This morning, The Walt Disney Company released a study conducted by Oxford Economics highlighting Disney’s economic impact on the state of Florida.
About the Report:
- According to Oxford Economics' report, Disney’s statewide economic impact on Florida totalled $40.3 billion in fiscal 2022.
- Additionally, it’s estimated that the company has directly or indirectly created 263,000 jobs in the state during that time. That amounts to 1 out of every 32 jobs in Florida.
- This figure includes the 82,000 workers that Disney employs across the state.
- Moreover, in Central Florida, Disney “directly supports” 12% of all jobs. And, for every on-site job at Disney, the report estimates that an additional 1.7 jobs are supported across Florida.
- The study goes on to suggest that, without Disney’s impact, unemployment in the Sunshine State would rise from the current 3% to 5.4%. That would be the second highest in the nation rather than Florida’s ranking as the 21st lowest for unemployment.
- In terms of tax revenue, the company, its visitors, its employees, and third-party businesses generate a reported $6.6 billion, which includes $3.1 billion in state and local taxes annually.
- Elsewhere, according to Disney, it contracts 2,500 Floridian small businesses to supply products and services to Walt Disney World. Nationwide, Disney contracts more than 8,500 small businesses.
- That fact is something Disney also highlighted in a new ad:
- As Disney notes, the Oxford Economics study used figures from fiscal year 2022, which is before the Reedy Creek Improvement District transitioned into the Central Florida Tourism Oversight District following the appointment of a new board by Governor Ron DeSantis.
- The release of the report also comes as Disney is planning to invest an estimated $60 billion in its Experiences business over the course of the next 10 years.
What They’re Saying:
- Orlando Mayor Buddy Dyer: “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.”
- Orange County Mayor Jerry Demings: “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.”
- Pamela Landwirth, President & CEO of Give Kids The World Village: “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.”
- Adam Sacks, President of Tourism Economics, a division of Oxford Economics: “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. 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.”
- Jeff Vahle, President, Walt Disney World Resort: “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. 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.”