U.S. Benefitting From $2.6B Same-Sex Wedding Spending Boom

Author: The Williams Institute
Published: 12th Dec 2014 - Updated: 28th Feb 2017
Peer-Reviewed Publication: N/A
Additional References: Gay Marriage Publications

Summary: US economic boost from marriage of same-sex couples could be up to $2.6 billion in just the first 3 years.

Main Document

States in the South and Midwest Still Have Over $700 Million To Gain Through Marriage Equality.

The Williams Institute, in partnership with Credit Suisse, has released a new, interactive resource exploring the amount of money state economies have to gain by allowing same-sex couples to marry.

Based on a series of state-level studies authored by Williams Distinguished Scholar, M.V. Lee Badgett, and other Williams Institute scholars, the resource estimates that the nationwide economic boost from marriage of same-sex couples could be up to $2.6 billion in just the first three years.

"Same-sex couples and their out-of-town guests spend money to celebrate weddings," said Badgett.

"As we have seen in states that already extend marriage to same-sex couples, this spending boost can lead to an influx of tourism dollars that benefit local businesses and an increase in state and local tax revenue."

Some states have yet to open marriage to all couples.

Notably, the economic interactive shows that states in the South that have been slow to open marriage to same-sex couples and could see a total economic benefit of $733 million.

It also shows that 29 percent, $750 million nationwide, remains unlocked by states that have not yet extended marriage to same-sex couples.

The online tool was created in partnership with Credit Suisse, a longtime partner of the Williams Institute.

"This new, interactive resource communicates what the Credit Suisse LGBT Equality Index and Portfolio communicates, which is that being pro-LGBT is good for business - and that data proves it," said Pamela Thomas-Graham, Credit Suisse's Chief Marketing and Talent Officer and head of the firm's New Markets business.

Since 2003, the Williams Institute has published over 70 reports estimating the economic benefits of extending marriage, civil unions, and domestic partnership to same-sex couples in states across the country.

Latest Gay Marriage Publications

The above information is from our Gay Marriage Publications that includes:

After Marriage Equality Ruling LGBT Emotional Well-being Improved - U.S. Supreme Court decision in Obergefell v. Hodges, which extended marriage equality nationwide in June 2015, had positive impact on happiness and life satisfaction of LGBT people.

Same-sex Weddings Boost U.S. State Economies by $3.8 Billion Since Marriage Equality Ruling - Same-sex wedding spending by 293,000 couples and their out-of-state guests has boosted U.S. state and local economies by an estimated $3.8 billion.

96,000 Same-sex Couples Married Since U.S. Supreme Court Decision - Same-sex American couples who have tied the knot account for 11 percent of all summer weddings.

Marriage Equality - Proposed Rule Change by Treasury Department - Proposed regulations further clarify federal tax code relating to marriage to be inclusive of same-sex spouses.