LAKE
BUENA VISTA, Fla., Nov. 14,
2023 /PRNewswire/ -- Walt Disney World Resort,
one of the world's most visited vacation destinations, generated
$40 billion in economic impact across
the state and more than a quarter of a million total jobs in fiscal
year 2022, according to a new study from Oxford Economics announced
today.
The study found that Disney, which has fueled Florida's economy, tourism and small
businesses for more than half a century, generated the following
across the year:
- $40.3 billion in total
statewide economic impact.
- 263,000 direct and indirect jobs – 1 out of every
32 jobs in the state.
-
- This figure includes Disney's workforce of 82,000 across the
state. Within Central Florida,
Disney directly supports 12%, or 1-in-8, of all jobs. For every
direct job on-site at Disney, an additional 1.7 jobs are supported
across Florida.
- Without Disney's statewide job impact, Florida's unemployment would jump from 3% to
5.4%, which would take Florida
from the 21st lowest unemployment rate among all 50
states to the second highest unemployment rate in the country.
- Disney revenues and off-site visitor spending contributed to
$12.1 billion in total labor income
in fiscal year 2022.
- $6.6 billion in tax revenue,
including $3.1 billion in annual
state and local tax revenue generated by Disney, visitors,
employees and third-party businesses – helping to fund local
schools, law enforcement, public safety, parks, roadways and more
throughout Central Florida.
- 2,500 Florida-based small
businesses contracted to supply products and services to Disney
World.
-
- Part of the more than 8,500 small businesses across the country
contracted by The Walt Disney Company.
The study, which was commissioned by Disney, also reflects the
economic impact of Disney Signature Experiences in Florida, including Disney Vacation Club and
Disney Cruise Line.
If history is any indication, when Disney
invests in Florida, its residents
and businesses benefit.
The results are for fiscal year 2022, prior to the Reedy Creek
Improvement District becoming the Central Florida Tourism Oversight
District with the appointment of a new board.
This announcement comes as the attraction industry convenes in
Orlando this week for IAAPA Expo
2023, the premier global event that brings together industry
professionals to shape the future of guest experiences. This week
also marks the 58th anniversary since the now-famous
press conference in Orlando where
Walt and Roy Disney announced their
"Florida Project" alongside then-Florida Governor Haydon Burns.
"Disney is an economic catalyst to the state of Florida generating billions in economic
activity, either directly, or indirectly through its supply chain
and the spending of employees," said Adam
Sacks, President of Tourism Economics, a division of Oxford
Economics. "Disney is also vital to the funding of public services,
as it generated taxes of $6.6 billion
in 2022, including state and local taxes of $3.1 billion."
"I am incredibly proud of how Disney has created meaningful
change and benefitted people's lives in Florida for
generations, not just in establishing our area's theme park
industry, but also in how we have worked with
other sectors across the state to do the same," said
Jeff Vahle, President, Walt Disney
World Resort. "The numbers speak for themselves on why Disney
is so important to fueling jobs, the economy and tourism throughout
our region, and the future investments we're looking to
make will continue to provide even more opportunities for
Floridians."
Disney Creates Jobs in
Florida
Disney's operations power a massive small business ecosystem in
the state. The company works with 2,500 small businesses here in
Florida and thousands more across
the country who employ workers and provide a wide range of goods
and services – from the local painters who help maintain
Cinderella Castle, to the family-run
vendor who supplies some of the sweet treats served in the theme
parks and more. Over 160 third-party businesses also operate on
Disney's property, from restauranteurs to hoteliers, retailers and
more, providing opportunities for even more local Florida-based businesses to serve the millions
of guests who visit Walt Disney
World each year.
Disney Is One of the Largest Taxpayers in the Region
In fiscal year 2022, Disney paid and collected a combined
$1.1 billion in state and local taxes
to Orange and Osceola Counties and the state of Florida, as well as to the Central Florida
Tourism Oversight District. The Florida State Legislature
established this special district, formerly known as the Reedy
Creek Improvement District, in 1967 to help provide services,
including power, water, roads and fire protection for the 47-square
miles of Walt Disney World Resort.
This district was a cost-effective mechanism throughout its
history in ensuring the tax burden for these services did not fall
on Orange and Osceola County residents. It allowed Disney to
efficiently invest tens of billions of dollars in Florida over the past several decades by
maintaining the highest development and service standards on Disney
property.
Decade of Unprecedented Growth for Disney in Florida
No other theme park destination spans the size and scale of
Walt Disney World, which is nearly
twice the size of the island of Manhattan with four theme parks, over 25
Resort hotels, two water parks, a world-class shopping, dining and
entertainment district, and more. According to the Themed
Entertainment Association, Walt Disney
World is the most visited theme park destination in the
world.
The significant growth of Disney's economic impact in the state
comes after an unprecedented period of growth and expansion across
Walt Disney World over the last
decade, including:
- New theme park lands themed to Disney's incomparable library of
intellectual property, including franchises such as Star
Wars, Toy Story and AVATAR.
- More attractions and experiences based on world-beloved
characters and stories like Mickey
Mouse, Guardians of the Galaxy, Ratatouille and Beauty and
the Beast.
- The growth of Disney's onsite transportation network with the
innovative Disney Skyliner gondola system.
- New resort hotels including more Disney Vacation Club
properties and value options for families like Disney's Art of
Animation Resort.
- Nearly doubling the size of the Disney Springs shopping and
dining district to include dozens of additional tenants and small
businesses.
Since its launch in 1998, Disney Cruise Line has called
Florida home and contributed to
the state economic growth and job creation with a year-round
homeport in Port Canaveral. With a current fleet of five ships and
three more planned, Disney Cruise Line is currently in the midst of
the largest expansion in the cruise line's history. As part of its
expansion plans, Disney Cruise Line recently celebrated the opening
of its second dedicated cruise terminal and year-round homeport in
Florida at Port Everglades in
Broward County.
Disney Gives Back to Florida Nonprofits
In addition, Disney has contributed hundreds of millions of
dollars to local nonprofits throughout its history and last month
announced another round of donations totaling $1.5 million going to 19 organizations making a
difference in the arts, education, hunger relief and other
philanthropic efforts.
In fiscal year 2022, Disney cast members also donated more than
233,000 volunteer hours in Florida.
Disney Turbocharges Investment in Parks
The Walt Disney Company recently announced it is developing
plans to accelerate and expand investment in its Experiences
segment to nearly double capital expenditures over the course of
approximately 10 years to roughly $60
billion, including by investing in expanding and enhancing
domestic and international parks and cruise line capacity.
If history is any indication, when Disney invests in
Florida, its residents and
businesses benefit. To learn more about Disney in Florida, visit DisneyFlorida.com, follow on
Facebook @WDWCastandCommunity or on Instagram @wdw.ambassador.
Methodology: To quantify the economic impact of Disney in
Florida, Oxford Economics prepared
a comprehensive model using multiple primary and secondary data
sources to quantify the impacts arising from multiple channels of
spending attributable to Disney. Impact modeling was based on an
IMPLAN Input-Output (I-O) model for the State of Florida, and the results of this
study show the scope of Disney's impact in terms of revenue and
operational spending, as well as total economic impacts, including
total business sales, employment, household income, and fiscal
(tax) impacts.
Additional Quotes from Community:
- "Disney's impact goes far beyond the gates of its theme parks
and positively touches our lives in nearly every corner of our
community. Disney not only pioneered Orlando's theme park industry with its own
investments over the last five decades, they also paved the way for
others to invest in our city and help make it the tourism
destination it is today. It's been an honor working alongside
Disney as they help continue to move Florida forward." – Orlando Mayor Buddy
Dyer
- "My connection with Disney World runs deep having been a cast
member myself in its opening years, and what remains true after all
this time, is Disney's immense and positive impact on its employees
and our community at large. In serving this community as long as I
have, I can confidently say that Disney's contributions have
resulted in the progress and prosperity of Florida and all who call it home." –
Orange County Mayor Jerry Demings
- "Working with Disney has had a very positive impact on us. It's
opened up a lot of opportunities and now we have a need to grow and
expand our operation." – Neal
Crosier, Owner of Popcorn Junkie
- "From day one, the experience and the relationship that Disney
has offered us is better than anything I've ever seen. Our business
has grown in the last three years by about 25 to 30%. We are
pushing numbers that we never expected out of fast casual." –
James Petrakis, Owner of The Polite
Pig at Disney Springs
- "Hope is the most precious gift you can give another human
being, and that's the gift that Disney has helped us give. We've
been able to welcome in more than 190,000 wish families from 50
states and 77 countries around the world because of Disney's
support." – Pamela Landwirth,
President & CEO of Give Kids The World Village
- "Working with The Walt Disney Company is phenomenal. Disney
understands the supplier's needs to engage in a fruitful and
mutually beneficial relationship." – Walter
Pelaez, Chief Executive Officer of Sobel Westex
- "Working with extremely talented chefs to create proprietary
blends for all the signature restaurants on the property has been
the highlight of my career, and being honored to be chosen as
Disney's official specialty coffee provider was extremely
rewarding. The trust and confidence Disney placed in us makes us
very proud." – Chris DeMezzo, Chief
Operating Officer and Co-Owner of Joffrey's Coffee and Tea
Company
- "We always feel that you earn the next project by delivering on
the one you're on. That's something that we've built into our
culture and that you earn that business. So, whenever we get repeat
opportunities, we see that Walt Disney
World is willing to put their trust in us." – James Delahanty, President of Intex Coating
About Oxford Economics: Oxford Economics is the world's
foremost independent economic advisory firm. Oxford Economics
enables intelligent and responsible decision-making through the
provision of timely, data-driven economic and business insights and
solutions that clients trust.
About Walt Disney World:
Walt Disney World Resort is a world-class
entertainment and recreation destination featuring four of the most
popular theme parks from around the globe, two thrilling water
parks, nearly 29,000 hotel rooms, a sports complex, several golf
courses and Disney Springs — a metropolis of shopping,
dining and entertainment. Since
1971, Walt Disney World has focused on
delivering legendary guest service and one-of-a-kind experiences
that make it the number one vacation destination in
the world where families create magical
memories.
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