It would be unfair to let any single industry stake sole claim as the backbone of New York City’s economy – in the city that never sleeps, everything from finance to healthcare and technology play key roles in making New York a global destination. Still, while it may share the limelight, tourism is undoubtedly one of the core economic forces in New York City. Hotels, central destinations like Time Square and Broadway, and even many of the cultural sites and restaurants depend on tourism for their survival.
With concerns about the implications of the now suspended travel bans and general global hostility towards a Trump presidency, can New York’s hotels continue to lead in 2017?
Though tourism may decline broadly, current indicators suggest that in New York the sector is resilient enough, and domestically dominant enough, to rack up continued successes.
More Rooms For Less Money
Though the American dollar is currently strong, making it expensive for tourists from other countries to come to New York, one factor that’s improving prospects is the increase in hotel rooms. With more hotels opening up in the city – over 8,500 new rooms are slated to open in 2017 – the hotel stay itself is actually becoming less expensive.
This may not seem like that many rooms in a city as large as New York, but it’s actually among some of the highest hotel growth rates in the nation. And this growth will likely hold for more than 2017 – the hotel industry sought 31…