hotels represented 65% of the total for the month
BREVARD COUNTY, FLORIDA – The much anticipated July Tourist Development Tax (TDT) has come in at $2.214 million – down 2.7% from last year’s $2.28 million and up 4.5% compared to the July 2021 number of $2.12 million.
July is typically the second biggest month of the year behind March. While disappointing we didn’t top last July, that was the seventh best month in TDT collection history and this is the 10th best month so we shouldn’t feel too bad that we missed that number by less than $62,000.
Also, when looking at June and July combined, we were at $4.44 million which was 2.8% ahead of last year’s $4.32 million – so beating out the all-time high of last summer by that much is an accomplishment.
Year to date, we are at an incredible $22.4 million which is 12.5% ahead of last year’s previous high of $19.9 million. This equates to $448 million in total lodging revenue.
Over the last 12 months, we have collected $25.8 million in TDT and if we finish the year with August and September hitting close to the same numbers as last year, that should be about our total TDT collection for the year, an all-time record.
Looking at TDT by type, hotels represented 65% of the total for the month (up from 63% last month). Hotel TDT was $1.44 million compared to last year’s $1.54 million. YTD hotels are up 11.6% in terms of revenue, collecting $14.7 million so far which equates to $294 million in total revenue.
Vacation rentals were at 34% of TDT (down from 36% last month) and have increased 14.4% so far this year with $7.38 million in TDT and $148 million in revenue.
In terms of hotel/motel revenue by city, Cocoa Beach and Cape Canaveral were at 35% of the total and generated $7.56 million so far this year which is $151 million in total revenue, up an impressive 15.5%.
Melbourne and the Beaches were at 26% as a percentage of the total and generated $6.19 million so far this year which is $124 million in total revenue, up 7.6%. Looking ahead to August, we believe we are tracking to be very close to or slightly ahead of last August TDT.
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– Peter Cranis, Space Coast Office of Tourism Executive Director
The post PETER CRANIS: July Tourist Development Tax Comes in at $2.21 Million, Year to Date is Incredible $22.4 Million appeared first on Space Coast Daily.