The Hawaii Timeshare Industry Boosting the Local Economy
The American Resort Development Association (ARDA) recently released a new report underscoring the significant impact that the timeshare industry has on Hawaii tourism and the economy. Although most people only think about resort operations when they discuss timeshares, the industry also includes sales and marketing offices, corporate operations, construction of new resorts and renovation of existing resorts, and the timeshare owners who spend money on food, transportation, entertainment and activities. The report's findings are based on a survey of timeshare resorts, developers and management companies. Here are some of the key findings:
- 101 timeshare resorts located on all islands, including 13,746 units.
- 26,696 people employed in the timeshare industry in 2019. 55% were directly involved in the industry and 45% were indirectly involved or induced.
- $1.7 billion paid in labor income.
- $4.3 billion produced in economic output.
- $195 million contributed in taxes. $61 million paid in state taxes and $134 million paid in local taxes.
- $32 million spent on construction of new timeshare resorts and $60 million spent on renovating existing resorts.
- $943 million dollars in off-site spending by timeshare owners. On average, a travel party of four will spend $4,307 during their stay.
This report confirms the value of the timeshare industry to Hawaii. While the industry comprises just 15% of the number of units available in the market, it is demonstratively the "little engine that could." (See more in the article that appeared in the Star Advertiser earlier this year and in our July 2020 newsletter: https://myemail.constantcontact.com/Timeshare---Hawaii-s-Tourism-Recovery-and-Future.html?soid=1131327540753&aid=D8CRCKNYxyg).
The full report can be purchased at: www.arda.org/research-aif.