As a centre of finance, commerce, culture and nightlife, New York City is the most popular urban tourist destination in the US. By expanding its supply of hotel rooms and by seeking to ease air traffic congestion, New York City has taken concrete steps towards making itself more attractive to tourism, but a row over short-term rentals and deteriorating public transportation infrastructure could impede the city’s ambitions.
As a centre of finance, commerce, culture and nightlife, New York City is the most popular urban tourist destination in the US, serving as a magnet for leisure and business travellers from all over the world.
Tourism is a substantial component of New York City’s economy. In May 2018, the Center for an Urban Future – a think tank – listed tourism as “one of the four most important sectors” driving the city’s economic growth.
Inspired by tourism’s economic benefits, New York City has adopted a goal of attracting 67 million annual tourist arrivals by 2021.
Despite steps taken by the administration of President Donald Trump to limit the number of visitor visas granted to international tourists, inbound arrivals to New York City continue to grow, though the pace of growth has decelerated.
A substantial rise in the number of new hotel rooms in New York City over the last decade means that supply has kept pace with demand.
The rapid growth in the number of short-term rentals listings in New York City is increasingly being blamed for the city’s shortage of affordable housing.
Revenue shortfalls and political gridlock have made it nearly impossible for New York City to afford vital infrastructure improvements it desperately needs.
Renovation projects underway at New York City’s three major airports, as well as the expansion of a smaller airport, look set to reduce air traffic congestion.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page