(CelebrityAccess) — It is no secret that Taylor Swift‘s Eras Tour has been making bank, but the tour caught the notice of the Federal Reserve, who highlighted it as a major economic driver in Philadelphia.
According to the Federal Reserve, Swift’s three concerts at Lincoln Financial Field on May 12, 13, and 14 created a boom in tourism for the region.
“Despite the slowing recovery in tourism in the region overall, one contact highlighted that May was the strongest month for hotel revenue in Philadelphia since the onset of the pandemic, in large part due to an influx of guests for the Taylor Swift concerts in the city,” the Fed said in its most recent Summary of Commentary on Current Economic Conditions, known unofficially as The Beige Book.
As noted by Business Insider, Pennsylvania’s Allegheny County, which includes Pittsburgh, saw a similar boom in tourism when Swift performed at Acrisure Stadium last month. Hotel occupancy rates soared to 100% as a record-breaking crowd of 73,117 fans attended the show.
The tour will see Swift perform 131 concerts across 17 states and 5 continents when all is said and done and is on track to be one for the record books. Billboard reported earlier this month that with the latest round of shows added in Latin America, that the Eras tour will likely top $1 billion in revenue.
