New York City Tourism Sector To Stay Resilient And Dominant

No single industry can claim to be the backbone of New York City’s economy because all sectors from healthcare to technology play big roles in making the Big Apple a global destination. However, while many sectors certainly share the limelight, it cannot be denied that tourism is one of the economic forces in New York City.

The survival of many businesses in New York City from hotels, tourist destinations like Broadway and Times Square, restaurants and cultural sites is dependent on tourism. Meanwhile, there are several concerns on the implications of Trump’s travel bans and the general global hostility towards the American presidency on New York City’s tourism sector.

While it is expected that there will be a broad decline in tourism, current indicators show that New York’s tourism sector is resilient enough and dominant domestically to continue with its successes. On the other hand, it will be more expensive for tourists from other countries to visit New York right now because the dollar is strong.

However, the rising dollar will be offset by the increase in hotel rooms which can make accommodations less expensive. At least 8,500 rooms are expected to be added this year and while it does not seem too much in a city as large as New York, there will be more diversity in the rooms available.

New York has one of the highest hotel growth rates in the United States and growth will likely hold beyond 2017 because the hotel industry has sought for 31% more building permits in 2016 than the previous year. Many of the buildings will not be completed by 2018 or beyond because of construction and opening times. Meanwhile, wealthy tourists can continue to experience a night at the Plaza Hotel or Four Seasons New York or they can opt for the budget friendly hotels to enjoy a new experience.

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