Orlando Tourism brings a USD $75 billion economic impact to the region.
Orlando has long been known for its beautiful climate, its gorgeous scenery, and citrus groves, but it’s no secret that the key to the region’s success has been the major theme parks that attract millions of visitors worldwide each and every year. Over the past few years, we have seen record-breaking statistics on just how big of an impact Orlando’s tourism industry has actually made in the region.
In 2018 alone, it is estimated that Orlando hosted over 75 million tourists (Best Choice Reviews). Of these 75 million, 6.48 million tourists were International (Globe News Wire). This record-high statistic landed us the spot as the most visited city in the United States, in close second was New York City with 65.2 million. WOW! To put things into perspective, the resident population of the Greater Orlando Metropolitan area, totals at 2.13 million (World Population Review).
The Theme Parks
These staggering numbers are of no surprise. The local economy, agreeable climate, ample land, and local tax incentives have brought some of the best major attractions in the world, right here to our own backyard. Orlando is home to 7 of the world’s largest theme parks including:
- Disney’s Magic Kingdom – 20,859,000 attendees
- Disney’s Animal Kingdom – 13,750,000
- Disney’s Epcot – 12,444,000
- Disney’s Hollywood Studios – 11,258,000
- Universal Studios Florida – 10,708,000
- Universal’s Islands of Adventure – 9,788,000
- SeaWorld Orlando – 4,594,000
Attendance data based off 2018 (source)
And the Rest of the Money?
Visit Orlando and Oxford Economics has been able to quantify exactly where all these tourist dollars were spent. Aside from the theme parks, they found (Orlando Sentinel):
- $8.1 Billion was allocated to Lodging
- $7.9 Billion in Food & Beverage
- $3.3 Billion to Education and Healthcare
- $5.8 Billion in Local and State taxes
Taking Hold of Opportunity
There is a great window of opportunity present for those who wish to take part in the massive influx of tourism dollars. For those with an entrepreneurial spirit, Florida is a great place to start your own small business. Additional information and procedures can be found at the Florida Division of Corporations (also known as SunBiz) by clicking here. Brokerages, such as my own, may also have a division of business brokering that can assist you in the purchase of existing businesses; a great option for those seeking more financial security.
If you aren’t quite ready to take on the risks and financial responsibility of running a small business, I highly recommend investing in a short-term rental property. Many investors from across the globe have seen opportunities in Orlando and have jumped at the chance to invest in its real estate. With the proper zoning and permits, a vacation property can bring about much profit by providing alternative accommodations to tourists looking for more affordable, spacious, and private lodgings. In fact, many clients have seen as much as a 8-12%* ROI in rental revenue when renting out their properties on platforms such as Airbnb or HomeAway. Additionally, when it comes to equity, homes in certain areas can have average annual appreciation at around 4-7%**. More information on vacation rental properties can be found here.
Interested in learning more? Let’s start a conversation and check out some options. Your home in the City Beautiful is closer than you think!
* Results may vary based on geographic location, subdivision, property condition, property management services. Results not guaranteed.
**Results may vary based on geographic location, subdivision, property condition. Results not guaranteed.