San Francisco’s hotel industry generated $6.6 billion in direct and indirect spending in the region last year, making it the most important business sector in the city, according to economists.
In its first analysis in more than a decade of the financial impact hotels play here, the Bay Area Council Economic Institute determined that the industry contributes more to the city’s coffers – $300 million in total taxes – than any other business. The Bay Area Council is publicly and privately funded and consults on statewide commerce.
“Within the tourism sector, the hotel industry comprises a central position as the largest single industry tax revenue source in San Francisco,” Mayor Ed Lee said in a statement. “These hotel funds support vital city services, including public safety and health service programs that benefit all San Franciscans.”
The study, “The Economic Impact of San Francisco Hotels,” was released Thursday and found that the city’s 215 hotels provide 24,000 local jobs and that 57 percent of hotel employees live in San Francisco.
Read more: San Francisco Chronicle S.F. hotel industry’s huge economic impact