William, Kate, show off newborn royal baby boy

Crowds outside Buckingham Palace
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A beaming Prince William and his wife, Kate, have shown their newborn baby boy to the world.

Kate carried the future monarch outside St. Mary's Hospital in central London Tuesday so he could be photographed by the waiting press.

The photos are likely to be reprinted for decades as the baby grows into adulthood and his role as a future king.

The young family is expected to head to an apartment at Kensington Palace.

"He's got a good pair of lungs on him, that's for sure. He's a big boy. He's quite heavy. We're still working on a name. We'll have that as soon as we can," said William, cradling his young son.

"It's very emotional. It's such a special time. I think any parent I think will probably know what this feeling feels like," said Kate, trying to speak over cheers and screams from the large crowd.

When asked about the long anticipation for his son's arrival, William joked, "I'll remind him of his tardiness when he's a bit older, because I know how long you've all sat out here. Hopefully the hospital and you guys can go back to normal now and we can look after him."

A reporter asked who the baby looked like.

"He's got her looks, thankfully," William smiled.

And on the subject of hair? "He's got way more than me, thank God!" said the prince, who is starting to show a receding hairline himself.

The celebrations continued Tuesday in honor of the newest member of the British royal family.

Well-wishers crammed around the gates at Buckingham Palace into the morning. Many raised their glasses to the new prince.

"I could not be more excited if I tried," said Chris Murphy, a royal fan.

For hours a golden easel held the image everyone was coming to see: an official bulletin delivered from St. Mary's Hospital announcing that the prince had been born at 8 pounds 6 ounces.

There was even a town crier shouting, "We have a prince here today, God save the queen!"

In a statement, the couple said they couldn't be happier. Their young prince is now third in line to the throne.

This afternoon artillery companies fired a 41-gun salute from Green Park and a 62 gun blast from the Tower of London, all in celebration of the young heir.

He may only be a day old, but economists say the royal baby will provide a jolt to the British economy.

The British Center for Retail Research estimates that the baby's arrival will mean more than £240 million in economic activity. That's roughly $380 million.

The figure is based on people buying food and drink for celebrations at home and in pubs, along with purchases of souvenirs, toys and related books and magazines.

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