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JON S. CORZINE |
VIRGINIA S.
BAUER |
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FOR IMMEDIATE RELEASE |
Contact: Karen Wolfe |
| Tourism Sets New Record ATLANTIC CITY, NJ (April 6, 2006) —The year 2005 proved to be an exceptional one for New Jersey tourism with major increases occurring in tourist expenditures and visitation, Governor Jon Corzine and Commerce Secretary Virginia Bauer announced today at the 2006 Governor's Conference on Tourism in Atlantic City. “Tourism is an economic engine of the New Jersey economy,” said Governor Corzine. “It is an industry that continues to contribute significantly to the health of our communities through job creation and increased tax revenue. Working together, I am certain we can build upon this success and strengthen our reputation as a premier travel destination.” The report issued by Global Insight indicates that visitor spending, or revenues generated, grew by 12.5%, from $32.2 billion to $36.3 billion in 2005. Visitation also rose a healthy 4.2%, from 69.3 million visitors to 72.2 million in 2005, due to a nearly 9% increase in overnight visits. "These results prove that 2005 was an impressive year for New Jersey's tourism industry," said Secretary Bauer. "We made tremendous inroads last year, from major capital investments in places like Atlantic City, Six Flags and the Camden Waterfront, to groundbreaking hospitality training along the shore that is making a distinct difference in the visitor experience. Overall, the study demonstrates that our programs are working to attract more visitors and their tourist dollars to the Garden State, which is a boon to our bottom line." Commerce Secretary Virginia Bauer has significantly modified New Jersey's approach to tourism promotion. For instance, there has been an aggressive and more comprehensive strategy to reach into the state's secondary markets, where the majority of tourists are derived. Former efforts only focused on targeting in-state markets. According to the study, direct and indirect tourism employment also increased from 433,000 to 472,326. This indicates that 1 out of every 9 New Jersey workers has a job in tourism, which was the state's fastest growing sector in 2005. Wages and salaries generated by tourism also surged 18% from $12.8 billion to $15.2 billion. This represents growth that is 3.5 times faster than total New Jersey wage growth. Tourism generated $7.1 billion in federal, state and local taxes revenue in 2005, signifying an 8.4% increase from the previous year. Visitors from other states represented the largest portion of tourism expenditures at 67%. Travel by New Jersey residents totaled 19%. "More importantly, the ratio of the total impact of total expenditures reveals that 71% of each tourism dollar spent in New Jersey is retained in the state. For every $1 spent on advertising, $74 is returned to the Garden State," added Bauer.
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