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Travel & Tourism Contributing More than Ever to US Economy, WTTC Research Shows

The travel and tourism sector contributed more to the US economy, during 2023, than in any previous year on record, according to new research by the World Travel & Tourism Council (WTTC).

That outcome came about despite a marked slowdown, last year, in tourist spend.

In its new research, the WTTC said travel and tourism contribution to the US economy grew 7%, last year, to $2.36 trillion.

That exceeds the previous record amount by $100bn.

Julia Simpson, WTTC President and CEO, said: “The US is breaking all records in Travel & Tourism, employing 18 million people and boosting the US economy by almost $2.4 trillion.

“The US 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 Travel & Tourism sector not only significantly contributes to the generation of jobs but gives opportunities to young people and women of all skill levels.”

While tourist spending is set to remain behind peak levels, the WTTC is still forecasting travel and tourism will grow its US GDP contribution to over $2.5 trillion this year, which would represent 9% of the overall US economy.

Just last week, the WTTC said 2024 is set to be an all-time record year for global travel and tourism, with the industry’s collective global economic contribution set to reach a historic high of $11.1 trillion.

“Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see,Ms Simpson said.

Geoff Percival
Geoff Percival
Geoff has worked in business, news, consumer and travel journalism for more than 25 years; having worked for and contributed to the likes of The Irish Examiner, Business & Finance, Business Plus, The Sunday Times, The Irish News, Senior Times, and The Sunday Tribune.

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