by Ray Keating
News/Analysis/Commentary
DisneyBizJournal.com
The impact of The Walt Disney Company on the state of Florida obviously is substantial, and that has been the case for decades. That point is reinforced by a new study from Oxford Economics, commissioned by Disney, with the timing of the report’s release coinciding with the global attraction industry coming together in Orlando this week for IAAPA Expo 2023.
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Adam Sacks, president of Tourism Economics, a division of Oxford Economics, declared, “Disney is an economic catalyst to the state of Florida generating billions in economic activity, either directly, or indirectly through its supply chain and the spending of employees. Disney is also vital to the funding of public services, as it generated taxes of $6.6 billion in 2022, including state and local taxes of $3.1 billion.”
While studies like this work according to a variety of assumptions that can be debated, the magnitude of Disney’s impact cannot be missed by even the most casual observers. Here are a few key findings from the study, as reported by the Disney Parks Blog:
• During fiscal year 2022, Disney had a $40.3 billion impact on Florida.
• Direct and indirect jobs linked to Disney in Florida was estimated at 263,000. It was reported, “One in every 32 Florida jobs can be attributed to Disney.” That includes Disney’s 82,000 employees across the state.
• Disney contracts with 2,500 small businesses in Florida.
That last point is important, as people in general, including critics, will talk about Disney just being a big business. But our economy is tightly intertwined, and every large business works with small businesses in a variety of ways. In fact, there’s little doubt that Disney’s impact on small business goes well beyond those 2,500 cited contractors, as a host of small businesses – from individual entrepreneurs without employees to small businesses with payroll – serve Disney, Disney cast members, Disney guests, and beyond.
Jeff Vahle, president of Walt Disney World Resort, said, “I am incredibly proud of how Disney has created meaningful change and benefitted people’s lives in Florida for generations, not just in establishing our area’s theme park industry, but also in how we have worked with other sectors across the state to do the same. The numbers speak for themselves on why Disney is so important to fueling jobs, the economy and tourism throughout our region, and the future investments we’re looking to make will continue to provide even more opportunities for Floridians.”
While companies often hire consulting firms to do such estimates in order to make clear their economic impact, this latest report, of course, comes amidst attacks by Florida Governor Ron DeSantis (who is seeking to be the Republican presidential candidate in 2024) on the company over political disagreements – a battle that has spilled into the courts.
No matter where one comes down on those issues, two things are worth noting. First, free speech pertains to those with whom one disagrees. Second, using the powers of government to attack particular businesses with whom one has political disagreements is dangerous both politically and in terms of the economy.
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Ray Keating is the editor, publisher and economist for DisneyBizJournal.com; and author of the Pastor Stephen Grant thrillers and mysteries, the Alliance of Saint Michael novels, and assorted nonfiction books. Have Ray Keating speak your group, business, school, church, or organization. Email him at raykeating@keatingreports.com.
The views expressed here are his own – after all, no one else should be held responsible for this stuff, right?
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