Photo: feastoffun.com via Flikr
Hotels, photographers, caterers, and other wedding-related businesses expect to see a massive boom once New York’s new marriage equality law goes into effect on July 24th.The Financial Times reports that New York State is expected to gain more than $300 million in revenue over the next three years from marriage licenses, tourism, and taxes. Before last week’s vote, the Daily News estimated before last week’s vote that the bill could inject about $184 billion into the state economy.
Caterers and wedding planners hope legalization of gay marriage in New York and elsewhere in the country will spur growth in an otherwise shrinking industry: marriage rates around the country have fallen in recent decades.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.