Timeshare Industry Adds $79.5 Billion to U.S. Economy - More Than 511,000 People Employed; $10.2 Billion in Tax Revenue
Washington, DC (PRWEB) August 09, 2016 -- The U.S timeshare industry contributed an estimated $79.5 billion in consumer and business spending to the national economy in 2015, according to a study conducted by Ernst & Young for the ARDA International Foundation (AIF). This impressive total includes more than 511,000 jobs with $28.1 billion in salaries and wages.
“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 impact of the timeshare industry on the U.S. economy extends far beyond timeshare resorts—including the impacts of sales and marketing offices, corporate operations, construction of new resorts, renovation of existing resorts, and the significant effects vacationers’ expenditures during timeshare stays. Overall, this study estimates the comprehensive private and public sector benefits generated by the timeshare industry.
Combined direct, indirect, and fiscal impacts in 2015 included $79.5 billion in consumer and business spending, over 511,000 full- and part-time jobs, $28.1 billion in salaries and wages, and $10.2 billion in tax revenue.
Spending by timeshare owners and guests during timeshare stays was estimated at $10 billion in 2015. About $3.4 billion was spent onsite at resorts, while $6.6 billion was spent offsite in the communities where timeshare resorts are located.
In addition to private sector benefits, the significant tax contributions of the industry are a source of revenue for federal, state and local governments – to the tune of $10.2 billion in 2015.
“We are extremely proud of the significant contribution the timeshare industry makes to the U.S. economy,” continued Nusbaum. “The $79.5 billion added to the economy in 2015 was a 16% increase since 2013—a trend we plan on seeing well into the future.”
The report was conducted by Ernst & Young and commissioned by the American Resort Development Association (ARDA) International Foundation. For more details, see ARDA’s “The Timeshare Industry Working for the U.S. Economy” infographic and for a copy of the full Economic Impact Study, visit http://www.arda.org/foundation.
The American Resort Development Association (ARDA) is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has almost 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC). For more information, visit http://www.arda.org or ARDA’s consumer website at http://www.VacationBetter.org.
Bonnie Lieb, Sage, http://www.sageagency.com, +1 703-421-1905, [email protected]
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