The Timeshare Industry Makes a Huge Impact
By Darla Zanini
July 18, 2012
We just wrapped up our Economic Impact Study conducted by Ernst & Young, which looked how the timeshare industry impacted the economy in 2011. In a word—significantly!
The industry contributed an estimated $70 billion in consumer and business spending to the national economy, which includes a total of 493,000 jobs with $23 billion in income. Our leadership at ARDA was very happy to see these numbers.
As ARDA CEO Howard Nusbaum said, “We aren’t just bringing people a better way to vacation, we are making a serious bottom-line economic impact.”
The impact of the timeshare industry on the U.S. economy extends beyond timeshare resorts, to include the economic impacts of sales and marketing offices, corporate operations, construction of new resorts, renovation of existing resorts, and the significant impact of expenditures of vacationers during timeshare stays. This study estimates the comprehensive private and public sector benefits generated by the timeshare industry.
Combined direct, indirect, and fiscal impacts in 2011 included $70 billion in consumer and business spending, 493,000 full- and part-time jobs, $23 billion in salaries and wages, and $7.7 billion in tax revenue. There are over 194,200 units in 1,548 timeshare resorts in the United States, encompassing a significant portion of the U.S. hospitality industry.
Spending by timeshare owners and guests during timeshare stays was estimated at $9.3 billion in 2011. About $1.5 billion was spent on-site at resorts, while $7.8 billion was spent off-site in the communities where the timeshare resorts are located.
In addition to private-sector benefits, the timeshare industry contributes significantly more federal, state, and local tax revenue per employee than the average industry, totaling $7.7 billion in 2011.
This report—along with the recent reporting that the overall travel industry has been creating jobs 26 percent faster than the rest of the economy since March 2011*, creating 271,000 new jobs in that time—gives us continued optimism about our industry.
For a full copy of this study, please contact me at firstname.lastname@example.org.
* U.S. Travel Association