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Travel and tourism in the US is expected to contribute $2.6 billion to the economy by 2032

The World Travel and Tourism Council (WTTC) released new data showing that the travel and tourism industry in the United States is expected to contribute more than $2.6 billion in gross domestic product (GDP) to the economy over the next decade.

The latest WTTC Economic Impact Report (EIR) indicates that travel and tourism in the US is expected to generate 9.2 percent of the entire economy, based on a compound annual growth rate of 3.9 percent, nearly double the economy’s expected 2 percent growth rate. generally.

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The data also shows that the number of jobs in the US travel and tourism industry could grow by an average of 3.9 percent between 2022 and 2032, up 47 percent from the expected level of jobs this year.

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“The long-term recovery of the US travel and tourism sector looks positive as more than six million new jobs will be added to the US economy over the next 10 years,” said WTTC President Julia Simpson. “But the landscape is very competitive and the US is losing out to foreign visitors.”

WTTC predicts that the contribution of travel and tourism to GDP in 2022 will grow more than 42 times compared to 2021, reaching more than $1.8 billion by the end of this year and accounting for 7.6 percent of the entire US economy.

While domestic travel is on the rise, foreign visitor spending is not expected to return to pre-pandemic levels until 2025, signaling the urgency to lift coronavirus-related testing restrictions for travelers arriving from other countries.

Foreign visitor spending in 2021 was $40.3 billion, up from $190.9 billion in 2019.

“The full recovery of the travel and tourism industry depended on a significant increase in international travel,” Simpson continued. “While the new National Travel and Tourism Strategy is a step in the right direction, 2021 has been another challenging year for the US economy and the millions of livelihoods that depend on it.”

Earlier this week, the US Department of Commerce announced a new strategy to boost the international travel industry in the wake of the devastating coronavirus pandemic.

The Department of Commerce has unveiled the official National Travel and Tourism Strategy, which sets goals to host 90 million foreign visitors by 2027 and reach an annual spending of about $279 billion.

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