FOX 31's Eli Stokols reports today:
Extending marriage to gay and lesbian couples in Colorado would generate $50 million in spending to the state economy and $3.7 million in state and local tax revenue, according to a study released Thursday.
The study from the Williams Institute, a national think tank at the UCLA School of Law, looked at 2010 U.S. Census data on the number of gay and lesbian couples living in Colorado and estimates that 50 percent – roughly 6,200 couples – would choose to marry in the first three years, a pattern that has been observed in Massachusetts and elsewhere.
As a result, the state’s wedding business would see an increase by $40 million, and an increase of roughly $10 million in tourism expenditures made by out-of-town guests over the same period.
Total state and local tax revenue would rise by $3.7 million, including an estimated $2.3 million in local sales taxes.
More in a press release from One Colorado:
“We’ve already known that marriage would give committed couples here in Colorado the opportunity to make a lifetime promise to each other and protect their families the same way everyone else does,” said Dave Montez, Executive Director of One Colorado, the state’s leading advocacy group for LGBT Coloradans and their families. “Now we know that marriage equality would also benefit our economy and contribute to the state’s bottom line.”
Anybody who's ever had to pay for their own or a child's wedding, or been privy to the accounting of costs for any decent ceremony, can tell you that more weddings directly translate into lots more money flowing into the hands of local business–and tax revenue from those businesses to the public sector. Major life developments like weddings remain one of the situations where Americans set aside frugality and really open their wallets, which is exactly the kind of exuberant consumption a healthy economy thrives on.
Sounds like a good old-fashioned capitalism success story to us.