WASHINGTON, (September 10, 2010) – A recently released economic impact study of the timeshare industry highlights the key economic and fiscal impacts on the U.S. economy in 2009, according to the American Resort Development Association (ARDA). Developed in conjunction with Ernst & Young, the report shows that the U.S. timeshare industry generated an estimated $69 billion of economic output: 465,800 full- and part-time jobs, more than $22 billion in income and nearly $8.4 billion in total taxes.
“The contribution of the timeshare industry on local economies goes beyond the resort footprint,” said Howard Nusbaum, ARDA president and CEO. “In addition to sales and corporate operations, development of new resorts and renovation projects, it also includes the impact of expenditures from vacationers during timeshare stays.”
The study highlights private-sector benefits, such as jobs and income, and tax contributions as an important revenue sources for federal, state and local governments. The timeshare industry produces significant amounts of individual income tax and employment tax at the federal level and contributes to property tax, sales tax and occupancy tax revenue for state and local governments.
The report delineates between direct and indirect impact and analyzes the breakdown of the various operations and expenditures categories.
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 over 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 www.arda.org or ARDA’s consumer website at www.VacationBetter.org
Lou Ann Burney, ARDA