June 3, 2012
When it comes to industries in the US, every sector generates massive economic benefits. The US travel industry is no exception, approaching $2 Trillion in economic benefits generated from this industry. The US Travel Association has developed great fact sheets illustrating the huge impact this industry has on the US economy.
Interesting to note on the travel industry:
- $759 Billion in travel expenditures
- An estimated $118 Billion in taxes generated from travel industry
- Over 14 Million jobs are supported; two-thirds of jobs in leisure travel sector
For those entrepreneurs in tourism and travel interested in the top sources of travel spending:
- Food Services: $189 Billion
- Public Transportation: $140 Billion
- Accommodations: $136 Billion
US statistics from 2010, showed domestic and international travelers spent $526 Billion, generating a tax base of $82 Billion. Targeting the domestic travelers, the majority of trips (77%) are for leisure purposes. From the US Travel Association surveys, top leisure travel itineraries include visiting family and friends, travel for shopping and hitting recreational spots.
Tourism and travel businesses may develop and craft their business and marketing plans around such important survey information.
Travel Industry – Business Travel
Business travel represents a significant share of the overall travel industry, at approximately $233 Billion and over 2 Million in jobs in 2010. It’s staggering to see the 448 Million trips logged by US residents for business. Another statistic of interest is the fact business travel acts as a catalyst for other business revenue, with an estimated $12.50 in additional revenue to businesses with every dollar spent on business travel.
Additional Blogs and articles:
- Tourism Industry – 2012 US Travel Outlook Favorable
- Economic Indicators – Residential Construction and Sales Showing Positive Signs
- Business Trends – Small Business Optimism Index on the Rise
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