Florida’s tourism industry is projected to expand steadily through 2030, with annual visitor numbers increasing each year, according to the Florida Economic Forecast Q3 2024 – 2030, released by Florida TaxWatch on Friday in partnership with the Regional Economic Consulting Group.
Florida welcomed 156.9 million visitors in 2023, contributing $131 billion in direct spending, an average of $359 million per day, according to data presented in the document. The report forecasts sustained growth in visitation, with annual arrivals expected to reach 156.5 million in 2025, 162.3 million in 2026, and 173.2 million by 2028. By 2030, the state is expected to attract 186 million visitors, reinforcing its position as one of the world’s top travel destinations.
The report further indicates that tourism remains a cornerstone of the state’s economy, directly supporting 2.1 million jobs and generating $76.4 billion in wages.
“Florida’s tourism is projected to increase steadily through 2028, and Florida’s tourism industry is projected to continue its strong growth through 2030, with more visitors expected each year,” Florida TaxWatch said in an issued release.
According to the report, revenue generated by visitors reduces the tax burden on Florida residents, with each household saving an estimated $1,910 annually in state and local taxes due to tourism-related revenue contributions. The industry’s impact is particularly pronounced in sectors including hospitality, food services, transportation, and entertainment.
Gov. Ron DeSantis announced earlier this month that Florida set a new tourism record in 2024, welcoming 142.9 million visitors, surpassing previous records and marking the highest number of travelers in the state’s history.
Nearly 30 million visitors traveled to The Sunshine State during the fourth quarter of 2024 alone, with close to 3 million of those being overseas travelers. DeSantis noted the role South Florida played in attracting international tourists, pointing to the region as a major hub for global visitors.
Last year’s tourism numbers were not accounted for in the Florida TaxWatch report.
While the tourism sector remains a primary driver of economic activity, the report situates its growth within broader economic trends, noting that Florida’s overall expansion is expected to moderate in the coming years.
The state’s real GDP growth, which stood at 3.5 percent in 2024, is projected to gradually decline to 3.0 percent by 2030. Employment is also expected to increase at a slower pace, rising from 9.9 million in 2024 to 10.6 million in 2030, with a peak unemployment rate of 3.9 percent in 2026 before easing to 3.6 percent by the decade’s end.
0 Comments