It doesn’t take much to realize that tourism means big business for Park City. When you look around at the number of hotels, taxis, restaurants and other tourism services, it is evident that people are visiting and enjoying our town in great numbers. In fact, a Travel and Leisure reader survey from 2015-2016 named Park City “America’s Favorite Town“. There’s no denying it. Our little secret is out, and it’s been out for awhile.
The city of Park City has been able to capture some hard data about the economic impact of tourism. The latest study was completed in 2015 and showed that in Summit County, tourism is the largest single component of the economic base. Tourism provided 8,889 travel and recreation-related jobs. This adds up to almost half of the jobs in Summit County.
Visitor spending is estimated at over $500 million annually. While visitors do bring revenue to Summit County, they also increase the cost of local services like fire, police and transportation. However, visitors contribute greatly to property and sales tax revenue and this reduces resident tax burdens. When looked at closely, tourism definitely has a positive impact on the county.
Park City Tourism Profile
The number of visitors to Park City has increased. The number of visitor nights between 2010 to 2015 increased by 8% over those five years. This count is actual and is based on occupancy numbers. Year after year, there are more visitors in the Winter months of November to April and slightly less during the summer months which are May through October. Besides increased visitors, visitor spending has shown a marked increase. Between 2010 to 2015 there was a 17% increase in total spending by visitors.
Park City Overnight Visitor Profile
The most common visitor to Park City is a male around the age of 43 years old. 61% of tourists are Male and 39% are Female. Research shows that visitors like to return to Park City as 77% of visitors have been here before. The average length of stay is 6.7 nights while the average number of days skied/snowboarded is 5.8 days. The average group size is 4.1 people.
It is not surprising that Families like Park City. Married people with Children account for 38% of visitors, followed by Singles with no children at 22%, then empty nesters at 19% and couples without children with 18%.
Where do visitors stay? Most visitors (33%) stay in a Condominium or Vacation home, followed by a Hotel/Motel/Lodge guests (23%). 17% of visitors stay with family and friends while 12% stay in a timeshare. 11% of visitors own a second home here.
Tourism and Real Estate
Increased tourism can mean great things for Park City real estate. Simply looking at group size and length of stay could indicate that now is a great time to invest in a vacation rental property that is at least 2 bed, 2 bath. Consider a property that a family would enjoy or a group would like to visit year after year. Think about location and access to amenities that would keep a group entertained for at least a week.
These statistics can help at a glance. When you’re ready to start discussing real estate or investment properties, please do not hesitate to contact me, Nancy Tallman. I can be reached by phone, email, form or text.
What do you think about “America’s Favorite Town” and the impact tourism has? Whether you are a local of 20 years or a first time visitor, we’d love to hear your opinion in the comments section.
Sources: All numbers above are referenced from the Park City Chamber & Visitors Bureau Economic Profile, available here.