Florida is a state known for its sunny beaches, theme parks, and warm climate. With such natural beauty, it’s no wonder that tourism is one of the most significant sectors in the state’s economy. In this article, we’ll take a closer look at what percentage of Florida’s economy is driven by tourism.
Introduction
Tourism plays a vital role in Florida’s economy. The state is home to some of the world’s most popular tourist destinations, including Walt Disney World Resort, Universal Studios Orlando, and Miami Beach.
According to Visit Florida, the state’s official tourism marketing corporation, more than 131 million people visited Florida in 2019 alone. But just how much of Florida’s economy is driven by tourism?
The Numbers
In 2019, the total economic impact of the tourism industry in Florida was $91.3 billion. This includes direct spending by visitors and indirect spending by businesses that serve tourists, such as hotels and restaurants.
Direct Spending: Direct spending refers to money spent by visitors on goods and services during their stay in Florida. In 2019, visitors spent $57 billion directly on things like accommodations, transportation, food and beverages, and attractions.
Indirect Spending: Indirect spending refers to money spent by businesses that provide goods and services to tourists. In 2019, businesses that serve tourists spent an additional $34.3 billion on things like supplies, utilities, and employee salaries.
The Impact
Tourism is one of the largest employers in Florida. In 2019, the industry supported more than 1.5 million jobs statewide across various sectors such as lodging, food service and transportation.
But what percentage of Florida’s overall economy does tourism represent? Tourism accounts for approximately 11% of the state’s Gross Domestic Product (GDP). This means that for every $9 generated in the state’s economy, $1 can be attributed to tourism.
Conclusion
In conclusion, tourism is a significant contributor to Florida’s economy. With its warm climate, beautiful beaches, and world-renowned attractions, it’s no surprise that millions of visitors flock to the state each year.
The industry provides jobs for over a million Floridians and accounts for 11% of the state’s GDP. As such, it’s crucial for policymakers and businesses alike to continue supporting and investing in this vital sector.
- Direct Spending: Money spent by visitors on goods and services during their stay in Florida.
- Indirect Spending: Money spent by businesses that provide goods and services to tourists.