Disney Generates Billions in the Florida Economy
The Walt Disney Company generates billions in the Florida economy. Recently, Disney shared just how much the company supports local businesses and impacts the local economy.
In the fiscal year 2022, a recent study by Oxford Economics revealed that Walt Disney World Resort, renowned as one of the globe’s premier vacation spots, contributed a substantial $40 billion to the economic landscape of Florida. Additionally, it played a pivotal role in creating over a quarter of a million jobs within the state. This noteworthy information was announced on Tuesday.
The research highlighted that over the past five decades, Disney has been a significant contributor to Florida’s economy, tourism sector, and small businesses. The study indicates that Disney’s influence has resulted in the creation of 263,000 jobs, both directly and indirectly, within the state. This amounts to approximately 1 out of every 32 jobs in Florida, encompassing Disney’s own workforce of 82,000 spread across the state.
Remarkably, the study demonstrated that without Disney’s impact, Florida’s unemployment rate would experience a substantial increase from 3% to 5.4%. Furthermore, the company plays a pivotal role in generating $6.6 billion in tax revenue for the state.
Commissioned by Disney, the study also delves into the economic influence of Disney Signature Experiences in Florida, encompassing entities like Disney Vacation Club and Disney Cruise Line. Nevertheless, Disney’s impact extends across a diverse spectrum of goods and services, involving everyone from the painters responsible for maintaining Cinderella Castle to the vendors supplying various treats within the parks.
Disney also gives back to Florida nonprofits by contributing hundreds of millions of dollars throughout its history.
Last month, the company announced another round of donations totaling $1.5 million going to 19 organizations. In fiscal year 2022, Disney cast members donated more than 233,000 volunteer hours in Florida.
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