Monday, December 15, 2014

Gay Marriage $2.6 Billion Gain

A new interactive resource exploring the amount of money state economies have to gain by allowing gay & lesbian couples to marry has been released by The Williams Institute in partnership with Credit Suisse. Based on a series of state-level studies authored by Williams Distinguished Scholar, M.V. Lee Badgett & other Williams Institute scholars the resource estimates that the nationwide economic boost from marriage of gay & lesbian couples could be up to $2.6 billion in just the first three years. Badgett stated, “Gay & lesbian couples & their out-of-town guests spend money to celebrate weddings. As we have seen in states that already extend marriage to gay & lesbian couples, this spending boost can lead to an influx of tourism dollars that benefit local businesses & an increase in state & local tax revenue.” The report also addresses states in the South & Midwest that do not recognize marriage equality. These states are missing out on an economic benefit of $733 million. The report also shows that 29 percent, $750 million nationwide remains unlocked by states that have not yet extended marriage to gay & lesbian couples. Pamela Thomas-Graham, Credit Suisse’s Chief Marketing & Talent Officer & head of the firm’s New Markets business concluded, “This new interactive resource communicates what the Credit Suisse LGBT Equality Index & Portfolio communicates, which is that being pro-LGBT is good for business & that data proves it.”
View Report…
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