Federal Reserve credits Taylor Swift with boosting hotel revenues through her blockbuster Eras Tour

Taylor Swift's Eras Tour is boosting the U.S. economy.

Ticket sales for Swift's concerts have been so explosive, one Federal Reserve office said, the pop superstar is helping fuel the national tourism industry.

The central bank on Wednesday released its Beige Book, in which Philadelphia Federal Reserve officials reported hotel bookings rose, showing the strongest growth since the beginning of the pandemic, thanks to Swift's show dates.

"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 officials wrote.

Eight times a year, the Beige Book compiles summaries of how the economy is doing in different parts of the United States. The document is published before the Federal Reserve committee meeting in which monetary policies, like interest rate decisions, are discussed.

This is not the first time a government agency has credited Swift with boosting local business. Earlier this month, Cincinnati officials credited Swift and the Eras Tour with helping downtown hotels gross more than $2.6 million, and surrounding Hamilton County hotels gross more than $5.3 million.

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

"Taylor Swift is a force to be reckoned with," Julie Calvert, president and CEO of the tourism group Visit Cincy, said in a statement. "The economic impact Swift creates is staggering, as fans travel from far and wide to attend her concerts, filling hotels, restaurants, and local attractions. Swift’s influence on tourism is a testament to her ability to captivate audiences and drive economic growth."

Last month, Chicago's official tourism and marketing organization, Choose Chicago, said the first weekend in June broke hotel occupancy records, thanks to events including Swift's sold-out shows at Soldier Field.

The same economic impact was anecdotally observed in Boston when Eras landed at Gillette Stadium in May.

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

Data from the concert tracking group Pollstar shows Eras has already grossed more than $300 million, with average ticket prices of more than $250. It projects Swift will reach the $1 billion mark next year, now that her tour has added a number of international dates.

CORRECTION (July 13, 2023, 11:32 a.m. ET): A previous version of this article misstated when the Eras Tour went to Gillette Stadium. It was in May, not March.