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Disneyland Closure Could Cost SoCal Economy $5B
The COVID-19 pandemic has throttled down key Southern California economic drivers, including amusement parks such as Disneyland. Research by economists at Cal State Univ. Fullerton report the closure of Disneyland has already cost the regional economy $3 billion in output and forecast if the park remains closed for a year, SoCal will take a $5 billion hit.
Anil Puri, director of Cal State Fullerton’s Woods Center for Economic Analysis and Forecasting, says, “The sooner Disneyland opens the better it is for a lot of people who rely on it, not only for their work, but also to visit Disneyland, and it has a huge psychological impact on the county’s economy.”
In September, Disney announced 48,000 layoffs, which significantly impacted Disneyland, as well as the local economy since so many surrounding hotels, restaurants stores and businesses depend on visitors to the Anaheim theme park destination.
The Fullerton study estimated the closure from March 2020 through September 2020 has cost the SoCal region 28,000 jobs. The school’s researchers estimate if Disneyland were closed for a whole year, it would cost 46,000 jobs across the region.
New guidelines from the state are in works that could lead to the opening of theme parks in SoCal. California’s theme park industry is fervently lobbying the Governor to advance the process quicker.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Economy
