That's according to a new study commissioned by Times Square Alliance -- essentially the chamber of commerce for the district -- and conducted by HR&A Advisors that aims to show the economic impact of Times Square in New York.
The resulting study isn't short on incredible statistics. Here's a sample:
Times Square is certainly an iconic district in the city, but that alone isn't enough to capture the value potential that can come from being a central, well-known destination. So what accounts for the success of Times Square? Diversity.
“Times Square’s success through tough economic times is due largely to our diversified economy, helping us to stay strong and grow jobs across an array of sectors,” said Tim Tompkins, President of the Times Square Alliance in a statement. “While finance, insurance, and banking markets contracted, slowing the City’s economy overall, the growth in areas like entertainment, hospitality and tourism reminds us of the value of investing in the travel and tourism sectors.”
Go here for more statistics on Times Square's economic impact and here for the full report.
Photo: Stuck in Customs/Flickr
[Via New York Times]
This post was originally published on Smartplanet.com