By the Numbers: Tourism’s Economic Impact in Santa Monica
August 27, 2018
by Constance Farrell
Photo provided by Santa Monica Travel & Tourism.
This post was authored by Lauren Salisbury, PR Manager at Santa Monica Travel & Tourism.
Santa Monica’s vital tourism industry continues to be one of the largest contributors to the local economy, providing for the unique lifestyle those of us who are lucky enough to call this beachside city home experience.
At Santa Monica Travel & Tourism (SMTT) our research shows tourism remained solid in 2017, producing record volume, spending, taxes and employment. Let’s take a deeper look at the numbers to understand how tourism contributes to our wellbeing as residents.
Santa Monica’s hotels contributed $54.3 million to the City of Santa Monica’s general fund through the Transient Occupancy Tax (TOT). These funds are used to support critical city services such as schools, police and fire, parks and libraries.
Santa Monica’s tourism industry generates 13,345 local jobs that cannot be exported.
To receive the same level of city services Santa Monica residents currently experience, it is estimated that each Santa Monica household would have to pay an additional $1,379 in property taxes to maintain city services if tourism revenues and the TOT did not exist.
In 2017, visitors spent a record-breaking $1.96 billion in the city of Santa Monica. Visitor spending within the accommodation, dining, retail and activity spaces continues to be a true economic engine for the city and many local businesses we love thrive in thanks to the balance of business from residents and visitors. For a full look at tourism’s economic impact, please visit santamonicatourism.com.