Travel and tourism revenues will account for almost 10% of the US economy
New national travel and tourism strategy welcomed but not enough, says WTTC
Despite positive growth, declining international traveler spending is leaving the US in travel and tourism behind other countries post-pandemic.
DALLAS, June 8, 2022 /PRNewswire/ — The latest Economic Impact Report (EIR) from the World Travel and Tourism Council (WTTC), which represents the global travel and tourism private sector, shows that the US travel and tourism sector is projected to contribute more than $2.6 trillion gross domestic product (GDP) to the US economy over the next decade.
By 2032, the US travel and tourism sector is expected to account for 9.2% of the entire US economy, based on a compound annual growth rate of 3.9%, nearly double the expected 2% growth rate for the US economy as a whole.
Between 2022 and 2032, U.S. travel and tourism jobs could grow at an average annual rate of 3.9%, a 47% increase from expected levels, according to a forecast prepared in partnership with Oxford Economics. jobs in 2022.
While the global tourism body welcomes the new National Travel and Tourism Strategy, which aims to ensure the future growth of travel and tourism in the US and create new jobs, WTTC says that only immediate action now can ensure the long-term recovery of the sector and create more than 6.3 million jobs over the next decade.
In 2022, WTTC predicts that the sector’s contribution to GDP will grow by more than 42% compared to 2021, reaching more than $1.8 trillion by the end of this year and accounts for 7.6% of the entire US economy.
By the end of the year, the global tourism organization predicts that employment in the sector could increase by 28%, reaching 13.5 million jobs nationwide, up from 16.8 million in 2019.
Foreign visitor spending could delay US sector recovery
“The long-term recovery of the US travel and tourism sector looks positive as more than 6 million new jobs will be created in the US economy over the next 10 years,” the report said. Julia Simpson, President and CEO of WTTC. “But the landscape is very competitive and the US is losing out to foreign visitors.”
Simpson continued: “A full recovery in travel and tourism depends on a significant recovery in international travel. 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 millions of livelihoods. rely on it.
“The travel and tourism sector in many countries will return to pre-pandemic levels next year, but the US is not expected to recover until 2025.”
Despite projected strong growth in employment and contribution to GDP over the next 10 years, WTTC data show that pressures from low US international traveler spending will continue to leave the sector’s recovery well behind this year.
At the current pace of recovery, U.S. international spending will not return to pre-pandemic levels…