The world famous Times Square located in midtown Manhattan directly pumps about 55 billion U.S. dollars a year into New York City's economy, according to a study released by the local media on Monday.

Another 35 billion dollars are generated indirectly, found the study commissioned by Times Square Alliance, a privately funded non-profit dedicated to improving the area.

The study, the first of its kind, analyzed the economic impact of the financial and media hub and tourist destination.

Eight of every 10 tourists in New York City visit Times Square, and the tourists spend billions of dollars on hotels, restaurants and retail stores, as well as on Broadway shows, the study said.

In addition, 5 percent of the city's jobs, about 200,000, are located in Times Square, representing 0.1 percent of the city's land area, the study noted.

The area contributes 1.1 billion dollars in taxes to the city annually, the study showed.

Known for its flashy electronic outdoor ads, Times Square hosts the annual New Year's Eve celebration which attracted over 1 million people this year.

It is also home to Madame Tussaud's Wax Museum, media office buildings and MTV studios.

Source: Xinhua