Tuesday, May 26, 2009

It's the Economy

From Towleroad

NY Comptroller: State Would See $210 Million Same-Sex Marriage Gain


Amid passage of marriage equality laws in other states and efforts to legalize marriage of same-sex couples in New York, Thompson’s office revised his initial estimates and adjusted for greater options available to same-sex couples contemplating marriage as well as inflation, and the recession. Accordingly, Thompson’s analysis finds that passage in New York State could yield (over the course of three years):

— $210 million for New York State, if the economy were not to have any effect on wedding spending. However, assuming that the recession leads to a 50 percent reduction in the number of out-of-state guests attending “destination” weddings in New York, that number would drop to $178 million.

— $149 million for New York City, if the recession did not have any effect. That number would drop to $120 million if it did.

In determining the new numbers, the Comptroller’s Office factored in the nation’s sagging economy and the fact that other a greater number of states now permit marriage for same-sex couples.

As a result, the analysis accounts for fewer people staying overnight when attending weddings in New York City or State, and fewer guests attending the events.

Said Thompson: "New York State and New York City stand to benefit economically if marriage equality is passed in our State. Legalizing marriage for same-sex couples is not only good for the couples, but also for our economy. And while other states across our nation have legalized marriage for same-sex couples since my last report, I expect New York to still stand as a prime destination for many couples because it will stand as a welcoming beacon of diversity and acceptance."

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