PETER CRANIS: Tourist Tax Collections Come in at Record $23.33 Million for Fiscal Year
By Peter Cranis, Space Coast Office of Tourism Executive Director // November 21, 2022
September Tourist Development Tax was record $1.589 million
BREVARD COUNTY, FLORIDA – September Tourist Development Tax (TDT) has come in at $1.589 million – a record for the month of September, making it the 18th consecutive month of “best month for that given month” results.
This is 15% ahead of the previous high in September, which was $1.38 million last year. September is the last month of the fiscal year, and we have ended the year at $23.33 million, which makes it the best fiscal year by nearly $6.4 million (versus last year’s $16.94 million), an incredible 37.7% increase.
It’s hard to believe that only a few years ago, we were talking about breaking through the $16 million mark as a huge milestone.
Looking at TDT by type, hotels represented 70% of the total for the month/67% for the year, and vacation rentals were 29% for the month of TDT, which has dropped a little versus the average 32% for the year.
In terms of hotel/motel revenue by city, Cocoa Beach and Cape Canaveral (33% for the year) were, as usual, ahead of Melbourne and the Beaches (29%) as a percentage of the total.
Looking ahead to the first month of the new fiscal year, October, we believe that will be another record month, the third consecutive record October in as many years.
I feel like more should be said about a year that topped $23 million in TDT collections. No one could have predicted this incredible one-year growth over 2021.
Yes, we returned fully to cruising, yes, we added over 560 new hotel rooms, yes, we have had over 45 launches, and yes, we managed to sidestep any major storms this year.
But who could really know? With inflation and gas prices at their highest in decades, it was just as possible we could see a contraction in tourism.
Clearly, the Space Coast has shown some resistance to these factors, and while Hotel Average Daily Rate continued to grow at unprecedented rates, we are still the lowest among our peer set.
I would say that’s a good position to have as we go into troubled waters economically speaking this next year. So will we be able to top $23 million again next year? No one knows, but we are certainly prepared for the challenge!
– Peter Cranis, Space Coast Office of Tourism Executive Director