Thursday, April 3, 2014

Same-sex marriage could add $50 million to Colorado economy

Posted By on Thu, Apr 3, 2014 at 11:48 AM

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The Williams Institute, an offshoot of the law school at UCLA, Thursday sent a press release saying that the state of Colorado could add $50 million to its economy and $3.7 million to its tax coffers if it legalized same-sex marriage. 

Using information gleaned from observing Massachusetts, researchers said that half of the roughly 12,500 same-sex couples in Colorado would marry each other within the first three years after legalization.
In the first three years of extending marriage to same-sex couples, the study estimates that:

• The state’s wedding business would see an increase by $40 million, and an increase of roughly $10 million in tourism expenditures made by out-of-town guests over the same period.

• Total state and local tax revenue would rise by $3.7 million, including an estimated $2.3 million in local sales taxes. The first year would produce $2 million of this spending.

• The boost in wedding spending will generate approximately 436 jobs in the state. 
“Other states have already experienced a significant boost as a result of extending marriage to their own same-sex couples,” says researcher M.V. Lee Badgett in the release. “Colorado could receive even greater benefits if couples from other states travel there to marry.” 

Read the rest of the study here.

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