California Timeshare Industry Adds $3.6 Billion to Local Economy
More than 24,000 New Jobs and $267 Million in tax revenue
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Sacramento, CA – December 6, 2016 – The California timeshare industry contributed an estimated $3.6 billion in consumer and business spending to the local economy in 2015, according to a study conducted by Ernst & Young for the ARDA International Foundation (AIF). Adding to this total were more than 24,000 jobs, $1.3 billion in salaries and wages, and $267 million in local and state tax revenues for California.
“Fostering the growth of tourism and travel in California is one of the core values of our organization. This study highlights how the contributions of the state’s timeshare industry not only support that growth but also help build upon our robust local economy,” said Lynn Mohrfeld, president and CEO of the California Hotel and Lodging Association.
In addition to the impact of jobs added, the local timeshare industry witnessed a total of $471 million in spending from vacationers in the state’s economy. Vacation spending was twice as much off-site or outside of the resort. An average party of four spent over $2,000 on vacation expenditures during their stay, flowing that cash revenue back into the local economy. There are 126 timeshare resorts and 15,876 rental units in California.
“It is not just the vacationers that benefit from the timeshare industry,” says Howard Nusbaum, president and CEO of ARDA. “This industry has a huge impact on local economies through jobs, spending by vacationers, and taxes.”
The overall economic impact of the timeshare industry in the U.S. last year was $79.5 billion in consumer and business spending, with more than 511,000 full- and part-time jobs, $28.1 billion in salaries and wages, and $10.2 billion in tax revenue.
Other states with significant economic contributions from the timeshare industry:
- Florida: $14.9 billion economic output; $5 billion labor income; 106,158 jobs, $865 million in tax revenue; and $2.6 billion in consumer spending.
- Nevada (Las Vegas): $2.5 billion economic output; $867 million labor income; 16,861 jobs, $148 million in tax revenue; and $436 million in consumer spending.
- South Carolina: $2.4 billion economic output; $818 million labor income; 19,157 jobs, $130 million in tax revenue; and $534 million in consumer spending.
All data was gathered from the American Resort Development Association (ARDA) International Foundation’s U.S. Timeshare Industry: Economic Impact Study 2016, conducted by Ernst & Young. For
details on the study, visit www.arda.org/foundation, and for more details on the California market, visit ARDA’s infographic on the “California Timeshare Industry: Building the Local Economy”.