Sunday, October 23, 2011

Economic Contributions of Vacation Homes in Osceola County

This deeply researched 21 page study documents the $1.7 billion impact of vacation homes and short term rental activity in one Florida county.  Here's the conclusion:

Vacation homes are an integral part of contemporary tourism. Vacation homes seem to have become the accommodation mode of a growing number of domestic and international travelers, rivaling perhaps with that in the formal accommodation sector. It is relevant therefore to assess the contribution of this segment to the local economy. This study is a first attempt in this regard and it applies to Osceola County.

The study identified 7811 vacation homes in Osceola County. The owners of these homes are both domestic and international travelers and they are from high income households. About 60% of the owners enjoyed an income of $100,000 or higher and they are typical repeat travelers. The total impact in this category is $554.2 million and supporting more than 6000 jobs.

More than 1.24 million visitors rented homes in Osceola County. They contributed more than $1.1 billion to the local economy. Visitors in this segment are also from high income households, they stayed longer and they spent more compared to the average visitor to Osceola County.

The total impact of this segment on the Osceola County economy is roughly $1.7 billion dollars and it supports more than 20,000 jobs in the area, contributing significantly to the local economy. Furthermore, this segment created higher paying jobs and revealed higher tax exporting effects favoring the local residents. In addition, this segment displayed larger multipliers compared to the other market segments in the area. This is an indication of the economic potential of vacation homes in Osceola County.

Read the entire study or download it here ...

No comments:

Post a Comment

Thoughtful comments are welcome, whether you are in favor of vacation rentals or concerned about the impacts of VRs on your community. Comments that contain advertising, including ads for properties, will be deleted.