Traverse City's tourism industry is a major contributor to the area's economy and continues to show strong growth - generating increased spending, employment and an enhanced quality of life for local residents, according to a study conducted by Anderson Economic Group of East Lansing which was released this week by Traverse City Tourism.
According to the study:
Those figures reflect a growth rate of some 4.5 percent per year in the economic contribution made by Traverse City’s tourism economy since 2006, when a similar study showed a total economic impact of $937 million.
On the social and cultural level, the study demonstrated that tourism contributes profoundly to the area’s quality of life by supporting its large number of restaurants, wineries, microbreweries, galleries, museums, festivals and retail shops. This includes significant support for Traverse City’s vibrant downtown retail and entertainment district, which is enjoyed by local residents but is supported in a significant way by visitors.
For more information and details regarding the Economic Impact Study, please refer to the study's Executive Summary.