BOZEMAN, Mont.—A new report released today by PERC—”The Economics of Awe: How Entry Fees Can Sustain Yellowstone National Park,”—reveals that modest increases in entry fees to Yellowstone National Park could generate tens of millions of dollars annually to sustain and protect America’s first national park, without significantly reducing visitation.
As Yellowstone continues to experience record-setting crowds, it also bears the weight of the largest maintenance backlog in the National Park System—$1.5 billion—with strained restrooms, buckling roads, overburdened wastewater systems, and eroding trails. With over 4 million visitors annually, the park’s aging infrastructure and fragile natural features face unprecedented pressure.
PERC’s research examines the iconic park’s challenges and evaluates six potential scenarios to ensure its long-term health. According to the new analysis, visitors currently pay just $3.50 per person on average for entry, while often spending hundreds or thousands of dollars on airfare, lodging, and gear. But unlike travel expenses funneled toward airlines or hotels, 100 percent of entry fees support the parks; 80 percent stays in Yellowstone to directly support park improvements, visitor services, and conservation projects while the remaining 20 percent go to national parks that don’t charge entry fees.
“This is about investing in Yellowstone’s future,” said Tate Watkins, PERC research fellow and the report’s co-author. “Our analysis shows that Yellowstone can significantly increase its revenue to maintain and improve the park, while keeping it accessible and protecting it for future generations.”
Key Findings
- A $5-per-person-surcharge could raise $19.3 million annually while reducing visitation by just 2.8 percent.
- A $100 surcharge on international visitors—who are least sensitive to price changes—could generate $55.2 million, nearly five times current fee revenue, with only a 1.3 percent decrease in visits.
- Overall demand is highly inelastic, meaning even sizable fee increases would be estimated to have minimal impact on visitation.
Currently, Yellowstone collects about $14 million annually in entrance fees—an amount that pales in comparison to its annual routine maintenance costs of approximately $43 million per year. Meanwhile, federal budget cuts and unpredictable congressional appropriation levels leave national parks like Yellowstone vulnerable to political uncertainty and chronic underfunding.
“Increasing fee revenue means Yellowstone doesn’t have to depend as heavily on the whims of Congress,” said Sara Sutherland, University of California-Davis lecturer and PERC senior research fellow. “Local park leadership can make long-term, locally driven investments to improve infrastructure, enhance conservation, and better serve visitors.”
The report also addresses potential concerns from gateway communities that rely on tourism. While fee increases could lead to modest reductions in visitation, the long-term risk is greater if Yellowstone’s infrastructure continues to decline. A major system failure or another natural disaster—such as the historic 2022 floods—would do far more damage to local economies than modest, well-designed fee adjustments.
This new research arrives shortly after the U.S. Department of the Interior announced its intent to implement an international visitor surcharge at national parks beginning in 2026, a concept that PERC has long studied and championed. PERC’s new report provides key economic data to inform how such policies might be structured in Yellowstone and beyond.
“We’re talking about a few extra dollars per visitor to help sustain one of the greatest natural treasures on Earth,” added Watkins. “This is a practical and necessary step to ensure Yellowstone remains extraordinary—for this generation and the next.”
About the Research
The full PERC analysis, conducted by University of Wyoming economist and PERC Lone Mountain Fellow Dr. Stephen Newbold, utilizes comprehensive visitor survey data and economic modeling to analyze price sensitivity across different demographic segments, including income levels, age groups, and domestic versus international origin. The research provides the first rigorous economic analysis of entry fee pricing options specifically for Yellowstone National Park.
About PERC
The Property and Environment Research Center (PERC) is the national leader in market solutions for conservation, with over 40 years of research and a network of respected scholars and practitioners. Through research, law and policy, and innovative applied conservation programs, PERC explores how aligning incentives for environmental stewardship produces sustainable outcomes for land, water, and wildlife. Founded in 1980, PERC is nonprofit, nonpartisan, and proudly based in Bozeman, Montana.
