The Orange County Convention Center recently revealed the economic impact to the Central Florida region.
The Orange County Convention Center (OCCC) generates approximately $3.9 billion in economic impact for the Central Florida economy each year – a significant increase that highlights the Center’s business activity according to a recent study by PFM Group Consulting (PFM).
The OCCC sought PFM’s expertise to update the economic and fiscal impacts of the Center’s event activity. The group conducted its study based on data through 2023 and has provided its official findings to the OCCC. In 2023, the total economic impact of the Center was $3.9 billion – this includes direct, indirect and induced impacts.
“We are steadfast in our mission of being an economic engine for the Central Florida region and infusing our local economy with new business and tourism opportunities,” said OCCC Executive Director Mark Tester. “This study confirms that we are working in alignment with our mission and that the business conducted at The Center of Hospitality is positively impacting Orange County communities.”
The increasing demand for events and venue space in the industry influences every aspect of the economy and the Convention Center itself. The PFM study also found that 28,100 individuals are employed both directly and indirectly because of activity at the OCCC. It is also reported that an estimated 1,200 local businesses depend on the OCCC’s event activity in full or in part. Additionally, the facilities directly supported by Convention Center activities, such as Orlando hotels, restaurants, offices, etc., generate about $28.9 million in tax revenue for Orange County Schools.
“The positive economic and fiscal impact made by the OCCC over time through a strong clientele base, sustained investment in facilities and ongoing competitive improvements in the convention and visitor experience have contributed to the development of many service industries throughout the region,” commented Stan Geberer, Senior Managing Consultant, PFM Group Consulting. “We are pleased to report the substantial gains in economic contribution and government revenue made by the Center in this post-COVID era which exceed the value of contributions made prior to the pandemic.”
According to the PFM study, the OCCC has averaged nearly 200 events in recent years, attracting an estimated 1.5 million attendees to the market on an annual basis. Direct and indirect spending of event attendees generate economic impact which is calculated by an overall economic multiplier of 1.98. This number is based on the understanding that for each $1 dollar brought into the local economy through convention center activity, a total of $1.98 is created locally, through the economic ripple effect. Dividing attendees into total economic impact yields $2,536 in economic impact per attendee,according to the study. This further translates into more than 2.7 million occupied hotel room nights per year.
The significant economic impact generated by business at The Center of Hospitality, collectively supports hundreds of local professional services, trade businesses, hotels, restaurants, and retail stores, that in turn employ tens of thousands of people in Orange County. Each entity is working to improve the local economy, while also keeping events and attendees coming back to one of the most premier meetings and events destinations in North America.
