One economist is calling it “the most profitable 22 minutes in Texas history.”
The path of totality will see hundreds of thousands of visitors. Texas is expected to see up to a million folks show up just to watch that eclipse.
Okay, so we’re talking tourism. Clearly break that down a little bit more for us. Where are these millions going to be spent in Texas? So about $300 per person. That’s a lot of cash. But you write here in Texas that every dollar spent in businesses stimulates the economy by another $1.29. Sounds like magic math to a lot of folks. How does that work out?
We call it “stimulation” in our field. It is not the new money entering the local economy per se, but it is how much effective demand is stimulated or created in the economy. And that’s what makes an economy prosper and what creates jobs for people. It is significantly a higher propensity for a consumption type of state, where the multiplier is 2.29. So each dollar is stimulating the economy by $2.29 in total. The U.S. average is only $1.64. So that’s quite beneficial when it comes to these types of situations.
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