Florida is one of the most beautiful and popular tourist destinations in the world. It’s known for its warm weather, beautiful beaches, and endless attractions.
But just how important is tourism to Florida’s economy? In this article, we’ll take a closer look at what percent of Florida’s GDP is made up of tourism.
What is GDP?
Before we dive into tourism’s impact on Florida’s GDP, let’s first define what GDP is. Gross Domestic Product (GDP) is the total value of goods and services produced within a country in a given period of time. It’s an important measure of a country’s economic health as it reflects the overall growth and productivity of the economy.
Tourism in Florida
Florida has long been a top destination for tourists from all over the world. In fact, tourism has been one of the state’s primary industries for many years. With its sunny weather, theme parks, beaches, and other attractions, it’s not hard to see why so many people flock to Florida each year.
According to Visit Florida, the state’s official tourism marketing corporation, over 131 million people visited Florida in 2019 alone. These visitors spent a total of $91.3 billion during their stay in the state. That’s a significant contribution to the economy!
How much does tourism contribute to Florida’s GDP?
Now let’s get to the main question – what percent of Florida’s GDP is made up of tourism? According to data from Visit Florida, tourism accounted for approximately 11% of Florida’s GDP in 2018.
To put that into perspective, that means that out of every $100 generated by the state economy in 2018, $11 came directly from tourism-related activities. That may not sound like much at first glance but when you consider that Florida has one of the largest economies in the United States, that 11% represents a significant amount of money.
The Bottom Line
Tourism is a vital industry for Florida. Not only does it provide jobs for hundreds of thousands of people, but it also contributes significantly to the state’s economy. While 11% may seem like a small number, it’s important to remember that this represents billions of dollars in revenue each year.
So the next time you’re lounging on one of Florida’s beautiful beaches or enjoying one of its many theme parks, take a moment to appreciate just how much these activities contribute to the state’s economy. And if you’re ever in doubt about just how important tourism is to Florida, just remember that 11% of its GDP depends on it!