This week, new research by Tourism Economics found that as a result of 74 million visitors in 2022, our region's travel and tourism industry generated a total economic impact of 87.6 billion dollars, a 31% increase over 2021.
Tourism Economics is an Oxford Economics company focused on combining an understanding of the travel sector with proven economic tools. More than 500 companies, associations, and destinations work with Tourism Economics annually as a research partner.
According to Adam Sacks, president of Tourism Economics, "Orlando's 2022 visitor spending is 16% higher than 2019 levels, which is remarkable against the backdrop of national performance where travel spending barely reached pre-pandemic levels in 2022."
To put the numbers in perspective, Sacks compared visitor spending in Orlando to be the equivalent economic impact of 1,500 Taylor Swift concerts or a concert in our destination every night for four straight years!
Tourism Economics' data also found that for 2022, state and local taxes collected from visitor activity increased by $900 million, reaching $6.2 billion in 2022, 17% increase over 2021. This revenue funds essential services in the region, such as fire and law enforcement personnel, schoolteachers, and infrastructure, saving an average of $7,500 per household in taxes.
As we face headwinds ranging from the political climate to inflation, it is more important than ever to continue to invest in innovative, smart, data-driven strategies to inspire, promote and grow global travel to Orlando for economic and community benefit.