Walt Disney World, Universal Orlando Resort, SeaWorld Orlando and myriad other attractions, hotels, entertainment options, retail and more are all part of the overall industrial juggernaut that makes up Orlando's tourism industry.
The industry, which includes support operations such as the Orlando International Airport, Port Canaveral and others, are vital to the health of the region. And a new study shared by Visit Orlando and compiled by Oxford Economics shows just how much of a role the industry dominated by Mickey Mouse ears and more plays for Central Florida. In fact, tourism is the region's top economic engine and can result in business opportunities for all sectors of Central Florida.
Check out these specific details about Orlando's tourism industry:
Orlando's 75 million visitors generated more than $75.2 billion in annual economic impact for Central Florida.
Each visitors spends on average $1,000 per person, per trip.
Tourism supports 41% of the region's workforce at more than 463,000 jobs.
Last year, more than $5.8 billion in local ad state tax revenue was generated through the tourism industry, which is used by governments to fund operations such as infrastructure projects, public safety, school construction and more.
“These studies illustrate the impact of the tourism industry across multiple business sectors, and how it serves as a catalyst for diversification of our region’s economy,” said George Aguel, president and CEO of Visit Orlando. “We’re pleased this research is able to quantify the downstream impact into business areas beyond what you might expect, from real estate and finance to health care.”
The study shows economic impact from the tourism industry results in more than $73 billion in "business sales impact" for 17 different sectors of the Orlando economy.
For example, tourism generates economic impact for the following industries:
$11.9 billion in business sales impact to finance, insurance and real estate
$7.89 billion, food and beverage
$6.22 billion, business services
$3.34 billion, education and health care
$1.44 billion, construction and utilities
There's no doubt the tourism industry is the lifeblood of the Orlando economy as many decisions by industry trickle over to business opportunities for other segments of the region. New hotels and attractions can lead to new construction contracts, while theme park expansions lead to land sales and acquisition, which require the assistance of law firms, accountants, surveyors, engineers and more.
Source: Orlando Business Journal
