Disney could expand its investment in California, after the company's announcement Walt Disney Company that the corporation is pulling out of its nearly $1 billion office complex scheduled for construction in Orlando, Florida, as some of the investment could flow to the Golden State.
It was expected that, with the project, two thousand jobs that were in California would go to Florida. That is not happening now. So those sources of employment will remain in their place of origin.
"Authoritarian policies have consequences," said the governor Gavin Newsom"This announcement is a victory for California and the tens of thousands of Disney employees who know they can live in a state where they are respected and safe. Disney has invested billions of dollars in California and we look forward to further investment and growth in our state."
Disney's action follows the governor's ongoing conversations with the company and the public, urging the entertainment giant to continue growing and investing in its home state of California.
California's economy continues to dominate the nation and will soon become the fourth largest economy in the world.
California, which has the most equitable tax system in the country, ranks number one in the nation for new business starts, access to venture capital funding and tourism spending.
Notably, business license applications rose 46.6 percent in California since last year, the largest increase of any state.
Disney has decided to cancel plans to build an office complex in Florida, citing “changing business conditions,” according to a memo provided by a Disney spokesperson.
Disney's financial action comes as the company is engaged in a public confrontation with Florida Governor Ron DeSantis, who is likely to officially launch his candidacy for the US presidency in 2024.
The decision is compounded by difficulties for the company in the advertising space, while it is facing a massive strike by screenwriters. Earlier this year, the company announced it would cut 7,000 jobs as part of a cost-cutting effort.
In addition to the announcement, Disney confirmed the closure of its Star Wars: Galactic Starcruiser resort at Disney World, just over a year after opening.
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