Could Taylor Swift Keep Us Out of a Recession?

Taylor Swift has been impressing fans and critics alike during her current Eras Tour, and ticket sales show no signs of slowing. But it's more than just her music that's been having an impact—the Federal Reserve says the singer has had a marked effect on the economy, particularly in Philadelphia. Business Insider reports that the 33-year-old star put on three concerts at the City of Brotherly Love's Lincoln Financial Field in mid-May, as well as one show in Pittsburgh last month, and the bump she helped spur at local accommodations didn't go unnoticed.

"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 Fed wrote in its most recent Beige Book release, published Wednesday. Insider notes that in Allegheny County, where Pittsburgh is located, hotels were pretty much filled to capacity during the time that Swift was there, and Axios reports that her shows this weekend in Denver are set to earn $140 million for Colorado's GDP, per stats from the Common Sense Institute research group.

Both Denver shows are sold out, and the report notes that the performances could lead to "more than $200 million in direct consumer spending," including on such things as travel, lodging, meals, and merch. "The totality of (Swift's) US tour could generate $4.6 billion in total consumer spending, larger than the GDP of 35 countries," the CSI notes, adding that her constantly expanding Eras Tour, which is set to hit more than 130 nations over the next year, could end up being "the single highest grossing music tour in history." In other words, as Insider notes, "if the economy manages to avoid a recession that so many are worried about, the US may have Taylor Swift and her deeply loyal fans to thank." (More Taylor Swift stories.)