New Years Extravaganza
Ever since the New Year’s ball drop tradition started in 1907 in Times Square, New Years festivities have not only gained a bigger crowd, earned more profits, and provided more employment, but it has also become a greater part of our culture. The ball has dropped 107 times except for 1942 and 1943 when the ceremony was suspended due to WWII “dimout” lighting restrictions in New York City. The number of people that watch the ball drop from a tv is over one billion across the globe, and 1,000,000+ are expected to be in Times Square on New Year’s Eve this year. Ever since the beginning New Years is a very influential day for our economy because of the profit, employment, and attendance that takes place annually.
Times Square is universally known as a high population area and when people picture Times Square they see bright lights and advertisements all around them. Advertising is one of the main money incomes for that area all year. “It costs between $1.1 and $4 million a year to buy advertising space in Times Square, and many of the electronic billboards feature flashy lights, high-definition LED displays and catchy graphics in order to capture the attention of the people walking below” (Investopedia). Those who purchase the billboard spaces not only get to show their ads to about 50,000 people every day, but to over 1 million on New Years eve night. This is a very large cost but the profit that is made it outweighs that cost. This advertising payment isn’t the only large payment in New York. It is said, but not confirmed, that if there was a number value on it the annual ball drop costs over $1 million each year alone.
Because of the world renowned New Years celebration over a hundred jobs are created just to keep the event running; therefore, boosting employment. It takes people to build the ball. It takes people to clean up the 3,000+ pounds of confetti throughout the city, and the 48 tons of garbage left on the streets. Even with hundreds of people working to clean the city it takes an average of 7 hours to reopen the streets. There were “178 sanitation workers using 26 mechanical sweepers, 25 collection trucks, 38 blows and 40 hand brooms to tidy up Times Square” (6sqft). These are the obvious economic benefits, but there are 2,688 Waterford crystals in the ball, and they’re made in Ireland and then shipped into the US. This creates imports and connections between other countries.
All in all, New Years celebrations may be a lot of fun, but New Years is a very worthwhile event for our economy due to the profit, employment, and attendance. With all the jobs it’s created and the profit being made at this time, it has a positive impact on our economy.
Pham, Diane. “New Year's Eve in numbers: Facts for the Times Square ball drop.” 6sqft, 26 Dec. 2017, www.6sqft.com/new-years-eve-in-numbers-fun-facts-about-the-times-square-ball-drop/.
“Times Square Ball.” Wikipedia, Wikimedia Foundation, 31 Dec. 2017,
“The Times Square Ball Drop and the Story Behind this New Year's Eve Tradition.” America Comes Alive, 27 Dec. 2017, americacomesalive.com/2013/12/29/the-times-square-ball-drop-and-the-story-behind-this-new-years-eve-tradition/.
CBS/AP. “New Year's Eve revelers flock to see Times Square ball drop.” CBS News, CBS Interactive, 31 Dec. 2017, www.cbsnews.com/news/new-years-eve-revelers-flock-to-see-times-square-ball-drop-mariah-carey/.