According to the Broadway League's latest report, which was released June 5, the Broadway industry contributed $11.2 billion to the economy of New York City during the 2010-11 theater season. This is an increase of nine percent over the 2008-09 season, the latest year for which data is available.
The trade association's biannual report measures the full economic impact of spending by Broadway production companies, theater operators, and tourists. The total is comprised of direct spending by producers to mount and run shows; spending by theater owners to maintain and renovate venues; and money spent by "Broadway Tourists," which the report defines as non-New York City residents who said that Broadway was a very important reason for visiting the Big Apple. Tourist spending alone increased by more than $900 million from 2008-09, to approximately $9 billion in 2010-11.
"Broadway continued to show growth in economic impact on New York City," Charlotte St. Martin, executive director of The Broadway League, said in a statement. "The increase in the number of tourists who were drawn to the city because of Broadway directly was the most important driver in the growth of jobs supported by our industry."
Broadway supported over 86,000 jobs during the 2010-11 season, an increase from 84,400 in 2008-09. Broadway also generated $550 million in taxes for the city during 2010-11, compared to $477.8 million from the last report.
"The Broadway League's report demonstrates that Broadway not only offers entertainment, art and culture, but that it is an industry whose financial contributions nourish the economy of its city and state," the League said in its summary of the results.
