PETER CRANIS: Summer Tourism Tax Collections Should Surpass $6.2 Million Mark, Will Set New Record

hotel room inventory is now at 11,269 rooms

BREVARD COUNTY, FLORIDA – With Labor Day Weekend upon us, I’m sure a lot of people are curious how the summer vacation season was for the Space Coast.

We only have the Tourist Development Tax (TDT) collections for June to review, but based on projections, I would say we are having one of our best summers ever.

Going back to our previous highest year for TDT collections, which was 2022-23, that summer we had a total collection of $6.15 million (for June, July, and August), and that was just slightly higher than FY 2021-22 when we collected $6.14 million.

Then, last year (FY 2023-24), we had an even better summer, with total collections reaching $6.17 million, despite a 1% decrease in overall collections for the year.

Based on actual June revenues ($2.25 million) and projections for July ($2.2 million) and August ($1.8 million), I believe we should surpass the $6.2 million mark, setting a new Summer record.

Now, even as I say this, I recognize that individual hotel properties might not be seeing that kind of growth. However, with the new hotel room inventory, now at 11,269 rooms, we are generating incremental TDT.

I will also mention that vacation rentals still account for approximately one-third of the total TDT collections, which is similar to last year. So – we will check back in a month or so, but it is certainly possible we have had our Best Summer Ever – a nice way to go into Labor Day Weekend!

CLICK HERE FOR MORE INFORMATION

– Peter Cranis, Space Coast Office of Tourism Executive Director

Similar Stories