A new study by Oxford Economics compellingly illustrates that Walt Disney World Resort in Florida is much more than a vacation paradise. In the fiscal year 2022, the resort generated a remarkable total economic impact of $40.3 billion in the Sunshine State and was responsible for creating over a quarter of a million jobs. These figures elevate the resort to the status of a crucial economic engine in Florida.
Disney, the Employment Marvel
The study highlights Disney's significant role as an employer, creating 263,000 direct and indirect jobs. This means that one in every 32 jobs in Florida is in some way connected to Disney. In Central Florida alone, Disney supports 12% of the jobs, underscoring the company's central role in the regional economy.
Impact on the Labor Market
Without Disney's presence in Florida, the state's unemployment rate would rise from 3% to 5.4%. This figure underscores how vital Disney is for the stability of Florida's job market.
Financial Impetus
Disney's financial contributions extend far beyond direct employment. Revenues and visitor spending contributed to a total wage bill of $12.1 billion in 2022. Additionally, Disney generated $6.6 billion in tax revenues, including $3.1 billion in state and local taxes. These funds flow into essential public services like schools, law enforcement, and infrastructure projects.
Support for Local Small Businesses
Disney supports a multitude of small businesses in Florida. Over 2,500 local companies have contracts with the resort, and an additional 160 third-party companies operate businesses on Disney premises. These partnerships strengthen the local economy and foster entrepreneurship.
Disney's Role in Infrastructure
Disney's contribution to infrastructure is significant. The Central Florida Tourism Oversight District, formerly known as Reedy Creek Improvement District, benefits greatly from Disney's investments. These investments contribute to the provision of essential services like electricity, water, and fire protection.
Growth and Expansion
Walt Disney World has seen enormous growth over the past decades. With the opening of new theme park areas, the expansion of the transportation network, and the addition of new resort hotels, Disney remains a dynamic and growing part of Florida's tourism landscape.
Disney Cruise Line
In addition to the resort, the Disney Cruise Line is an important economic factor. With a year-round home port in Port Canaveral, it has significantly contributed to economic growth and job creation.
Philanthropic Endeavors
Disney's philanthropic efforts are equally remarkable. The company has donated millions to local organizations, and its employees contribute hundreds of thousands of hours of volunteer work annually.
Looking to the Future
Disney plans to double its investments in the coming years, promising a further boost to Florida's economic prosperity.
Conclusion
Walt Disney World Resort is a cornerstone of Florida's economy, a major employer, and a significant supporter of the local community. With ongoing investments and a strong focus on sustainable growth, Disney remains a decisive player in Florida's economic future.
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