New Jersey tourism increased for a seventh straight year in 2016 generating a record $44.1 billion economic impact to the Garden State, Lt. Gov. Kim Guadagno said Thursday at a tourism conference in Atlantic City.
Tourism spending grew by 2.9% in 2016 with the number of tourists also jumping by 3.3% to 98 million visitors, Guadagno announced at the New Jersey Conference on Tourism. Guadagno, who is seeking the Republican nomination to succeed Gov. Chris Christie when his term expires at the end of 2017, also noted that the tourism industry directly supported more than 321,231 jobs last year.
The New Jersey Division of Travel and Tourism recently released a report showing that in 2016 tourism generated $4.9 billion in state and local tax revenues. Guadagno said without the tourism industry, New Jersey households would each need to pay $1,525 in order to maintain the current level of state and local government services.
Structurally imbalanced budgets in recent years have contributed to New Jersey having the second lowest bond rating of the 50 U.S. states. The Garden State is rated A-minus by S&P Global Ratings, A2 by Moody's Investors Service, A by Fitch Ratings and A by Kroll Bond Rating Agency. Only Illinois is rated lower.
