Times Square, the area of midtown Manhattan that's evolved over the past century from a bustling theater district to a symbol of crime and decay and now to a sanitized entertainment mecca, pumps about $55 billion a year directly into the city's economy, more than the combined economies of Bolivia and Panama, according to a new study.
Times Square's financial contribution to the city exceeds the city's budgets for public libraries and for the Departments of Parks & Recreation, Youth and Community Development, Cultural Affairs, Small Business Services and for the Aging, said the study commissioned by Times Square Alliance, a privately funded non-profit dedicated to improving the area.
In the past 15 years, the area has become a financial and media hub and a tourist destination and has positioned itself as the city's "economic engine,'' said Tim Tompkins, the alliance's president. Another $35 billion is generated indirectly, such as when a company in Times Square buys services from another business elsewhere in the city, the study said.
"This report affirms and provides evidence of what we have long suspected,'' Tompkins said. "Times Square is not just one of New York City's most popular destinations; it in essence represents its own distinct and powerful economy within the city, pumping tens of billions of dollars into the local economy. In this way, Times Square is a vital organ to New York City, a critical element in the city's financial landscape.''
The study, the first of its kind of Times Square since its most recent transformation, analyzed the economic impact of jobs, entertainment and other spending at the Crossroads of the World.
Eight of every 10 of the millions of annual city tourists visit Times Square, the study said. They and others spend billions of dollars on hotels (one of every four Manhattan hotel rooms is in Times Square), restaurants and retail stores, on Broadway shows and at other entertainment venues, the study said.
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