Chinese Tourism & Hospitality Industry : how the growing number of Chinese tourists can help boost the Colorado economy.
In Colorado, the Colorado loves California campaign has helped fuel the states economy and generated increased state revenues. Direct revenues related to this particular marketing strategy and indirect revenues have boosted the state economy in a number of different sectors, including the housing market, tourism, retail, as Colorado continues to campaign for entry of California businesses into the market. Just last December, Mayor Hancock and Governor Hickenlooper, along with Tom Clark, CEO of the Economic Development Center, traveled to California in hopes to lure more California businesses.
The overall state is lagging compared to the rest of the US; it’s overall GDP growth rates for 2010 remained relatively stagnant at 1.9%. The state’s current unemployment rate is now the same as the US national average, 8.3% (http://www.colmigateway.com/default.asp).
The state must look to other sources for growth and without the Colorado loves California campaign, the economy would have floundered greater as the state experienced the loss of 3 major companies in 2011, Frontier Airlines, Century Link, and Vestas, although this strategy is debated by former executive of Denver Office of Economic Development Bill Lysaught. (Raabe, Denver Post 7/8/2012)
Colorado’s top industries include Tourism, Real Estate, IT, Professional Services, and Manufacturing (Wong p. 11 Feb. 2008 Experience Wave.com). These economic benefits given the period of time that the campaign has commenced, since 2009 (www.colovesca.com), exceed economic projections and thereby generating the strategy to market Colorado even further, with talks of developing a direct flight from Denver to Shanghai. Much of California’s economy has historically been boosted by the partnerships this state has fostered with Asia, particularly Japan & China, with concentrated...
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