Timeshare Industry Contributes $79.5 Billion to U.S. Economy in 2015
Wednesday, August 10, 2016
The ARDA International Foundation (AIF) recently announced that the U.S. timeshare industry contributed more than $79.5 billion in consumer and business spending to the American economy in 2015. Those numbers also include more than 500,000 jobs and $28.1 billion in salaries and wages.
While the majority of the timeshare industry’s contribution to the economy exists in timeshare resorts, with factors such as new construction, renovations, and corporate operations, the study by AIF also estimates the private and public sector benefits of the timeshare industry as a whole.
For example, spending by timeshare owners and other guests was estimated at $10 billion. While $3.4 billion of that money was spent on-site at timeshare resorts, the remaining $6.6 billion was spent in local communities where timeshare resorts are located. Additionally, the timeshare industry accounted for more than $10 billion in tax revenue for the economy.
Howard Nusbaum, CEO of ARDA, had this to say:
“It is not just the vacationers that benefit from the timeshare industry. This industry has a huge impact on local economies through jobs, spending by vacationers and taxes. We are extremely proud of the significant contribution the timeshare industry makes to the U.S. economy. 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.”
With the timeshare industry on the rise, we can only expect more impressive yearly contributions to the U.S. economy and the job market. As more people become interested in the prospects timeshares have to offer, the industry will undoubtedly continue to grow. For more information on the ARDA study or the timeshare’s overall effect on the economy, read their official press release.