More Timeshare Owners Take Vacations in Florida
than Any Other State
|WASHINGTON - The Florida timeshare industry contributed $14.3 billion
to the statewide economy in 2005, according to a study conducted by PricewaterhouseCoopers
(PwC) and released today by AIF, the research arm of the American Resort
Development Association (ARDA). Undertaken to analyze the impact of timeshare
developers and owners and their value to Florida’s economy, the study was
released in advance of ARDA’s annual convention that will draw 4,000 timeshare
industry professionals to Orlando next week.
The combined direct and indirect economic impacts for the industry in 2005 represent a 25.6% increase over 2002, when the last generation of this study was undertaken. In total, the Florida timeshare industry supported 161,100 full- and part-time jobs (22,400 additional jobs, representing a 16.2% increase from 2002), $5.4 billion in salaries, wages, and related income (a 27.8% increase from 2002), and $2.1 billion in tax revenue during 2005 (a 25.2% increase over 2002).
"The economic benefits the timeshare industry conveys to Florida communities,
surrounding resorts and the state as a whole are documented and substantial,
underscoring our position as a serious, stable, and growing economic catalyst,”
said Raymond L. “Rip” Gellein, Jr., RRP, ARDA Chairman and president of
the Global Development Group of Starwood Hotels & Resorts Worldwide,
"With nearly one third of U.S. timeshare units as well as the headquarters and central offices of many of North America’s large and mid-size timeshare development companies, the timeshare industry has proven a boon to Florida,” said Howard C. Nusbaum, RRP, president and CEO of ARDA. “The areas with timeshare resorts, such as Central Florida, continue to benefit from the generation of loyal repeat visitors, new jobs, and consumer expenditures, as well as the industry’s elevated occupancy rates and overall stability."
Timeshare owners’ travel and vacations generate dollars for Florida economy
In examining 2005 direct industry impact, the study showed 7.9 million timeshare owners, their guests, and others renting units:
More timeshare resorts mean more jobs, spending, and taxes for Florida
Direct resort impacts were substantial, as timeshare resorts, corporate offices, call centers, and off-site sales offices employed an estimated 54,300 people (compared with 44,200 in 2002) who earned approximately $1.8 billion in salaries, wages and related income (compared to $1 billion in 2002). Direct resort construction impacts, which occurred as the industry expanded existing resorts and built new ones to keep pace with sales, supported approximately 6,700 jobs (compared to 4,500 in 2002) and $270 million in salaries, wages and related income (compared to $170 million in 2002).
The average timeshare employee earned $33,000 in salaries, wages and related income—more than employees in the Florida hotel and lodging industry. Timeshare resorts operated with an average occupancy rate of 82.4% in 2005, compared to the average Florida hotel occupancy of 69.1%.
|Also See:||Dr. Guido Renggli, Creator of the Resort Timeshare Concept 40 Years Ago, Named to ARDA Circle of Excellence Lifetime Achievement / May 2002|