Hawaii Timeshare Industry Adds $5.3 Billion to Local Economy

Hawaii’s timeshare industry contributed an estimated $5.3 billion in consumer and business spending in 2016, according to a recent study conducted by EY for the ARDA International Foundation (AIF) and ARDA-Hawaii. The industry also accounted for 31,727 local jobs, $1.8 billion in labor income and $263 million in state and local tax revenue.

“With 95 resorts and more than 15,000 units, the timeshare industry is an important component of Hawaii’s tourism industry,” said Mitchell A. Imanaka, ARDA-Hawaii Chairman and managing principal of Imanaka Asato LLLC. “It accounts for 13 percent of the state’s visitor lodging inventory and has a significant impact in terms of job growth, economic development and consumer spending.”

In 2016, Hawaii’s timeshare industry accounted for $1.3 billion in off-site consumer spending. An average party of four spent nearly $4,000 on vacation expenditures during their stay, flowing that cash revenue back into the local economy.

The timeshare industry has a major presence on four Hawaiian Islands. To follow is an island-by-island breakdown of key economic indicators:

Oahu

Jobs                                                     12,728

Labor Income                                    $860 million

Economic Output                               $2.3 billion

State & Local Taxes                           $121 million

Off-site Consumer Spending             $478 million

Maui

Jobs                                                     9,522

Labor Income                                    $508 million

Economic Output                               $1.4 billion

State & Local Taxes                           $73 million

Off-site Consumer Spending             $424 million

Kauai

Jobs                                                     5,938

Labor Income                                    $269 million

Economic Output                               $1 billion

State & Local Taxes                           $48 million

Off-site Consumer Spending             $296 million

Hawaii Island

Jobs                                                   3,434

Labor Income                                    $163 million

Economic Output                               $508 million

State & Local Taxes                           $20 million

Off-site Consumer Spending             $150 million

 

The study also looked at Hawaii timeshare owners. It found that 25,683 Hawaii resident households (5.1%) own a timeshare. Of these owners, 16.1 percent own a timeshare in Hawaii.

“It is not just visitors who benefit from the timeshare industry,” continued Imanaka. “Timeshare is owned and used by local residents who understand the great advantages that vacation ownership provides to both owners and the local community.”

Data was gathered from the ARDA International Foundation’s Economic and Fiscal Impacts of the Hawaii Timeshare Industry, 2017 Edition, conducted by EY. For details on the study, visit www.arda.org/foundation, and for details on the Hawaii market, visit ARDA’s infographics on the “HawaiiTimeshare Industry: Building the Local Economy.”

2017-10-23T09:37:05+00:00October 23rd, 2017|Tags: , |