Our economy is not diversified. We don't have a college, manufacturing or large employers (aside from the hospital). More than half of our working population rely on tourism for their jobs.
Total Dollars Spent on Lodging through 3rd Quarter 2020:
$28, 926,867
Sales Tax on Lodging thru Q3 2020 : $1,157,075
This includes all hotels and registered short term vacation rentals.
50% Occupancy
25% Vacant
25% Owner Usage
Average stay: 5 Days / 5 people
Average spend on Meals Out: $100 - $200/day
Average spend on Activities per stay $200 - $600
Retail Spend per person in 5 days: $150 - $500 ($1000+)
Average cost of Accommodations: $1,500
Average spend at Walmart, City Market, Gas, all contributing to Archuleta County Sales Tax???
Average Revenue left in Pagosa Springs after 5 days: $4,000
At 50% Occupancy, 1 vacation rental generates on average, $146,000 into the local economy in 1 year!
The net to the owner of the vacation rental is limited by such factors as mortgage payments, exterior and interior maintenance, supplies, insurance, taxes, fees etc. Ask almost any owner and they will tell you it is a break even venture at best. They don't do this for the profit; vacation rentals generate little to negative cash flow for the owner. They vacation rent their homes to help afford the cost of ownership. If they couldn't vacation rent, they would NOT long-term rent, the numbers won't work. They won't have a place to come and enjoy. Many of them have the goal of being full-time Pagosans one day, however, are still working in careers that prevent that from happening for now. And certainly Pagosa has few jobs to offer for a complete relocation. Should Vacation Rental Owners sell and move on, Pagosa will have even fewer jobs.
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