Record $3 Million in Tourism Development Tax for single month; 24 record months continue
Cocoa Beach, FL (May 5, 2023) – The Space Coast Office of Tourism is reporting a record $3.173 Million in Tourism Development Tax (TDT) for March 2023, marking not only a record for March, but the first time the Tourism Office broke the $3 million mark in a single month making it the highest month in Space Coast TDT history. This beat the previous two best March’s (2022 at $2.797 million and 2019 at $2.095 million) and is 13% ahead of the previous March which is the second highest month. March is typically the highest month of the year due to Spring Break. TDT has reached 24 months in a row of “best month for that month” and the trend is likely to continue as predictions for April are very favorable towards being the best Spring Break totals ever.
“We think that may continue for another month or two, but will be harder to continue through the summer months as last summer was very strong,” says Executive Director, Peter Cranis. “Looking ahead to April, which included both Easter and the Cocoa Beach Air Show, we believe we will most likely exceed last year’s high of $2.27 million, but it will be close.”
Year to date, TDT collection is at $13.6 million which is 20% ahead of last year’s previous high of $11.345 million. On a rolling 12-month view, TDT collection is over $25.5 million. Looking at TDT by type, hotels represented 65% of the total for the month (down from 66% last month) and vacation rentals were at 34% of TDT (up from 33% last month). In terms of hotel/motel revenue by city, Cocoa Beach and Cape Canaveral were at 35% and Melbourne and the Beaches were at 28% as a percentage of the total.
Meagan Happel, PR Manager