Tourism generated a $124.9 billion impact on Florida's economy

03-02-24

Tourism has proven to be a crucial driver of Florida's economy, generating a significant impact of USD 124.9 billion in 2022. This sector is positioned as a key pillar in the state's economic advancement, contributing significantly to job creation and increased tax revenue.

A recent Visit Florida report reveals that visitor spending reached an impressive $124.9 billion in 2022, marking an increase of nearly $20 billion over the previous year. Governor Ron DeSantis highlighted the economic efficiency of this tourism influx, noting that of every dollar spent by the 137.4 million visitors, 97 cents stayed within the local economy.

"Florida continues to attract visitors, whether for business or pleasure, thanks to our policy of maintaining an open economy and allowing businesses to flourish free from unnecessary government restrictions," DeSantis stated, adding that Florida is the ideal destination for business and family vacations.

The Visit Florida analysis also highlights that tourism-related employment not only regained its pre-pandemic level, but surpassed it, reaching 2 million jobs, a 16.8% rise. In 2022, domestic visitors contributed $112.7 billion, while international visitors contributed $12.2 billion. These numbers represent an increase over 2021, when the sum of both groups of visitors was $105.1 billion.

The tourism sector stands as the state's second largest employer, accounting for 9.5% of all jobs in Florida in 2022, generating $73 billion in wages and collecting $35.2 billion in taxes, evidence of its essential contribution to the state's economic well-being.

The study highlights the dependence of private employment on tourism, with one in six jobs supported by this sector in 2022, and notes the additional tax burden Florida households would face without tourism-generated income.

With respect to where visitors are coming from in 2022, the percentages of arrivals from New York, Georgia and Texas stand out, as well as notable international participation led by Canada, the United Kingdom, Brazil and Colombia.

Pending full 2023 data, which will be available in May 2024, the report anticipates the continued importance of tourism in Florida's economic recovery, outpacing national trends and cementing the state as a destination of choice for visitors from around the world.