What's Happening?
Tourism is a major economic driver in Colorado, with visitors spending $28.3 billion in 2023 and supporting over 187,000 jobs. The state welcomed 93.3 million visitors, including 39.5 million overnight stays. Tourism contributes significantly to state and local tax revenues, saving each Colorado household approximately $790 annually. The importance of tourism marketing is underscored by historical data from 1993, when the elimination of the state's tourism marketing budget led to a significant drop in market share and revenue. Organizations like the Colorado Association of Destination Management Organizations (CADMO) and the Tourism Industry Association of Colorado (TIAC) play vital roles in promoting and sustaining the industry.
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Why It's Important?
Tourism is crucial for Colorado's economy, providing jobs and generating substantial tax revenue that supports public services. The industry's success depends on effective marketing and collaboration among various stakeholders, including local businesses and government agencies. The historical impact of reduced marketing efforts highlights the need for sustained investment in tourism promotion to maintain and grow market share. As tourism continues to evolve, Colorado's ability to attract and accommodate visitors will be key to its economic resilience and growth.
