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Economic director reveals tourism's vital role in local economy

June 13, 2024 | Greene County, Virginia



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This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

Economic director reveals tourism's vital role in local economy
During a recent government meeting, Alan Yost, the Director of Economic Development and Tourism, provided insights into the role of his office and the significance of tourism to the local economy. Yost clarified common misconceptions about his responsibilities, emphasizing that he serves as a liaison to both the Economic Development Authority (EDA) and the Tourism Council, which are county-established entities rather than state offices.

Yost explained that the EDA has the authority to issue bonds, lend money, and manage land for economic purposes, but does not directly attract businesses. His office, however, actively works to bring tourists and businesses to Greene County, operating with a team of two staff members. Notably, all tourism-related expenses are funded entirely through the Transient Occupancy Tax (TOT), commonly referred to as the hotel tax, which is collected from visitors rather than local taxpayers.

Highlighting the economic impact of tourism, Yost reported that last year, lodging taxes alone generated over $10 million for the county. When considering additional spending by visitors on local services such as restaurants and shopping, the total economic contribution from tourism is estimated at around $30 million. This influx of visitor spending translates to approximately $1.6 million in tax revenue for the county, which supports essential services like education and law enforcement.

Yost underscored the importance of tourism as a vital economic driver, describing it as the \"silent engine\" of the local economy. He encouraged community members to engage with his office for further information and collaboration on tourism initiatives.

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Scribe from Workplace AI
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