Florida is one of the most popular vacation destinations in the United States, attracting millions of visitors every year. The state’s economy is heavily reliant on tourism, which has been a major source of revenue for decades. In this article, we will discuss what percent of Florida’s economy is tourism.
What is Tourism?
Tourism refers to the activities of people traveling to and staying in places outside their usual environment for leisure, business, or other purposes. It includes accommodation, food and beverage services, transportation, and entertainment.
How Does Tourism Impact Florida’s Economy?
Florida has a booming tourism industry and it plays a significant role in the state’s economy. According to Visit Florida – the state’s official travel planning website – over 131 million tourists visited Florida in 2019. These visitors spent approximately $91 billion on various goods and services in the state.
The Percentages
So what percentage of Florida’s economy is tourism? The answer varies depending on how you measure it.
One way to measure it is by looking at its contribution to the Gross State Product (GSP). GSP represents the total value of goods and services produced within a state’s borders.
According to a report by Visit Florida, tourism accounted for 11.5% of Florida’s GSP in 2018. This means that if you were to remove all tourist-related activities from the state’s economy, its GSP would be reduced by 11.5%.
Another way to measure tourism’s impact on Florida’s economy is through employment. The industry provides jobs for millions of people across various sectors such as hospitality, transportation, and retail.
According to a report by Oxford Economics for Visit Florida in 2019, tourism directly supported over 1.5 million jobs or around 14% of total employment in the state. When you factor in indirect jobs – those that are created to support the tourism industry – that number rises to over 2.5 million or around 23% of total employment in Florida.
Conclusion
In conclusion, tourism is a crucial component of Florida’s economy, contributing billions of dollars annually and providing employment to millions of people. Its impact is felt across various sectors, making it an essential part of the state’s economic landscape. So next time you’re enjoying the beaches, theme parks, or other attractions in Florida, remember that you’re also contributing to its thriving tourism industry.