Times Square Review

Times Square has rapidly developed into a Cultural Centre for gathering theatres, concert halls and characteristic hotels. A report released by the Times Square Alliance shows that the gross domestic product (GDP) created by the famous Times Square in downtown New York City is comparable to that of medium-sized cities such as Pittsburgh, Austin and Portland. Even in the shadow of the financial crisis, it was still as high as $110 billion in 2011. Although it covers only 0.1% of New York City, the Times Square neighbourhood brings together 11% of New York City's economic activity and 10% of New Yorkers work here. Times Square has created about 385,000 jobs in New York directly or indirectly. Since 2007, the area of its business office has increased by 33 percent. Accommodation has generated $4.8 billion in consumer spending. A total of $4.6 billion in tax revenue has been paid to the state and municipal governments throughout the year, of which $2.1 billion in tax paid to New York City is enough to cover the budget of the New York Police Department. 6%. Times Square is also one of the most popular attractions in New York City. There are 17,000 hotel rooms for visitors to stay. The number of rooms accounts for 21% of the total number of New York rooms. In 2011, the hotel revenue in this district was $1.8 billion. In addition, Times Square is close to Broadway, so its consumption from entertainment viewing is also valuable.