Universal's Epic Universe: A Boost for Florida's Economy

Orlando is on the brink of an exciting transformation.

In just over a month, a brand-new theme park will burst onto the scene. This will be the first significant theme park to open in Florida in 25 years, promising to reshape Orlando's tourism landscape.

Epic Universe, sprawling over 750 acres, is set to be the largest Universal park. This immersive experience will feature five distinct realms: The Wizarding World of Harry Potter – The Ministry of Magic, Super Nintendo World, The Isle of Berk from How to Train Your Dragon, Celestial Park, and Dark Universe.

Located in the heart of Orlando's famous theme park area, it will join the ranks of Universal Studios and Walt Disney World.

Tourism has long been a cornerstone of Central Florida's economy, attracting visitors from both across the country and around the world. In 2023 alone, Orlando welcomed more than 74 million tourists, contributing to half of the entire sales tax revenue for Orange County.

Epic Universe is projected to not only heighten Universal's theme park earnings but also generate significant economic benefits for the local community.

Casandra Matej, CEO of Visit Orlando, explained, "Being the first new major theme park in the U.S. in decades, Epic Universe provides a compelling reason to visit Orlando and is set to trigger a huge wave of economic advantages for our region."

Announced in 2019, this park is the largest investment Universal’s parent company, Comcast, has ever made in its theme parks and in Florida, with estimates suggesting a $7 billion price tag.

This ambitious project aims to capitalize on Universal's diverse range of franchises, strengthening its presence in the amusement sector. In addition to Epic Universe, Universal also runs Islands of Adventure, Universal Studios, and the Volcano Bay water park nearby.

A report by Sean Snaith, a director at the University of Central Florida's Institute for Economic Forecasting, revealed that Universal Orlando produced a $44 billion economic impact between 2019 and 2023, with the new park further enhancing this trend.

Universal’s investment in Epic Universe has already resulted nationwide in a $11 billion economic impact from construction, operations, and the recruitment of new employees.

In 2023, Universal Orlando facilitated the creation of 94,000 jobs, with 65,000 specifically attributed to the construction of Epic Universe.

Snaith’s analysis predicts Epic Universe will funnel approximately $2 billion into Florida's economy in its debut year and generate over 17,500 new jobs.

According to Snaith, "Florida's labor market is robust and is expected to surpass the national average in terms of economic and job growth."

Upon opening, this attraction will bring visitors who will patronize local hotels, rent vehicles, shop, and dine, all of which will enhance revenue for area businesses.

Jakob Wahl, CEO of International Association of Amusement Parks and Attractions, noted, "The area around Epic Universe has already seen a surge due to the park's construction, with new infrastructure, residential projects, hotels, and dining establishments springing up."

Experts in the theme park industry suggest that the opening of Epic Universe might also boost attendance at nearby attractions, such as Disney.

Wahl added, "When Disneyland Paris launched in '92, surrounding parks feared competition, but instead, it increased their visitors. Similar benefits are likely in Orlando, strengthening its appeal as a destination."

New attractions, whether they are parks, themed lands, or rides, ignite competitive innovation between companies to create even more enticing options for guests.

Matej commented, "A rising tide lifts all boats," noting that both Universal and Disney are staples for Orlando visitors, whether domestic or international.

The presence of another theme park means visitors might extend their vacations to fit in all the experiences Orlando has to offer, maximizing economic gains.

"Every extra day tourists spend here translates into millions of dollars for this community," Matej concluded.