Hawaii’s Economy Boosted by Timeshare Industry According to ARDA
Monday, October 23, 2017
The American Resort Development Association (ARDA) International Foundation and ARDA-Hawaii recently had Ernst & Young (EY) conduct a study to determine the timeshare industry’s impact on the Hawaiian economy, and the results show that the industry plays a very significant role.
Hawaii’s timeshare industry is responsible for yielding approximately $5.3 billion in consumer and business spending, $1.8 billion in labor income, and $263 million in state and local tax revenue in 2016. The study also found that 31,727 local jobs could be attributed to the industry.
ARDA-Hawaii Chairman and Imanaka Asato LLC Managing Principal Mitchell A. Imanaka stated the following:
“With 95 resorts and more than 15,000 units, the timeshare industry is an important component of Hawaii’s tourism industry. It accounts for 13 percent of the state’s visitor lodging inventory and has a significant impact in terms of job growth, economic development and consumer spending.”
In 2016, the average party of four visiting the state spent almost $4,000 on their trip, and off-site consumer spending totalled $1.3 billion. The timeshare industry’s impact was broken down on a per island basis, demonstrating the following results:
Oahu
- Jobs: 12, 728
- Labor Income: $860 million
- Economic Output: $2.3 billion
- State and Local Taxes: $121 million
- Off-site Consumer Spending: $478 million
Maui
- Jobs: 9,522
- Labor Income: $508 million
- Economic Output: $1.4 billion
- State and Local Taxes: $73 million
- Off-site Consumer Spending: $424 million
Kauai
- Jobs: 5, 938
- Labor Income: $269 million
- Economic Output: $1 billion
- State and Local Taxes: $48 million
- Off-site Consumer Spending: $296 million
Hawaii Island
- Jobs: 3,434
- Labor Income: $163 million
- Economic Output: $508 million
- State and Local Taxes: $20 million
- Off-site Consumer Spending: $150 million
The study also looked at timeshare owners living in Hawaii, and found that, of the 25,683 Hawaiian residents who own timeshares, 16.1 percent own a timeshare in their state. Imanaka reflected on this:
“It is not just visitors who benefit from the timeshare industry. Timeshare is owned and used by local residents who understand the great advantages that vacation ownership provides to both owners and the local community.”
The study conducted by EY was titled Economic and Fiscal Impacts of the Hawaii Timeshare Industry, 2017 Edition. To learn more about the study, and ARDA, visit their website.
