Monday, April 8, 2024
World Travel & Tourism Council (WTTC) 2024 report: U.S. tourism achieves record $2.36T boost, job growth, despite slow international spend.
Today’s announcement from the World Travel & Tourism Council (WTTC) unveils groundbreaking findings from its 2024 Economic Impact Study. The report highlights a historic achievement for the U.S. Travel and Tourism industry, marking its most significant contribution to the national economy to date, notwithstanding the gradual resurgence of spending by international tourists.
The latest figures from the World Travel & Tourism Council (WTTC) indicate a notable 7% increase in the industry’s GDP contribution in 2023, reaching a new high of $2.36 trillion — a $100 billion advancement over its last record.
Employment within the sector saw a significant uplift, adding 656,000 jobs to total 18 million nationwide, thus surpassing the prior high of 17.4 million jobs.
Spending by domestic tourists surged to $1.37 trillion in the past year, a jump of over 9% from the highest point in 2019. Yet, expenditure by overseas visitors remained over a quarter less than its peak in 2019, at $156.1 billion.
Looking Ahead: Challenges and Opportunities
The United States has consistently been recognized as a leading destination for global tourists, a position fortified by years of strategic investments and policy support from the government.
This bolstered investment has been pivotal in the economic resurgence. However, it remains crucial for the U.S. to persist in adopting proactive policies and further investments to enhance spending by international travelers.
Julia Simpson, WTTC President & CEO, said: “The U.S. is breaking all records in Travel & Tourism employing 18 million people and boosting the U.S. economy by almost $2.4 trillion.
“The U.S. government has supported Travel & Tourism, but international visitor spend is still below 2019 numbers. A focus on visa processing, queues at borders, and staffing would give the sector a vital lift in advance of the FIFA World Cup and the Olympics.”
The employment landscape within Travel & Tourism has now rebounded beyond pre-pandemic figures, with the sector contributing to 11.2% of the total job market, representing 18 million positions.
Simpson added; “The Travel & Tourism sector not only significantly contributes to the generation of jobs but gives opportunities to young people and women of all skill levels.”
Projections for the Coming Year
The World Travel & Tourism Council (WTTC) forecasts that in 2024, the sector’s contribution to GDP will surpass $2.5 trillion, accounting for 9% of the total U.S. economy. It’s also expected to support 18.8 million jobs nationwide, equating to one in nine Americans being employed within the industry.
Spending by domestic tourists is projected to continue its upward trajectory, reaching $1.43 trillion and setting a new record by almost 14% over 2019 figures. However, spending by international tourists is anticipated to lag behind the 2019 benchmark.
Predictions suggest that international tourism expenditure will remain over $20 billion short of its previous peak.
Monday, April 29, 2024
Monday, April 29, 2024
Monday, April 29, 2024
Monday, April 29, 2024
