Florida Tops in Number of Timeshare Resorts

More Timeshare Owners Take Vacations in Florida

• 
  SAVE
• 
  SHARE
• 
  TEXT SIZE
• 
  PRINT
• 
  COMMENT
• 
  PDF

. October 14, 2008

WASHINGTON, DC, March 19, 2007. 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, Inc. Florida leads the nation in the number of timeshare resorts (378 compared with 366 in 2002) and the number of timeshare units (47,400, or 30.7% of the U.S. total, compared with 38,700 in 2002). More timeshare owners take vacations in Florida than any other state.

"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:

---|Took approximately 1.8 million timeshare vacations during 2005

---|Spent an average of $2,062 per trip for the traveling party

---|Yielded a total estimated spending of $3.7 billion

---|Spent approximately $2.6 billion on purchases of new Florida timeshares (representing 30% of the $8.6 billion of U.S. sales)

---|Contributed $1.3 billion towards maintenance fees for exiting units during 2005

---|Spent a combined total of $7.6 billion in direct timeshare related spending in Florida.

"The economic impact of the timeshare industry does not end with the initial purchase," said Scott Berman, a PricewaterhouseCoopers partner. "Timeshare purchases, combined with other expenditures and owner and guest spending during vacation, generate income as well as a ripple effect through other parts of the state's economy."