South Carolina Timeshare Industry Adds $2.4 Billion to Local Economy
More than 19,000 New Jobs and $130 Million in tax revenue
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Myrtle Beach, SC – December 6, 2016 – The South Carolina timeshare industry contributed an estimated $2.4 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 over 19,000 jobs, $818 million in salaries and wages, and $130 million in local and state tax revenues for the region, providing significant funds toward enhancing the local infrastructure, education, and a wide variety of other crucial public services.
“Timeshare is a vital component of the Myrtle Beach area tourism industry. Growth in timeshares has created thousands of jobs in our community, and timeshare guests help pay for infrastructure, education, police protection, and other essential public services,” said Brad Dean, president and CEO of Myrtle Beach Area Chamber of Commerce. “Our local timeshare industry plays a key role in helping grow our economy while enhancing our quality of life.”
The local timeshare industry witnessed a total of $534 million in spending from vacationers. Vacation spending was twice as much off-site or outside of the resort. An average party of four spent around $1,500 on vacation expenditures during their stay, flowing that cash revenue back into the local economy.
Employment in the state’s timeshare industry averaged 2 percent higher compensation than the same positions across the U.S. in corporate, sales and marketing, and resort operations. Direct employment associated with the timeshare industry in the U.S. was estimated to be 231,090 jobs and 280,692 jobs in indirect employment. On average, there are 2.21 total jobs created in the U.S. economy for each direct employee associated with the timeshare industry.
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.
- California: $3.6 billion economic output; $1.3 billion labor income; 24,395 jobs, $267 million in tax revenue; and $471 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 details on the South Carolina market, visit ARDA’s infographic on the “South Carolina Timeshare Industry: Building the Local Economy”.