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Economics of the 2024 Solar Eclipse
Written by Economist Dr. Ray Perryman, President and CEO of The Perryman Group
Economics of the 2024 Solar Eclipse
On Monday, April 8, a total solar eclipse will cross North America, passing over Mexico, the United States, and Canada. The path of totality enters Texas around Eagle Pass and crosses the state to the northeast, exiting near the northeast corner. About 12 million Texans reside in the path of totality, which includes the major metropolitan areas along the I-35 corridor.
Because of the unique nature of the upcoming eclipse, more than one million people are expected to visit Texas to witness the phenomenon. From small towns to large population centers, the numbers of visitors are projected to be unusually large. These travelers will spend money locally for accommodations, meals, gasoline, and retail items. The result will be a substantial economic stimulus.
The Perryman Group estimated the potential economic benefits associated with the eclipse and found that Texas is likely to see an increase in direct expenditures by visitors of about $427.7 million. When the downstream/multiplier effects through the economy are considered, expected economic impacts rise to almost $1.4 billion. Impacts for the local areas along the path of totality were also measured.
