TDT revenue slumps four months in a row, but it's still up for the fiscal year
Orange County's Tourist Development Tax revenue was down in July compared to the same month in 2022. So were hotel rates and occupancy.
The $27 million collected from the TDT -- a 6% tax on hotel rooms and short-term rentals -- was down by 5.2%. It's the fourth month in a row of year-over-year declines.
Visit Orlando President and CEO Casandra Matej says the monthly declines are only in comparison to 2022, when Orlando benefited from "revenge travel" by Americans tired of staying home during the pandemic.
People have more options now and are traveling globally.
"I mean, I know in my own circles people are traveling to Europe from the U.S.," Matej said. "And we benefited in '21 and '22 from the domestic national traveler, right? But now they're making other choices."
For the fiscal year -- which ends September 30th -- total collections are still running ahead of last year. Matej predicts it will end up higher and there'll be growth in 2024.
Total collections so far in this fiscal year are about $312 million.
The county recently set its priorities for spending TDT revenue, including costly improvements at major sporting and entertainment venues.