The Economic Impact of Tourism in NJ

The Economic Impact of Tourism in NJ

The Economic Impact of Tourism in NJ 400 600 Morris County Economic Development Corporation (MCEDC)

The Economic Impact of Tourism in NJ

The Economic Impact of Tourism on Morris County

New Jersey is expected to see a rebound in tourism starting in 2022, with visitation reaching pre-pandemic levels by 2023. This is good news for the state’s economy, as tourism is a significant driver of growth. According to Tourism Economics for Visit NJ, the spending forecast for 2022 is for visitors to spend $44 billion. With both expected price inflation and strong visitation growth in 2022, visitor spending growth is forecasted to increase by 19%. This will be a welcome boost to the state’s economy and help create jobs and support businesses across the state.

Tourism is a critical driver of New Jersey’s future and essential to the state’s economy. The economic impact of tourism in New Jersey cannot be ignored, with visitors generating significant economic benefits for households, businesses, and governments alike. One measure of its size is direct GDP (gross domestic product) attributable to tourism, totaling nearly $20 billion in 2021 and representing nearly three percent of the state’s economy.

NJ Visitation Trends

In 2021, New Jersey welcomed 96.61 million visitors, an increase of 14.31 percent over 2020. This is the first time since 2000 that visitation has surpassed 96 million and only the second time in state history (the other being in 2019). Increases in domestic and international travel drove the growth in visitation.

Visitor Spending Trends

Visitor spending in New Jersey rose to $37.38 billion in 2021, increasing by $807 million (or nearly two percent) over 2020. This is the first time that visitor spending has surpassed $37 billion, and only the second time it has exceeded $35 billion (the other being in 2019). Visitor spending has recovered nearly half of the pandemic spending losses in 2021.

Business Economic Impact

The business economic impact of tourism in New Jersey was $63.44 billion in 2021. This is the second highest level on record and only $100 million below the 2019 peak. The business economic impact represents the total sales (revenues) generated by businesses directly impacted by visitor spending and indirect and induced impacts.

Morris County, NJ Tourism

Morris County, NJ, is a great place to visit, with a variety of attractions and activities for everyone. From the Morris Museum and The Frelinghuysen Arboretum to shopping at the Morristown Green, there is something for everyone in this vibrant county.

Tourism is an integral part of the Morris County economy, with the tourism industry contributing to a 6.3% share of total county employment and a 20.4% growth rate of visitor spending.

Despite the pandemic, visitation to New Jersey is expected to continue to grow in the coming years. The state’s diverse attractions, world-class hotels and resorts, and convenient location make it an appealing destination for domestic and international travelers. And as the economy continues to recover, we can expect even more people to choose New Jersey as their vacation destination.

Book an Appointment Today with Morris County EDC

Morris County is a great place to relocate. With its many industries and strong economy, the county offers plenty of opportunities to succeed. Get in touch with our team at Morris County Tourism to learn why businesses, families, and individuals choose our county above the rest!

If you are interested in learning more about relocating your business to the area, please contact the EDC today. We would happily answer any of your questions and discuss how partnership, counseling, and our resources will benefit your business.