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The first kind of economy in your game explains itself, though I recommend you save the metals for the industry later on.
Go industrial as soon as possible, and this spreadsheet https://docs.google.com/spreadsheets/d/15__OODe-NgDcVFUeF356P8O2wqa0TOm8DbaIun8Msz0/edit#gid=0 shows which ones are the better industrial buildings to construct. I strongly recommend you build a cannery as soon as possible as that will make your excess food be canned and thus increase your profits from having too many (as in, compared to food consumption) food producing buildings. Cement factory (assuming you have the DLC) and chemical factories are important too as they can directly improve your society.
Tourism isn't very feasible if you have a low population and not a lot of money, but when you do, it will, with the right buildings, be more than worth it. Just build a lot of hotels and entertainment buildings. I especially recommend building a museum of modern art and set it to Promote Tropican Art, as that will result in both visitors and the museum itself giving you money.
Incorrect. Read my comment; it can be worth it with the proper city planning and population. Look at this guide http://steamcommunity.com/sharedfiles/filedetails/?id=135221399 Tourism can be a much more reliable way to generate money - if you do it right.
http://steamcommunity.com/profiles/76561198043787134/screenshot/866240989798212260
Sorry for the late af reply but I have been busy lately. After running a game where the majority of my population was working tourism & entertainment jobs, I found that tourism CAN be viable, just like the guide says, and the upkeep isn't actually that bad. I did run into one major problem though: lack of tourists. It seems that only one tourist dock works; building more doesn't attract more tourists at all. The airports ("classic" and modern) work fine though. The problem with tourism then is simply a lack of tourists compared to your treasury; you may be able to afford 50 hotels of any kind, but it will take many years before you are even close to not having empty hotels. Same goes for entertainment buildings (though Tropicans can alleviate that a little).
Industry does seem to make more money per se (my few industry buildings made more money despite my heavy investment in tourism), but it has quite a lot of potential problems of its own as well. Pollution (which I bet yours is pretty high), highschool education requirement, expensive buildings (except if you have done a specific space mission obviously), Teamsters or dockworkers stuck in traffic of which the latter is especially bad, low market prices, import costs / limits, ressource transportation and having to wait months for a ship to arrive. Tourism and entertainment buildings usually don't require an education nor have any of the other problems save for transport. Rebels can do quite a lot of damage to your economy if they blow up an industry building, whereas blowing up a pub doesn't really affect you much as entertainment & tourism buildings tend to be cheaper to build.
My conclusion is thus: do both. Focuson industry, but do some tourism (maybe 20%?) as well. The way I see it, tourism is more reliable due to having fewer problems, but doesn't make as much money.
Pollution is easy to manage as long as you place the appropriate ammount of garbage dumps, which can turn a profit too in the process (Imported garbage doesn't change it's pollution reduction effects, nor does it anger the enviormentalists like it's supposed to) Furthermore, pollution really only affects people enviormental happiness anyway, bad, but not as bad as real life pollution. I admittedly also use Green Thumb to halve all pollution on my games.
High school education is rather trivial to manage, one highschool is enough really, unless you try to expand industry really quickly it won't really be an issue. It is expensive to start up, but tourism isn't that much cheaper. Once you have two or three good industry buildings, the cost of building more things is meaningless; I couldn't spend 30 million on buildings even if I wanted too (Banks help too, of course) Tourism isn't any better for traffic, because Tourists have to drive around too. And as such, tourism suffers from traffic the same as industry does.
Rebels are also trivial to manage if you have a basic grasp of what you need to build and when, specific campaign missions excluded anyway.
I had no idea it had population limits like that tbh. Never having invested heavily in tourism (probably usually have like 100-150 ish) it's probably no wonder I haven't heard of it. That would explain why hotel x and beyond remain empty.
While tourists do require more buildings, they don't have to drive from one part of the island to the other if you place entertainment buildings next to the hotels, which can be placed wherever you want on the island. The same can't always be said for industry buildings unless you place them all right next to the dock on the beach (I don't know what maps you play, but beaches tend to not have terribly much space in my gameplays, limiting things housing and pollution control) and import a lot of ressources. I don't want to risk having to spend 100k + on imports and risk ending up with a big debt. That's why I almost always place my industry buildings next to my farms, mines & whatever else that produces ressources for them so teamsters won't have to move the ressources that far. You could fix lack of space problems somewhat with metro stations I believe though.
In the end, it depends on the number of factories & other industry buildings you have. If you don't have a lot, you would probably not face a problem like that.