IDDC Releases Contribution of Travel & Tourism to the Henry County Economy
New data released by the Indiana Destination Development Corporation (IDDC) highlights the significant economic contribution of tourism to Indiana’s economy, and locally, Henry County. According to the report, the county’s tourism sector generated $19.5 million in Gross Domestic Product (GDP) in the year studied, demonstrating the substantial financial benefits of attracting visitors to the region.
The IDDC report indicates a broader positive trend for Indiana’s tourism industry, with statewide visitor spending increasing by 7% to $16.2 billion. Locally, Henry County is experiencing the positive ripple effects of this growth. According to data from 2023, of every dollar spent by tourists within the county, 46 cents remain locally, providing crucial support to area businesses and creating economic opportunities for residents. This translates to nearly half of every tourism dollar directly bolstering the local economy.
Tourism plays a vital role in funding public services within Henry County. Nine cents of every tourism dollar contributed to state and local taxes, resulting in an impressive $100,000 in food and beverage tax revenue alone. These funds are essential for supporting vital community initiatives and infrastructure improvements within the county. The 8.3% increase in tourism spending experienced by Henry County places it in the top 25% of all counties in the state for tourism growth in 2023 and underscores the area’s growing appeal as a destination.
“These numbers clearly show the vital role tourism plays in our local economy,” said Corey Murphy, President and CEO of New Castle Henry County Economic Development Corporation. “The efforts to attract visitors to Henry County are paying off, directly benefiting businesses, creating jobs, and providing essential funds for the community.”
The IDDC study utilized data from various sources, including Longwoods International, Reach Market Planning, and the U.S. Commerce Department’s National Travel & Tourism Office, and was conducted by Rockport Analytics, a respected market research firm specializing in the tourism industry.
A link to the full IDDC report can be found at VisitIndiana.com.