Gay Marriage

Gay Marriage

Not particularly known for his jovial disposition, this picture features a standardly glum Michael Bloomberg at one of his many mayoral functions of New York City. Despite his usual frown, the joy plastered on the familys faces makes clear how celebratory the event really is. And while their joy is central to our understanding of the image, it is the historic significance of the picture that takes center stage in this scene. Here, Mayor Bloomberg, is pictured residing over his chief policy advisors same-sex weddinga historic first for NYCs City Hall. In 2011, New York voted to legalize same-sex marriage, joining a handful of progressively-minded states that have taken similar measures regarding this hot-button topic. 1

Marriage Equality In AmericaAn Economic Stimulus

Marriage Equality has become one of the most polarizing political issues of the modern day. Despite the nations current trend towards progressivism, there remain many who disagree with the concept on political, social, and religious convictions. Regardless of your beliefs its a proven fact that marriage equality has historically provided an economic stimulus to states that have legalized same-sex marriage, and would no doubt benefit our countrys economy on a whole if mandated on a national level. 2

Same-Sex Marriage Demographics

(US. Census Bureau, 2010)

596,464 unmarried50,000 married

According to the United States Census Bureaus 2010 report, there are 646,464 documented same-sex couples in the United States.

Of these reported couples, only about 50,000 or so same-sex couples have actually married. This means that, for the most part, gay couples are a relatively untapped economic resource, and have only recently become a marketed audience by corporate America and the marriage industry. At this point in our social progress, it's not just an issue of love or even politics--states that legalize gay marriage causatively experience a significant economic boost that is directly correlated to the legalization of gay marriage. Lets look at some examples: 3

New York Citys Stimulus

Marriage has made our City more open, inclusive and free and it has helped create jobs and support our economy. -Michael Bloomberg

Mayor of New York City

In the year since New York passed the Marriage Equality Act, gay marriages generated $259 million in economic returns for New York City alone as couples flocked to the urban metropolis to have their relationships legitimized. This stimulus took the shape of thousands of couples as they booked venues, bought cakes, jewelry, marriage licenses, and secured hotel rooms for guests among various other wedding expenses.

After the initial years progress, Mayor Bloomberg was quoted with saying that above all else, marriage equality has helped create jobs and support the economy. Although New York has become the go-to place for same-sex couples to be married and has observed the greatest causative economic stimulus, thats not to say other similarly-minded states havent benefitted too. 4

Wedding Spending by Same-Sex Couples in MA

(Williams Institute Report, 2004-2009)Est. $111 million profit over 5 years

In Massachusetts, the first state to legalize same-sex marriages back in 2004, a study was taken by UCLAs Williams Institute that found that in the five years since such marriages have been allowed, nearly half of married same-sex couples have spent $5,000 or more on wedding-related expenses, and nearly a quarter of married same-sex couples spent upwards of $ 10,000. These expenses include invitations, flowers, clothing, entertainment, catering, and other related marriage expenses.

In total, the institute estimated that marriage equality has lead to a positive impact of approximately $111 million over the last five years since gay marriage was legalized in Massachusetts

http://williamsinstitute.law.ucla.edu/wp-content/uploads/Badgett-Goldberg-Steinberger-Business-Boost-MA-Survey-May-2009.pdf5

More Weddings = More Money

Gay marriage is literally chang[ing] the size of the wedding industry

-Carley Roney Co-Founder of TheKnot.com

The Williams Institute has similarly estimated that some of the newer states to legalize same-sex marriage will soon enter an economic boom. Over the next three years, it has been estimated that Maines same-sex couples will spend approximately $15.5 million on weddings, Marylands same-sex couples will spend $62.6 million and Washingtons same-sex couples will spend $88.5 million on weddings.

Whats really interesting about these statistics is that while making them, the Williams Institute researchers were conservative in their estimates, assuming that only half of the states' same-sex couples would marry within the timeframe.

Even if that conservative estimate is correct, we still wont have even seen anything close to the majority of the same-sex marriages in the country, because the data suggests the number of them will inflate with each subsequent US Census Bureau Report. As same-sex marriages become more and more mainstream in the future, our 7% statistic from earlier will only grow larger and larger, exponentially increasing all of these state spending statistics for the marriage industry.

As you might imagine, the marriage industry is really enjoying this economic stimulus. Carley Roney, co-founder of TheKnot.com, was once quoted on the matter. Shee said, The same number of people have been getting married every year for the last 20 years, Gay marriage is literally the only thing that has the potential to change the size of the wedding industry.

And while the wedding industry has the most concrete data available for being directly affected by same-sex marriages, its not the only part of the economy that longs for marriage equality.

http://www.huffingtonpost.com/2012/11/12/gay-marriage-and-the-economy_n_2118622.html6

Corporate America Wants in

Beyond the wedding industry, a lot of major corporations have come out to support marriage equality, as more than 60 companies recently signed onto a brief submitted to the Supreme Court supporting same-sex marriage. The companies argued that from an administrative standpoint, keeping same-sex marriage illegal made it difficult for them to recruit and hire top applicants. But beyond this administrative reasoning, by throwing their support behind the Supreme Courts decision, these companies made a lot of LGBT friendly consumers into loyal allies, and are as such more likely to consume their products & services than companies that didnt or worse yet, opposed marriage equality. 7

ConclusionImpact on the economy is overwhelmingly positive.Profits business on a state-wide level.Economic stimulus of love?Everyone wins.

Even heshappy.

In conclusion, the data suggests that legalizing same-sex marriages has an unbridled and overwhelmingly positive effect on the economies of the states that have taken such measures.

From smaller businesses to major corporations, businesses all over the spectrum of size are being stimulated on a state-wide level, which suggests that any sort of national law would only lead to further economic growth.

As supported by the data, we have only begun to see the impact marriage equality can have on this country. So beyond the social, political, and religious beliefs that always seem to dominate this debate from a fiscal standpoint, it is overwhelmingly one-sided because everyone wins.

IF even crusty old stanchions of big money like Michael Bloomberg can nearly crack a smile at marriage equality because of how much money it is going to make him, certainly we can come to the conclusion that everyone will benefit from a stronger national economy. 8