Norfolk Tourism Spending Reaches $1.6 Billion, Bolstering Virginia's Economy
What happened
Visitor spending in Norfolk reached an estimated $1.6 billion last year, representing a 35% increase from the $1.2 billion spent in 2019. This spending includes contributions from transportation, food and beverage, lodging, recreation, and retail. The tourism sector is the third-largest economic driver in Virginia and supported 8,740 jobs.
From dailypress.com
Why it matters
The influx of tourism revenue is significant for the state. Visitors paid more than $105 million in state and local taxes last year. Furthermore, hotel revenue in the Norfolk-Portsmouth submarket showed growth of 7.5% on weekdays and 2.4% on weekends this year.
From dailypress.com
Who's involved
- VirginiaThe state where the tourism spending contributes to state and local tax revenue.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- VirginiaSpeculative
The state could see increased state and local tax revenues due to the volume of visitor spending.