Forbes magazine estimates that if same-sex marriage were legalized across the United States, the weddings would generate $16.8 billion in spending during the first several years. In 2008, the total buying power of the U.S. gay, lesbian, bisexual and transgender adult population is projected to be about $712 billion. Same-sex couples are less likely to have kids and more likely to have both partners in the workforce which translates into higher per-capita household income.
In 2004, the Commonwealth of Massachusetts became the first state to legalize same-sex marriages. The California Supreme Court ruled in May 2008 that the state constitution requires the state to extend marriage to same-sex couples. A ballot initiative will be held in November 2008 to amend the constitution. Many other states are on the verge of legalizing same-sex marriages.
A recent study by the Williams Institute, UCLA School of Law, on the fiscal impact of marriage for same-sex couples in different states suggests that legalization of same sex marriages would have a positive impact on the state economy. Studies by legislative offices in Connecticut and Vermont and by the Comptroller General of New York also suggested the same results.
The State of California stands to earn more than $684.6 million over the next three years due to weddings and tourism generated by the legalization of same-sex marriages. It will create new jobs and generate revenue for state and local government. From 2008-2010, spending on tourism and weddings by same-sex couples would boost California’s economy by over $63.8 million, creating almost 2,200 new jobs. The state stands to gain $8.8 million from marriage license fees alone.
According to Bard Sears, Executive Director of the Williams Institute, the estimated economic boost a small state like Hawaii can generate by legalized same-sex weddings would be above $200 million over the next three years. There are an estimated 2898 same-sex couples in Hawaii. Even if half of them were to get married, over $10 million would be generated by their weddings over the next three years. This is a conservative figure assuming that a same-sex couple would spend about $7000 on their wedding which is much less than the average $30,000. If same-sex marriages are legalized in Hawaii, many would visit Hawaii for a same-sex wedding. This would boost the tourism industry, and the state would gain millions by way of taxes and marriage license fees.
The State of Washington stands to gain $4-6 million from same sex marriages. Wedding related businesses in Washingtonwill see a $63 million increase annually. Retail sales tax collection will increase by $4 million.
Legalization of same-sex marriages would result in states treating same-sex and opposite-sex married couples equally under public assistance programs – the income of a person’s same-sex married partner will be included when determining eligibility for such programs. Even if only a small percentage of individuals living with partners marry and become ineligible for benefits, states will save hundreds of thousands of dollars each year.
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