Economic Impact of Tourism
Coastal Carolina University estimates tourism accounts for a $6.3 billion economic impact and another $1.8 billion in indirect economic impact and 73,500 jobs throughout our local community. Key statistics from our local market are:
- Tourism accounts for 73,500 jobs throughout the Grand Strand. The tourism industry creates 53,733 jobs directly, and an additional indirect/induced 19,803 jobs.
- $829 million spent at Grand Strand food & beverage businesses throughout the Grand Strand are attributed to visitor spending.
- Horry and Georgetown counties combined generated $10.1 billion in retail sales in 2011-2012, accounting for almost 7 percent of the state’s retail sales much of which came from tourism (source: S.C. Department of Revenue).
- Horry and Georgetown generated over $9.8 million in admissions taxes in 2012, more than one-third of the state’s total admissions tax collections (source: S.C. Department of Revenue).
- Horry and Georgetown generated more than $22.4 million in accommodations taxes in 2012, more than one-third of the state’s total accommodations tax collections (source: S.C. Department of Revenue).
For more information regarding the economic impact of tourism on the Grand Strand, click here.
A recent study prepared for the South Carolina Parks Recreation and Tourism (SCPRT) agency by the United States Travel Association revealed that domestic travel accounted for a direct economic impact of nearly $10 billion annually and created 107,900 jobs. Key findings from that study include:
- Domestic travelers directly spent $9.7 billion in South Carolina during 2010, up 8.6 percent from 2009.
- Domestic travel-generated employees in South Carolina earned nearly $2.0 billion in payroll income during 2010, a 2.2 percent increase from 2009.
- Domestic traveler expenditures directly generated 107.9 thousand jobs within South Carolina in 2010, relatively unchanged from 2009. These jobs generated by domestic traveler spending in South Carolina composed 6.0 percent of the total state nonagricultural employment in 2010.
- On average, every $90,035 spent by domestic travelers in South Carolina during 2010 generated one job.
- Domestic traveler spending in South Carolina directly generated nearly $1.5 billion in tax revenue for federal, state and local governments in 2010, up 4.7 percent from 2009. The total tax revenue increase is largely driven by growth in federal payroll income tax, local property tax, and state sales tax.
National tourism is one of the world’s largest industries, employing millions worldwide. The United States Travel Association estimates domestic and international leisure and business travelers spent $856 billion in the U.S. in 2012 and created more than 14.6 million jobs.
For more information on the USTA and its economic impact study, click here.