuters. “Hotel construction rebounds in the U.S., the greatest boom in New York City.” Skift,  2014.Web. 1 March 2014 http://skift.com/2013/07/11/hotel-building-r    rebounds-with-greatest-boom-in New-York-City