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- Disney experiences brought in $40.3 billion in economic activity in Florida in fiscal year 2022.
- That's per a new Disney-commissioned Oxford Economics report, which dives into the Mouse's impact.
- Disney economic activity is keeping unemployment low and tax revenue high.
The House of Mouse isn't just the so-called happiest place on earth — it's also an economic powerhouse for Florida, according to new research, even amidst ongoing turmoil in its home state.
A new study from Oxford Economics, commissioned by Disney, found that Disney's operations generated $40.3 billion in both indirect and direct economic activity in Florida during fiscal year 2022. That study looks at the total impact of Disney experiences in Florida, which includes the Walt Disney World Resort, Disney Vacation Club, and Disney Cruise Line.
"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," Adam Sacks, president of Oxford Economics's Tourism Economics, said in a press release.
To put that into perspective, Florida's GDP in 2022 was around $1.4 trillion, meaning that Disney's economic impact comes in at about 3% of the state's total GDP. In essence, about one out of every 36 dollars spent in Florida directly or indirectly came from a Florida Disney experience.
Notably, the report looks at economic impact before Governor Ron DeSantis' move to turn Disney's Reedy Creek Improvement District into the Central Florida Tourism Oversight District. Amid that conflict with DeSantis, the company scrapped plans to move 2,000 workers from California to Florida earlier this year.
The report also finds that Disney is responsible for 263,000 jobs both directly and indirectly across the state. According to the Bureau of Labor Statistics, Florida recorded 11,154,000 jobs in September 2023 — meaning that Disney is responsible both directly and indirectly for a little over 2% of Florida's jobs.
In total, per the report, 82,000 of those 263,000 jobs are from Florida's Disney workforce. Florida's unemployment rate hovered at 2.8% as of September 2023; Oxford Economics estimated that, should Disney-supported jobs disappear, the state's unemployment rate would sit at 5.4%.
All of those numbers serve to illustrate that Disney is still an economic powerhouse in Florida, even as the summer saw declining foot traffic. Despite a fall in Walt Disney World's operating results amidst higher costs due to inflation and guests spending less at hotels, Disney's parks are still a widely profitable enterprise.
In fiscal year 2022, Disney was responsible for $12.1 billion in total labor income, per the report, and contracted 2,500 small businesses in Florida. The company also agreed to an $18 minimum wage for its union workers in March, a hike from $15 an hour that came after workers rejected a hike to $17 an hour. That's a pay bump that workers celebrated, and one that's likely to have a ripple effect across pay in Central Florida.
In total, according to the report, Disney generated $6.6 billion in taxes in fiscal year 2022.
"What started as the next big dream of Disney's founders, turned into a great, big, beautiful tomorrow for the Sunshine State," Tajiana Ancora-Brown, the director of external affairs at the Walt Disney World Resort, wrote in a blog post. "No other company but Disney creates the moments and lifelong memories that people carry with them in their hearts and pass on to future generations. That's always been true of our guests and fans, but also of the many other lives we touch in the Florida community we call home."