Tourism is big business for Colorado. However, according to Gov. John Hickenlooper, as quoted in a recent article from the Denver Post, tourism is also an industry, and like any other industry, it requires maintaining and growing your investments.
This year, the state legislature’s Joint Budget Committee approved an increase in the tourism promotion budget to $19 million — up from $17 million last year. It’s the most money budgeted for tourism since 2006, the year that the state’s tourism office was created.
It seems like a lot of money until you see the amount that tourism pours into the state. 2013 — the most recent year for which data has been compiled — set records, with 64.6 million people visiting the state and spending $17.3 billion, the article stated. According to the state tourism office, the 2013 tourism ad campaign provided $344 in travel spending for every $1 invested. It was a sharp increase from the $228 per every dollar invested the year before.
The tourism office gets $15 million a year from gaming taxes in order to promote tourism in the state. This year, they requested an extra $5 million in order to bolster their ad campaign, promote international travel, and support their agritourism initiative.
Although there was some question as to whether or not increasing the budget in recent years was the catalyst for increased tourism or if it was simply a sign of an improving economy, the committee approved the request. One representative said that tourism is one of the easiest budget items to identify.
If you love Colorado, why just be a visitor here? This is a state rich in economic opportunities that allow you the chance to live and work here. Housing Helpers is ready to assist you in finding the perfect Colorado home for yourself and your family. For more information about Colorado Real Estate, Rentals, Corporate Housing, or Relocation Services, contact us.