Tourism delivers $134B economic impact, saves average taxpayer $2K

New data shows travel and tourism generated $133.6 billion in economic impact in 2024 and saved Florida’s more than 9 million households nearly $2,000 each in annual state and local taxes, VISIT FLORIDA’s 2024 Economic Impact of Tourism study reveals.

Most of the economic impact, $134.9 billion, came from out-of-state visitors, a 3% increase over 2023. Americans were the largest impact drivers, accounting for $120.1 billion of the total economic impact last year. International visitors generated a $14.8 billion economic impact.

The data shows that 99% of all all money spent by tourists last year stayed in the state’s economy.

Tourism also remains a major job creator, with 1.8 million jobs representing nearly $80 billion in wages.

Tourism-related activity produced $33.6 billion in federal, state, and local taxes.

“Our tourism industry is critical to Florida’s strong economic position,” Gov. Ron DeSantis said. “Florida remains the top destination for travelers from across the country and the world because we prioritize freedom and safety. Tourism fuels jobs and keeps Florida’s economy strong.”

Other 2024 tourism highlights include record-breaking numbers of visitors, at 143 million. The travel and tourism sector last year represented nearly 8% of Florida’s Nominal Gross State Product. And tourism spending that remains in the state, at 99-cents per dollar, is a two-cent increase from 2023.

Taxes generated by travel and tourism last year reached $33.6 billion, a 3.3% increase over 2023.

In all, VISIT FLORIDA estimates Floridians would pay $1,730 more annual on average in state and local taxes to sustain current revenue levels if tourism revenue was not available.

“Tourism drives Florida’s economy,” VISIT FLORIDA President and CEO Bryan Griffin said. “This new data from VISIT FLORIDA’s economic impact study demonstrates the value of Florida’s investment in tourism and tourism marketing. Florida’s 9.1 million households are saving nearly $2,000 a year because of the tax revenues generated by Florida tourism. VISIT FLORIDA will continue to responsibly steward this valuable investment for Florida’s residents.”