Wednesday, May 27, 2009

Marriage Equality Worth $210M to N.Y.  | News |

Marriage Equality Worth $210M to N.Y.  | News | "Marriage Equality Worth $210M to N.Y.
By Julie Bolcer
Marriage Equality Worth $210M to N.Y.

New York City comptroller William C. Thompson Jr. announced on Tuesday that same-sex marriage could inject as much as $210 million into the state’s economy in the three years immediately following its legalization. That figure is an update of a 2007 analysis on the economic impact of same-sex marriage on New York.

The new analysis accounts for recent legislative and judicial gains on marriage equality across the country and the current economic challenges. For example, the analysis factors in the likelihood that fewer couples will stay overnight for “destination” weddings and fewer guests will attend.

According to the comptroller, New York State could gain $210 million if the economy does not have any effect on wedding spending. That figure would drop to $178 million if the recession were to cause a 50% reduction in the number of out-of-state guests attending weddings.

In New York City the legalization of same-sex marriage could generate as much as $149 million, which would drop to $120 million were the recession to have an impact.

“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,” Thompson said in a statement.

Thompson indicated that the conservative analysis does not capture all the potential economic effects of marriage equality. The legalization of same-sex marriage could lower recruiting costs for firms should an expanded pool of qualified job candidates move to New York as a result of the law, for example.

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