Disney’s Economic Impact: Transforming Small Businesses and Fueling Job Growth
Disney is not just a world-famous entertainment company—it has also become a driving force behind economic growth, job creation, and support for small businesses. A recent study conducted by Oxford Economics reveals the impressive extent of Disney’s economic impact, particularly in the state of Florida.
The Magic of Disney Springs
James Petrakis, owner of the Polite Pig at Disney Springs in Orlando, Florida, attests to the extraordinary opportunities and relationships Disney has provided for small business owners. Petrakis expresses his gratitude, stating, “From day one, the experience and the relationship that Disney has offered us is better than anything I’ve ever seen.” The Polite Pig is just one example of the many small businesses that have witnessed significant growth and transformation thanks to their association with The Walt Disney Company.
Disney World’s Economic Influence
Walt Disney World Resort, renowned as one of the world’s top vacation destinations, has contributed immensely to Florida’s economy. In fiscal year 2022 alone, it generated a staggering $40 billion in economic impact throughout the state. According to the study, Disney has been a key driver of job creation, generating a total of 263,000 direct and indirect jobs in Florida. In fact, without Disney’s influence, Florida’s unemployment rate would increase from 3% to 5.4%. Additionally, the company contributes $6.6 billion in tax revenue.
Small Businesses Flourish with Disney
Petrakis’s experience is shared by numerous other small business owners in the state. Over 2,500 small businesses in Florida are contracted to supply products and services to Disney World. Petrakis reveals that his own business has grown by an impressive 25 to 30% in just three years. The study conducted by Oxford Economics indicates that Disney’s impact extends far beyond its own operations, benefiting a wide range of goods and services provided by local businesses.
Disney’s Contributions and Philanthropy
In addition to its economic impact, Disney is dedicated to giving back to the communities it operates in, particularly through philanthropic initiatives. Disney has contributed hundreds of millions of dollars to Florida nonprofits over the years. In fiscal year 2022, Disney cast members volunteered over 233,000 hours in Florida. Most recently, the company announced donations totaling $1.5 million to 19 organizations. These efforts reflect Disney’s commitment to making a positive difference in the lives of people within its reach.
The West Coast’s Share of Magic
Disney’s impact on small businesses is not limited to the east coast. Anita Ron, CEO of BriteWorks, Inc., a California-based commercial cleaning company, collaborated with Disney to provide construction clean-up services for Star Wars: Galaxy’s Edge at the Disneyland Resort in Anaheim. Ron acknowledges that working with Disneyland Resort has led to job creation and increased opportunities within their community.
Investing in Experiences and Small Businesses
Disney continues to invest in both its Experiences segment and small businesses. In September, the company announced plans to double its capital expenditures for Experiences over the next 10 years, reaching approximately $60 billion. This commitment not only benefits the company but also provides substantial opportunities for small businesses to grow and thrive.
Disney’s economic impact is undeniably impressive. From job creation and revenue generation to community support and small business empowerment, Disney’s presence has transformed the economic landscape. As summed up by Jeff Vahle, President of Walt Disney World Resort, “The numbers speak for themselves on why Disney is so important to fueling jobs, the economy, and tourism throughout our region.” Disney’s ongoing investments and philanthropic efforts ensure that the magic never stops.