Orlando just hit a record for tourism tax revenue, pulling in nearly $400 million last year. That money helps fund roads, the convention center, and marketing to bring more visitors to Central Florida. But a new economic forecast from the University of Central Florida warns that global conflict and rising energy costs could slow the Sunshine State’s growth in the years ahead.
UCF economist Sean Snaith says the war with Iran is creating uncertainty that hits families right at the gas pump. When fuel costs more, people have less to spend on everything else, including vacations. And if fewer visitors come to Orlando, that $400 million in tourist tax revenue could start to shrink.
“It creates uncertainty. And now consumers that are dealing with high levels of credit card debt and all these high costs of living are seeing spikes now, and the cost of gasoline, for example, so every time you go to the pump, more money goes into the tank,” Snaith said…