Broadway’s Economic Impact on New York, North America, and International

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September 27, 2022
Broadway’s Economic Impact on New York, North America, and International
Broadway, distant from New York's iconic Times Square, is one of the most famous portions of the city where the heart of theater is still alive today. This city area has been well kept and has a classic appearance. Some of the world's best theatrical performers, singers, and actors can be found at the theaters that encircle so-called Broadway. Theatergoers from all over the world flock to this century-old venue, whether because of the lovely atmosphere of the interior or the thrill of witnessing live performances by renowned artists.
This specific street of Broadway is a great producer of entertainment as well as money, with thousands of people that wish to visit and see the beauty of Broadway and its theaters. It also produces profits as tourists spend money on flights, food, local transportation, hotels, and, most importantly, theater tickets. The whole Broadway is organized by the broadway league, which has 700+ members. This is the collection of people that run the theaters around Broadway. They are also one of the well-known contact persons when looking for updates about Broadway events ("Broadway League"). This money generation, along with other tourist attractions in New York City, generates most of the city's tourism earnings from taxes and the flow of goods and people.
As the number of tourists grows, so does the need to accommodate them. As a result, more workers, both international and local, have jobs near the mentioned street. This alleviates some of the city's unemployment, which has kept New York City as busy as ever and makes people wish they could visit. With that said, the author will concentrate on the economic impact of Broadway on New York City and North America, as well as what Broadway’s influence is abroad.
Broadway Impact on New York
New York is no doubt the number one wealthiest city on earth. This is due to the combined tourist attraction that can be seen in the city’s proximity. As more people love New York, more investors are willing to risk millions to have a chance to do business in the city. According to the ("Wealthiest Cities | Global Citizens Report Q3"), there are 345,600 millionaires in New York, including 737 cent-millionaires (those earning at least USD 100 million) and 59-dollar billionaires. According to several measures, New York is the wealthiest city in the world and the financial center of the United States. It is also home to the world's two largest stock exchanges in market capitalization (the Dow Jones and NASDAQ). Perhaps most impressively, the city's total private wealth exceeds USD 3 trillion, which is more than the entire private wealth of most G20 countries.
That said, New York City's economy is enormous, resulting in a great living environment in the city because the city's government has much money to serve its inhabitants with public amenities such as highways and other government-owned services. Imagine all these millionaires and prominent celebrities spending their money on weekends and even daily, fueling the city's growth and stability by spending money and keeping the work and business of tho...