Disney Says It Has $40 Billion Economic Impact On Florida Amid DeSantis Court Battle
Disney is fighting Florida Gov. Ron DeSantis and his appointees over their takeover of the district that runs the entertainment company's huge resort in central Florida. A study released on Tuesday shows that Disney says it has a $40B economic impact on Florida.
Author:Alex MercerReviewer:Nathanial BlackwoodNov 16, 2023155 Shares155.1K Views
Disney is fighting Florida Gov. Ron DeSantis and his appointees over their takeover of the district that runs the entertainment company's huge resort in central Florida. A study released on Tuesday shows that Disney says it has a $40B economic impact on Florida.
A study commissioned by Disney and done by Oxford Economicsfound that Disney created 263,000 jobs in Florida, which is more than three times the number of people working at Walt Disney World. The study covered the fiscal year 2022. The study found that the company had a multibillion-dollar effect on more than just jobs and spending. It also had an effect on the supply chain and the spending of workers.
Disney Says It Has $40B Economic Impact On Florida
An economic study paid for by Disney says the company has a $40B effect on Florida. If Walt Disney World disappeared from Florida, the jobless rate would rise from 3% to 5.4%. That's how important the theme park is to the state's job market.
Oxford Economics in the UK did a new study that says Disney contributed $40.3 billion to the state's economy during its fiscal year of 2022. This includes both direct and indirect spending by Disney's workers and its supply chain. The study said that Disney supports 263,000 jobs in Florida. These jobs are held by 82,000 Disney employees across the state as well as workers from other businesses that can do business with Disney because it's in Florida.
The in-depth study shows Disney's useful contributions, such as creating jobs and bringing in tax money, and emphasizes its important part in shaping the state's economy.
The study looked at what happened before the Reedy Creek Improvement District, which was set up in 1967, changed its name to the Central Florida Tourism Oversight District and got a new board. The study shows how far Disney's influence goes, creating a big economic engine that goes far beyond its theme parks in Central Florida. 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.- Jeff Vahle
The study looks at the time before DeSantis and his picks took over Disney World's governing district earlier this year. This happened after Disney publicly opposed a state law that would have banned early grade school lessons on sexual orientation and gender identity. DeSantis, who is running for the GOP presidential nomination in 2024, pushed for the law.
Disney is suing DeSantis and his picks in federal and state courts over the taking of the Central Florida Tourism Oversight District, which used to be called the Reedy Creek Improvement District but was changed to that name by DeSantis' picks. The Florida Legislature set up the district in 1967 to handle city services like firefighting, road fixes, and trash collection. Until earlier this year, it was run by people who support Disney.
There were Disney supporters on the board of the district before DeSantis's appointees took over. They signed agreements with Disney that gave the company control over design and building at Disney World. The new people appointed by DeSantis said that the "eleventh-hour deals" took away their power. The district then sued the company in Orlando state court to get the contracts thrown out. Disney has made counterclaims, which ask the state court to say that the agreements are legal and can be enforced.
In federal court in Tallahassee, Disney has also sued DeSantis, a state agency, and DeSantis appointees on the district's board. The company says its free speech rights were violated when the governor and Republican lawmakers went after it for speaking out against the law that its opponents called "Don't Say Gay."
Final Words
As it fights Florida's takeover of its district, Disney has said that it is worth $40.3 billion to the state. The business has four theme parks, 25 hotels, two water parks, and a shopping and eating area in an area close to Orlando.
The 2022 data-based study that Disney paid Oxford Economics to do comes at a time when the company is in a court battle with Gov. Ron DeSantis (R) over the state's takeover of Reedy Creek, a municipal district that the company ran.
A study commissioned by Disney and done by Oxford Economicsfound that Disney created 263,000 jobs in Florida, which is more than three times the number of people working at Walt Disney World. The study covered the fiscal year 2022. The study found that the company had a multibillion-dollar effect on more than just jobs and spending. It also had an effect on the supply chain and the spending of workers.
Alex Mercer
Author
Alex Mercer is a seasoned author and analyst specializing in wealth research, with a keen focus on evaluating the net worth of individuals across various industries. With over a decade of experience in financial analysis and wealth assessment, Alex has developed a nuanced understanding of the factors that contribute to an individual's financial status, from investments and assets to market trends and economic policies. His work involves in-depth reviews and analyses, providing insightful observations on wealth accumulation, management strategies, and the socio-economic implications of wealth distribution.
Throughout his career, Alex has become known for his ability to distill complex financial data into understandable and engaging narratives, making the subject of wealth and net worth accessible to a broad audience. His expertise is not just in numbers but in telling the stories behind them, highlighting the journeys, strategies, and decisions that lead to financial success or challenges. Alex's contributions to the field of wealth research are valuable resources for anyone looking to understand the dynamics of wealth in today's world, offering a unique perspective that bridges the gap between financial analysis and human interest.
Nathanial Blackwood
Reviewer
Nathanial (Nate) Blackwood is a distinguished financial journalist with a decade of experience in net worth analysis. He holds an Economics degree from the University of Finance and a Data Analysis certification, enabling him to blend thorough insights with engaging storytelling. Nate is known for making complex financial information accessible to a wide audience, earning acclaim for his precise and reader-friendly analyses. Beyond his writing, Nate is dedicated to financial literacy, actively participating in educational forums and workshops.
He is the founder of PureNetWealth, a platform that demystifies the financial achievements of public figures by exploring the strategies and decisions behind their fortunes. Nate's work bridges the gap between intricate economic concepts and the general public, inspiring a deeper understanding of wealth dynamics. Follow Nathanial Blackwood for essential insights into the financial narratives shaping our world.
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