BAY LAKE, Fla. – Oxford Economics published a new study Tuesday that shows Walt Disney World Resort generating $40 billion in economic impact across Florida in fiscal year 2022.
The comprehensive analysis (read report at bottom of this story) unveils the resourceful contributions of Disney, ranging from job creation to tax revenue, and highlights its critical role in shaping the economic landscape of the Sunshine State.
The study looked at results prior to the Reedy Creek Improvement District, established in 1967, becoming the Central Florida Tourism Oversight District with the appointment of a new board.
The study showcases Disney’s extensive reach, fostering a major economic engine that extends far beyond its Central Florida theme parks.
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With a total statewide economic impact of $40.3 billion, the research group said Disney played a crucial role in supporting 263,000 direct and indirect jobs—equivalent to 1 in every 32 jobs in the state. Researchers said Disney’s direct workforce of 82,000 employees across the state translates into a significant ripple effect, supporting an additional 1.7 jobs for every on-site position within Florida.
The group found that without Disney’s statewide job impact, Florida’s unemployment rate would surge from 3% to a 5.4%, positioning the state as one of the nation’s highest in unemployment.
“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,” said Jeff Vahle, President, Walt Disney World Resort. “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.”
Disney’s financial skill isn’t confined to job creation alone. It’s also benefited areas around Central Florida and beyond.
“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,” Orlando Mayor Buddy Dyer said.
Oxford’s study revealed a substantial tax contribution of $6.6 billion, with $3.1 billion in annual state and local tax revenue generated by Disney, its guests, employees and third-party businesses.
Notably, 2,500 Florida-based small businesses are contracted to supply products and services to Disney World, forming a major part of the over 8,500 small businesses nationwide contracted by The Walt Disney Company.
“From Day 1, the experience and the relationship that Disney has offered us is better than anything I’ve ever seen. Our business has grown in the last three years by about 25 to 30%. We are pushing numbers that we never expected out of fast casual,” said James Petrakis, owner of The Polite Pig at Disney Springs.
Walt Disney World Resort, among the largest employers in Florida, boasts a massive economic impact as an international destination.
It drives benefits across the state economy through direct operations, robust supply chains, substantial tax payments, and the spending of guests within the hospitality, transportation and retail sectors.
In fiscal year 2022, Disney paid and collected a combined $1.1 billion in state and local taxes to Orange and Osceola counties and the state of Florida, as well as to the Central Florida Tourism Oversight District.
“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,” Orange County Mayor Jerry Demings said.
The economic engine is not ending anytime soon.
Just last week, Walt Disney Company CEO Bob Iger said the company is developing plans to “turbocharge” and expand investment in its experiences segment business to nearly double capital expenditures over the course of approximately 10 years to roughly $60 billion.
This includes enhancing and investing in domestic and international parks and cruise line capacity.
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