New Orleans Is Booming!

Take a look at the wonderful impact recent events have had on our city. I received this announcement from Michael Hecht on the recent steps taken to improve the city and move to a shining, colorful New Orleans and I wanted to share it with you. Tomorrow morning Greater New Orleans will wake up from the wildest dream: hosting three sold-out shows in the Super Dome for the world’s biggest pop-star, Taylor Swift. The cultural impact of Taylor Swift was inescapable this weekend, as her music poured from stores, bars, and cars; Bourbon Street was turned into an open-air karaoke club; and friendship bracelets temporarily replaced Mardi Gras beads. But long after glitter has settled, the economic impact Taylor Swift will be enjoyed. With close to 200,000 tickets sold (3 x 65,000 per night), that is close to a $200M economic impact, before including all of the additional spend on merchandise, local restaurants and hotels, and other associated tourism expenses, which the U.S. Travel Association estimates at nearly $1,300 per Taylor Swift concert ticket goer. Speaking of merchandise, demand was so great that merch sales opened up on Wednesday, two days before the first show. Hotels and restaurants were full, with New Orleans & Company reporting 100% occupancy on Friday and Saturday nights and 80% occupancy for Sunday night of the 26,000 hotel rooms across the CBD, French Quarter and Warehouse District. Taylor Swift’s economic impact is so significant that it spawned its own term, “Swiftonomics,” and she has been referenced in Federal Reserve reports. The U.S. Travel Association estimates that the total impact of the Eras Tour on the US may exceed $10 billion when factoring in the indirect spending of consumers who may not have actually attended the concerts but joined in on spending around the events. A final benefit of the Taylor Swift tour in New Orleans is that it served as a test-run for infrastructure and systems being developed for Super Bowl LIX, 104 days away. Much of the Poydras Corridor has been resurfaced, the Dome’s upgraded internet service was tested, Duncan Plaza served as a cultural and rideshare hub, and a revitalized French Quarter was described as “The safest Bourbon St. has ever been.”  Thank you, Taylor Swift. Long story short, New Orleans prospered. Michael