3 Ways Orlando Tourism Industry Is Winning the Race to Economy Recovery
Florida is ready for visitors — but can the tourism industry recover?
Businesses big and small within the state of Florida, particularly in the Orlando area, have been greatly affected not so much by the virus itself, but by the extremely heavy-handed tactics used by all governments over the last few months. The rulings, regulations, and control measures have been extremely effective in ‘normalizing’ the monitor, control, and separation of communities, all under the mantra of public safety.
Subsequently, the tourism economy in Orlando and other areas throughout the Sunshine State has suffered a tremendous blow from the COVID-19 pandemic and the Gestapo-like measures that have been introduced to supposedly try and contain its spread.
The time has come to show the country and the rest of the world that Florida is ready for visitors and that we are still a safe and viable option for real estate investments, business growth, and a renewed focus on building back our local economy together!
So how are we doing that?
1) Bailing out the tourism industry
For the state of Florida, some scenarios indicate that the potential shock to the tourism industry alone for the state could be as much as a 60-80% decline in 2020. Beyond immediate measures to support the tourism sector, countries are also shifting to develop recovery measures.
Many residents and local leaders recognize the power grab that is being attempted and are working on ways to fight back against the repression and the removal of personal and business freedoms by encouraging a resurgence of traffic within the state.
While I am no fan of government bureaucracies attempting to be marketing agencies, the $108 million budget adopted by Visit Florida, $50 million from the state and $59.5 million in private-sector matches and in-kind promotional assistance, is definitely an encouraging sign that we are fighting back against the shutdowns!
2) Standing up for Florida's tourism industry re-opening
As two weeks to flatten the curve stretches to six months, each level of government has responded differently to the coronavirus pandemic including the gathering, analysis, and distribution of data relating to cases and deaths.
This lack of transparency has given rise to the valid concern that the government is hiding things and is using the COVID-19 pandemic to push agendas.
People have made it clearly apparent that they want to travel, and their resilience is beginning to show more and more as the months wear on. We in Orlando stand to benefit as much as anyone from this weariness that is leading to action!
3) Preparing investors for a profitable recovery
As we look across the world and evaluate the effects on tourism, the question arises where to place your financial bets. As we continue to take hotel and park capacity off-line, it is important to remember that it is still there.
These capital expenditures don’t just go away, they are there, ready to come back online, ready to exploit our infrastructure advantage that took decades to build. Many of these assets will hit the market in a distressed state.
A wonderful silver lining for investors around the world (like you!) to get them at a lower basis, have them be profitable at lower price points, and be wonderfully positioned for a profitable recovery through 2021 and beyond!
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