The most heavily trafficked neighborhood in New York also happens to be one of the biggest economic hubs in the United States, according to a recent study. The Times Square Alliance and HR&A Analyst Inc. teamed up on a report on the economic impact of Times Square. The report, which can be downloaded from their website, showcases the dreaded tourist district as one of the largest economic powerhouses in New York and all of the United States.
Here’s some interesting facts:
- Times Square pulled in $110 billion in 2011 for New York City.
- Economic activity has increased by $20 billion ($90 billion in 2007) despite a sluggish economy.
- There are 170,000 jobs in the district—including workers in the 29 million square feet of office space within the blocks.
- Times Square’s economy trumps that of both the Portland and Pittsburgh metro areas (individually, not combined).
- There were 48.7 million visitors to New York that generated $31 billion in income.
- 21% of hotel rooms in New York are in Times Square with 17,000 rooms.
- There are 230 advertising signs that bring in over $60 million a year.
The best part? The report notes that Times Square helps cut the gap between New York City and Orlando tourism. There was about a four million gap in 2006 and only three and change in 2010. (Don’t tell that to Mayor Bloomberg.)
Watch out, Mickey Mouse. Lady Liberty and her parade of neon is out to get you.