(TAN): The US travel and tourism sector is expected to contribute over USD 2.6 billion in GDP to the US economy over the next decade, the latest Economic Impact Report from the World Travel & Tourism Council said.
By 2032, the US travel & tourism sector is expected to make up 9.2% of the entire US economy based on an average annual growth rate of 3.9% – nearly double the anticipated 2% growth rate of the U.S. economy overall. According to the forecast, produced in partnership with Oxford Economics, between 2022 and 2032, jobs in the sector could grow at an average rate of 3.9% annually, representing a 47% increase from 2022 expected job levels.
Whilst the global tourism body welcomes the new National Travel and Tourism Strategy, which aims to ensure the future growth of Travel & Tourism in the U.S. and create new jobs, WTTC says only immediate action now can secure the long-term recovery of the sector and create more than 6.3 million jobs over the next decade.
For 2022, WTTC projects that the sector’s GDP contribution will grow by more than 42% versus 2021, reaching more than USD 1.8 billion by the end of this year and accounting for 7.6% of the entire US economy.
By year-end, the global tourism body forecasts that employment in the sector could increase as much as 28%, reaching 13.5 million jobs nationwide, from a high of 16.8 million in 2019.
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“The long-term recovery of the US travel & tourism sector looks positive, bringing more than 6 million new jobs to the US economy over the next 10 years,” said Julia Simpson, WTTC President & CEO. “But the landscape is highly competitive, and the US is losing out on international visitors…. Full recovery of Travel & Tourism relies on a significant rebound of international travel.”
