Brexit Could Hurt Florida Tourism

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TALLAHASSEE (CBSMiami/NSF) - British voters' decision to leave the European Union --- a choice popularly known as "Brexit" --- could hurt Florida's tourism industry, according to the Florida Chamber of Commerce.

Jerry Parrish, chief economist for the Florida Chamber Foundation, said the falling value of British currency could make residents of the United Kingdom less likely to travel to Florida. Britons accounted for about 15 percent of foreign visitors to the Sunshine state last year.

"The vote by the U.K. to leave the European Union will also have the immediate effects of increasing volatility in financial markets, and that could lead to reduced foreign direct investment in Florida," Parrish said in a statement. "We know from history that increases in uncertainty and volatility typically have negative effects on investment and trade."

But the drop in the British pound, and a possible decrease in the value of the euro, could also benefit Floridians by making imports less expensive, Parrish said.

Almost 52 percent of voters in the U.K. voted last Thursday to leave the European Union, sending shockwaves across the global economy.

The News Service of Florida contributed to this report.