NYC’s Same-Sex Marriage Generates $259 Million in Economic Impact
By Kerry Medina
July 24, 2012 10:08 PM
New York City Mayor Michael Bloomberg, City Council Speaker Christine Quinn, NYC & Company CEO George Fertitta and New York City Clerk Michael McSweeney announced that one year after the enactment of the Marriage Equality Act, same-sex marriages in New York City have generated an estimated $259 million in economic impact and $16 million in city revenues.
At least 8,200 same-sex marriage licenses were issued in the first year, accounting for more than 10 percent of the 75,000 marriage licenses issued in New York City since July 24, 2011. The economic impact survey was conducted by NYC & Company and the City Clerk’s Office and found same-sex marriages generated significant additional revenue for New York City’s tourism industry with more than half of same-sex couples holding wedding celebrations in venues across the five boroughs.
More than 200,000 guests traveled from outside of the city to same-sex marriage events and more than 235,000 hotel room nights were booked at an average daily room rate of $275. The announcement was made at the Manhattan Marriage Bureau, where the mayor and speaker also were joined by Assembly Member Daniel O’Donnell; City Council Member Jimmy Van Bramer; Marc Solomon, national campaign director for Freedom to Marry; and Nic Faitos, senior partner of Starbright Floral Design, a small business that has seen a rise in revenue the last year.
“Marriage equality has made our city more open, inclusive and free -- and it has also helped to create jobs and support our economy,” said Bloomberg. “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.”
Since the Marriage Equality Act went into effect on July 24, 2011, 67 percent of same-sex couples held wedding receptions at restaurants, homes, hotels or catering halls in the five boroughs, with 296,500 guests, and 201,600 of them traveling from outside of the city. Only half of same-sex couples had a budget in mind when planning their wedding, but they averaged costs of $9,039 for their wedding celebration and 31 percent spent $10,000 or more. Approximately 235,900 hotel room nights were booked, more than 40,000 wedding announcements were printed, and 47,445 wedding favors were purchased all adding up to additional revenue for New York City.