Because of its reputation as a ski resort town, Park City attracts many tourists. This is especially so once ski season collides with the Sundance Film Festival. People flocking to a town, whether for business or pleasure, is a good thing for growth.
However, tourism has ups and downs like it has peak and off-seasons. What’s the good and the bad for tourism in Park City? A few key aspects are outlined below.
- Tax revenues go up
An influx of people, even if seasonal, means more people spending money that injects directly into the city’s economy. That’s good news for keeping businesses prospering or afloat. Historically significant museums and parks in particular benefit from a healthy influx of curious visitors that supplement the school-trip crowd.
- Word gets around
Tourists are temporary by nature; they’re there for a time then go away. Some, however, end up staying in Park City because they finally found their home here. Maybe it’s the views, slower pace of life, or all-around family-friendliness – or a combination of these. The one definite thing is this – they’re here to stay.
- Facilities enjoy better maintenance and property values rise
Upkeep goes hand in hand with tourism. The most visited spots get the most routine maintenance. This encourages more people to make plans to visit them. Pretty soon, it starts to seem like the dilemma of the chicken or the egg. Does maintenance draw tourists or do the tourists encourage maintenance?
- Development is uneven
While tourism brings extra revenue and business to any city or town, this can tip the balance in the distribution of economic gains if left unchecked. The worst instance would be for the city government to keep on allotting money drawn from tourism solely toward those areas frequented most by visitors. Over time, these attractions will still look their best while surrounding areas and valuable city services are left to languish in squalor – an incongruous image that may eventually turn visitors away.
- Residents have to contend with higher prices
Since tourists are transient beings, they’re only vaguely aware of how much things cost as a local. Businesses tend to use this lack of awareness to make the most out of a seasonal crowd. In peak seasons, say winter in Park City, prices for eating out, shopping or sightseeing climbs, pricing out the regular crowd in the process.
- Jobs are created but not necessarily high-paying ones
The service industry gets a great big job boost from tourists. It makes for great news on paper until you consider that most of the jobs that pop up don’t pay much or are seasonal – or both.
- The economy revolves only around tourism
Job diversity is one of the many things that attract new residents and retain old ones. Having a one-industry economy is a slippery slope to stagnation once the crowds have dispersed to their respective places of origin.
Does Park City’s reputation as a tourist spot speak to you? Give Team Schlopy a call at (435) 640-5660 or send an email to email@example.com to find out about the real estate advantages Park City can transfer to you.