WMRA Study re: STR’s Impact in Summit County:
With restrictions and increased taxing on Short Term Rentals (STRs) happening in resort communities, the Western Mountain Resort Alliance commissioned a study to measure the effect of STRs on resort economies. In 2022, in Summit County alone, STRs brought in $1.7 BILLION in visitor spending! Here are some more remarkable numbers:
- STRs are estimated to have directly or indirectly supported 7,693 jobs in Summit County and generated $1.7 billion in economic output, $1.04 billion in GDP, and $417 million in labor income in 2022.
- These impacts initially stem from STR guest spending on vacation rentals, restaurants/bars, shopping, recreation, entertainment, transportation, and other items.
- Additionally, overnight visitors staying in STRs are estimated to have paid $70.7 million in city and county sales, lodging and STR-specific taxes in Summit County.
- STR share of tourism jobs: Overnight visitors staying in STRs are estimated to have supported 54% of Summit County’s trip-related tourism jobs in 2024.
- STR share of total jobs: STRs are estimated to have directly or indirectly supported 28% of Summit County’s total jobs (in all sectors) in 2022.
- STR share of total GDP: STRs are estimated to have directly or indirectly accounted for 22% of Summit County’s total GDP in 2022.
I personally do hope that this study (and other resort vacation advocacy) helps our community and lawmakers to see that stifling STRs strangles our economy and the trickle-down effects will be fewer jobs needed, fewer restaurants to serve tourists, fewer housekeepers, fewer maintenance techs, fewer trades to maintain the units and much more. With less money coming into our economy, we will lose community members who need to move for financial reasons. Many disagree about where to strike the balance, but this study shows that STRs are a vital part of our tourism-based economy.
For more information, visit the link below:
