575 research outputs found

    Economic Impact Analysis of the Tourism Industry

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    The tourism industry in Osceola County has undergone some significant changes over the past ten years. The inventory of the accommodation sector increased by more than 20%; the industry became more diversified and complex by a greater number of timeshare properties in the area, the emergence of vacation homes as a prominent market segment and the emergence of convention hotels. The continuing evolution of the tourism industry has kept it a significant player in the economic landscape of the county. The analysis considered the local tourism industry from the perspective of both direct impacts (i.e. employment, value-added and government revenues generated by the local tourism industry and its employees) and indirect impacts (i.e., the employment, value-added and government revenues generated by suppliers to the industry). The analysis confined the tourism industry to three market segments, including hotels, timeshare properties and vacation homes. It excluded the segments of visitors to the 3,667 campsites/RV sites reported by the Kissimmee Convention & Visitors Bureau and those visiting friends and relatives (VFR) due to the difficulties in collecting data related to these segments. Tourism brought in 6.2 million visitors to the area in 2007, which is a 5% increase compared to 2006. The total economic contribution of the tourism sector is estimated at more than 2.7billiondollarsin2007,generatingnearly47,000jobsthroughouttheeconomywithatotalofnearly2.7 billion dollars in 2007, generating nearly 47,000 jobs throughout the economy with a total of nearly 1.8 billion in earnings. In addition, it yielded 239millionintaxesforthestateandlocalgovernments,and239 million in taxes for the state and local governments, and 35 million in room taxes. The county received an estimated 15milliondollarsfromsalestax.Theinventoryofthelodgingindustryintheareatotals46,283unitsattheendof2007.Thehotelsegmentcontainsthelargestamountofunits(atotalof24,355)followedbythetimesharepropertiesandvacationhomeswith8341and7811unitsrespectively.Visitorsfromthethreemarketsegmentsdisplayeddifferentspendingpatternsduringtheirstayandindicatingthereforedifferenteconomiceffectsthroughoutthecounty.Theeconomiccontributionofthehotelsegmentaccountedformorethan15 million dollars from sales tax. The inventory of the lodging industry in the area totals 46,283 units at the end of 2007. The hotel segment contains the largest amount of units (a total of 24,355) followed by the timeshare properties and vacation homes with 8341 and 7811 units respectively. Visitors from the three market segments displayed different spending patterns during their stay and indicating therefore different economic effects throughout the county. The economic contribution of the hotel segment accounted for more than 1.7 billion dollars, generating nearly 27,000 jobs and yielding nearly 155millionintaxes.Theaveragewagewas155 million in taxes. The average wage was 24,118. The timeshare segment yielded 383millionineconomiccontribution,generatedmorethan9000jobsandproduced383 million in economic contribution, generated more than 9000 jobs and produced 28 million in taxes. The average wage for the timeshare for the timeshare industry was 22,471.Finally,thevacationhomessegmentcontributedmore22,471. Finally, the vacation homes segment contributed more 641.5 million to the county economy, yielded over 10,000 jobs, and accounted for 57millionintaxes.Theaveragewageforthevacationhomessegmentwas57 million in taxes. The average wage for the vacation homes segment was 22,886 (see Table 1). The average wage for the tourism industry was $23,159

    The Dick Pope Sr. Institute for Tourism Studies, Marketing Flyer

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    This pamphlet describes mission and services of the Dick Pope Sr. Institute for Tourism Studies

    Tourism Specialization and Economic Output in Small Islands

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    Purpose– This study aims to investigate growth differentials among small islands and the impact of tourism specialization on the growth and the economic performance of small islands. Design/methodology/approach– The study is based on trade theory and uses data from a panel of small islands for 1995-2007. It applies panel regression and standard time series methods combined with a qualitative approach. Findings– Small islands experienced stronger basic patterns of growth than many developed countries, especially where economies of scale are not an issue. The findings further suggest that tourism specialization is not harmful to growth, and, in lieu of technological gaps and resource limitations, tourism specialization is a sound option. Size, a lack of complete sovereignty or independence and export orientation do not seem to affect the variance in the real per capita GDP at a greater degree. Finally, small islands may leverage returns to scale in global markets. Research limitations/ implications– While tourism specialization is assumed to enhance growth, in the case of small island destinations, the study did not formally test whether increased terms-of-trade may be perpetually improved. Practical implications– The study prompted four policy suggestions: small island economies should engage in tourism specialization; small island economies should allocate more resources to the tourism industry than other economic sectors; the success of tourism specialization does not depend exclusively on comparative advantage; and institutional realities and path dependence may play a role in economic performance. Originality/value– The originality of this study lies in the detection of a paradox in mainstream economics that indicates that small islands may not enjoy sustained economic growth. The detection led to a surprising discovery that tourism specialization may propel growth. The value of the study is twofold: theoretical value is added by suggesting a reconceptualization of the construct capital; and, practical value is strengthened in the sense that tourism specialization may only work under a condition where upon tourism offerings command higher prices than other commodities
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