One year after New York passed the historic Marriage Equality Act, granting same-sex couples the right to marry, passage of same-sex marriage, a new report reveals law has generated $259 million in economic impact in New York City alone.

Mayor Bloomberg said in a statement released on Tuesday:

Marriage equality has made our City more open, inclusive and free – and it has also helped to create jobs and support our economy. New York has always been a great place to get married and since the passage of the Marriage Equality Act, we’re welcoming more and more couples, their families and friends from around the country and the world.

Included in the $259 million figure is revenue stemming from marriage license applications, money spent by out-of-city guests on hotel rooms, and the wedding industry in general.

Prior to the state's enactment of same-sex marriage, a report from the State Senate's Independent Democratic Conference predicted gay and lesbian marriages would rake in $391 million in economic activity for New York State during the first three years after going into effect.

However, while the extra increased revenue is good news for the state's economy, many in the wedding industry say business isn't exactly booming.

Sarah Cohen, owner of Blossom and Branch in Brooklyn, explained, "The kind of people who were throwing lavish parties or celebrations were celebrating with or without the piece of paper."

Regardless of the economic impacts though, the social and cultural significances of the Marriage Equality Act are undoubtedly still felt.

Among those heralding the one-year anniversary on a deeply personal level is Assembly Member Daniel O’Donnell, who said in Monday's statement:

I couldn’t be more proud that so many same-sex couples have taken advantage of their long-awaited right to marry across our great state this past year.Today is my husband John’s birthday, and after 31 years with me, it is the first birthday he is celebrating as a married man. Happy birthday to John and congratulations to the thousands of other LGBT New Yorkers now able to share important life milestones as married couples!

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    Supporters of same sex-marriage celebrate after Senate members voted and approved the same-sex marriage bill 33-29 during a session of the New York state Senate at the Capitol in Albany, N.Y., Friday, June 24, 2011. (AP Photo/Hans Pennink)

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    NEW YORK, NY - JUNE 24: Revelers celebrate in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

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    Tammy Lloyd- Preddice of Middlegrove, N.Y., and Marci Tebbano , right, of Albany, N.Y., celebrate after Senate members voted and approved the same-sex marriage bill 33-29 during a session of the New York state Senate at the Capitol in Albany, N.Y., Friday, June 24, 2011. (AP Photo/Hans Pennink)

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  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: Revelers celebrate in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: A reveler waves a gay pride flag in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • Photo by Alana Horowitz

  • Photo by Alana Horowitz

  • Photo by Alana Horowitz

  • Photo by Ashley McAdams

  • Watching the debate

    Photo by Matt Sledge

  • Outside Stonewall Inn

    Photo by Matt Sledge

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: A reveler has a celebratory drink in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: Revelers celebrate in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: A reveler waves a gay pride flag in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: Revelers celebrate in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

  • New York State Senate Votes Yes On Gay Marriage Bill After Week Of Delays

    NEW YORK, NY - JUNE 24: Revelers celebrate in front of the historic gay bar The Stonewall after the passing of a bill legalizing gay marriage in New York State on June 24, 2011 in New York City. New York State now joins Connecticut, Massachusetts, New Hampshire, Vermont, Iowa and Washington, D.C. in legally recognizing gay marriage. (Photo by Spencer Platt/Getty Images)

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    Supporters of same sex-marriage celebrate after Senate members voted and approved the same-sex marriage bill 33-29 during a session of the New York state Senate at the Capitol in Albany, N.Y., Friday, June 24, 2011. (AP Photo/Hans Pennink)

  • Gay Marriage NY

    Revelers celebrate the passage of a bill legalizing same-sex marriage in New York State outside the Stonewall Inn on Christopher St, Friday, June 24, 2011, in New York. The measure passed, 33-29, following weeks of tense delays and debate. (AP Photo/John Minchillo)

  • Gay Marriage NY

    Revelers celebrate the passage of a bill legalizing same-sex marriage in New York State outside the Stonewall Inn on Christopher St, Friday, June 24, 2011, in New York. The measure passed, 33-29, following weeks of tense delays and debate. (AP Photo/John Minchillo)

  • Gay Marriage NY

    Revelers celebrate the passage of a bill legalizing same-sex marriage in New York State outside the Stonewall Inn on Christopher St, Friday, June 24, 2011, in New York. The measure passed, 33-29, following weeks of tense delays and debate. (AP Photo/John Minchillo)

  • Gay Marriage NY

    Revelers celebrate the passage of a bill legalizing same-sex marriage in New York State outside the Stonewall Inn on Christopher St, Friday, June 24, 2011, in New York. The measure passed, 33-29, following weeks of tense delays and debate. (AP Photo/John Minchillo)

  • Gay Marriage NY

    Sen. Thomas Duane, D-Manhattan, left, and New York Gov. Andrew Cuomo talk in the Senate Chamber at the Capitol in Albany, N.Y., after gay marriage was legalized after a vote, on Friday, June 24, 2011. (AP Photo/Mike Groll)

  • Gay Marriage NY

    New York Gov. Andrew Cuomo reacts after same sex marriage was legalized after a vote in the Senate Chamber at the Capitol in Albany, N.Y., on Friday, June 24, 2011. (AP Photo/Mike Groll)

  • Gay Marriage NY

    Supporters of same sex marriage celebrate after Senate members voted and approved same-sex marriage at the Capitol in Albany, N.Y., Friday, June 24, 2011. New York lawmakers narrowly voted to legalize same-sex marriage Friday, handing activists a breakthrough victory in the state where the gay rights movement was born. New York will become the sixth state where gay couples can wed and the biggest by far.(AP Photo/Hans Pennink)

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  • APTOPIX Gay Marriage NY

    Revelers celebrate in front of the Stonewall Inn in Manhattan's west village following the passing of the same sex marriage bill by a vote of 33 to 29, Friday, June 24, 2011, in New York. Same-sex marriage is now legal in New York after Gov. Andrew Cuomo signed a bill that was narrowly passed by state lawmakers Friday, handing activists a breakthrough victory in the state where the gay rights movement was born. The gay rights movement is considered to have started with the Stonewall riots in New York City's Greenwich Village in 1969. (AP Photo/Louis Lanzano)

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