Federal Reserve Credits Taylor Swift for Economic Turnaround Across U.S.
What could have been a cruel summer for the hotel industry is no more thanks to Taylor Swift's massive U.S. tour.
According to Fox Business, the Philadelphia Federal Reserve office has directly credited Swift's Eras Tour for boosting hotel revenues for the first time since the beginning of the coronavirus pandemic.
The Federal Reserve reported that tourism had been slow to recover in the region until Swift rolled into town for three shows at Philadelphia's Lincoln Financial Field in May.
"May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city," the Federal Reserve said in their most recent Beige Book for Philadelphia.
The Beige Book is published eight times throughout the year as a way of providing a snapshot of the economy in large U.S. cities.
Other major cities have noted Swift as a driver or tourism industry revenue.
"Taylor Swift is a force to be reckoned with," Julie Calvert, President and CEO of Visit Cincy told WKRC. "The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants and local attractions."
Downtown "Swiftinnati" hotels generated a staggering $2.6 million the weekend the 33-year-old singer was in town, according to the WKRC report. That total balloons to $5.3 million when you add in all of the hotels in Hamilton County.
Chicago hotels also benefitted from an uptick of Swifties during the Eras Tour's stop at Soldier Field in June.
The city's tourism group, Choose Chicago, announced that Swift's three shows were one of the main drivers of record hotel occupancy and revenue numbers during that time.
The Eras Tour next arrives in Seattle for a pair of shows at Lumen Field on July 22-23. Tickets are, of course, sold out for the remaining 10 dates of the U.S. tour.