Airbnb: Arizona Short-Term Rentals $6 Billion Industry

0

Short-term rentals supported more than 75,000 jobs in Arizona last year and generated $6.6 billion, according to a report released Wednesday (February 23) by Airbnb and Expedia.

“Study finds that short-term rentals are an integral part of Arizona’s economy, with visitor spending boosting local businesses, creating jobs, driving growth, and generating significant tax revenue,” Airbnb said. on its website.

The report – The Economic Impact of Short-Term Rentals in Arizona – found that the number of jobs related to short-term rentals exceeded those supported by the state’s educational services sector, which employed about 71 400 people in 2021.

Additionally, the total labor income generated by visitor spending from short-term rental activity was $2.8 billion last year, with total economic output of $6.6 billion from visitor spending. That’s as much as the economic activity generated by Arizona’s mining and agricultural sectors over the same period.

Visitor spending on short-term rentals generated more than $500 million in state and local tax revenue last year through transient occupancy taxes and employee and business taxes, according to the report. This money helps support services like public safety, education, parks, roads and infrastructure.

“This report shines a light on the role vacation rentals play in the lives of so many local homeowners, small businesses and communities,” said Ashley Hodgini, Arizona public policy manager for Expedia Group. “Every day across Arizona, responsible hosts welcome traveling families, generate revenue for local businesses, contribute vital taxes to the state budget, and support 75,000 jobs.”

The report comes as Airbnb sees the pandemic reshaping what its guest and host experiences look like.

Related: Airbnb digs deeper into the connected economy with the expansion of live/work blended bookings

As PYMNTS noted last week, 20% of stays at Airbnb properties are now lasting a month or more, while extended stays have become the platform’s fastest growing category.

——————————

NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

Share.

Comments are closed.