WASHINGTON, DC (August 7, 2014) — The U.S timeshare industry contributed an estimated $68.7 billion in consumer and business spending to the national economy in 2013, according to a study conducted by Ernst & Young for the American Resort Development Association (ARDA). That includes a total of 473,000 jobs with $23.6 billion in income.
“Timeshare makes a huge impact on local economies throughout the country,” says Howard Nusbaum, president and CEO of ARDA. “This industry fuels the economy through jobs, spending by vacationers, and taxes – and we are proud of this significant contribution.”
The impact of the timeshare industry on the U.S. economy extends beyond timeshare resorts, including the economic impacts of sales and marketing offices, corporate operations, the construction of new resorts, the renovation of existing resorts, and the significant impact of expenditures of vacationers during timeshare stays. This study estimates the comprehensive private and public sector benefits generated by the timeshare industry.
Combined direct, indirect, and fiscal impacts in 2013 by the U.S. timeshare industry included $68.7 billion in consumer and business spending, 473,000 full- and part-time jobs, $23.6 billion in salaries and wages, and $8.5 billion in tax revenue.
Spending by timeshare owners and guests during timeshare stays was estimated at $10 billion in 2013. About $2.1 billion was spent on-site at resorts, while $7.9 billion was spent off-site in the communities where the timeshare resorts are located.
In addition to private sector benefits, the timeshare industry contributes significantly more federal, state, and local tax revenue per employee than the average industry, totaling $8.5 billion in 2013.
The report was conducted by Ernst & Young and commissioned by the American Resort Development Association (ARDA) International Foundation. For more details, see ARDA’s “Timeshare Industry Fuels the U.S. Economy” infographic and for a copy of the full Economic Impact Study, visit 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 www.arda.org or ARDA’s consumer website at www.VacationBetter.org.
PRESS RELEASE SOURCE: ARDA