US travel and tourism industry is anticipated to surpass the 2019 peak this year, according to the 2023 Economic Impact Research (EIR) from the World Travel & Tourism Council (WTTC).
The industry is anticipated to contribute $2.24 trillion to the American economy this year, above the pre-pandemic peak of $2.17 trillion.
Almost all of the employment lost due to the COVID-19 pandemic will be recovered, bringing the total number of jobs in the industry to 17.4 million, according to WTTC’s projection.
Review of The Previous Year
The GDP contribution of the US travel and tourism industry increased by 16.9% last year to exceed $2TN, accounting for 7.9% of the US economy and edging closer to the 2019 high of $2.17TN.
However, the prolonged travel restrictions put in place by important source markets like China and Japan continued to have an impact on the sector’s recovery in the United States.
Additionally, the sector added 2.7 million jobs from the year before in order to reach 16.17 million jobs nationally, or one in ten jobs in America. Of the 8MN employment lost during the epidemic, 6.75MN have now been restored by the sector.
The number of foreign visitors returning to the United States increased last year, and their expenditure increased by 158%. Over $116 billion was spent by visitors from abroad.
However, the continued travel restrictions from important U.S. source markets have prevented international visitor spending from fully recovering to the 2019 peak. 43.4% less than in 2019, when tourists from other countries spent more than $204BN.
Official Statement From WTTC
WTTC President & CEO Julia Simpson stated: “The travel and tourism industry in the United States is recovering well with robust tourist demand. We anticipate that tourism will boost the American economy by more than $2.2 trillion this year, surpassing the record-breaking year of 2019.
“US Travel and tourism currently generate 16 million employment, but by the end of this year, that number will be close to 17.4 million, just 1% behind 2019 figures. Compared to $2.17 trillion in 2019, the sector’s value was $2.01 trillion in 2022.
Despite the recent uptick, international visitor spending is still below average, and we are still 25% below 2019 levels. “WTTC projects that over the next ten years, US travel and tourism will be responsible for about 21 million jobs, or startlingly one in every eight jobs nationwide.
China will overtake the US as the largest travel and tourism market in 2032, according to projections.
What Will The Upcoming Ten Years Look Like For US Travel And Tourism?
According to the international tourist organization, by 2033, the industry will contribute more than $3TN to the U.S. economy, account for 10% of the nation’s GDP, and employ close to 21 million people nationwide, or one in every eight citizens.
The North American travel and tourism industry provided $2.34TN to the local economy in 2022, just 7% less than it did in 2019. According to WTTC, the sector’s contribution to the region’s GDP will reach $2.59 trillion by 2023.
In 2022, the sector employed 24.7MN people in the region, up 3.6MN from the year before but 1.5MN below the peak in 2019. By the end of 2023, according to WTTC’s prediction, the industry will have entirely replaced the jobs lost to the pandemic.
What is the World Travel & Tourism Council
The World Travel & Tourism Council (WTTC) is a non-profit association that represents the private sector of trip and tourism across the globe. It was formed in 1990 by assiduity leaders who wanted to insure that programs were in place to support sustainable growth within the sector.
The WTTC collaborates with governments, transnational associations, and other stakeholders to promote programs that enable trip and tourism to contribute appreciatively to the frugality, job creation, and sustainable development.
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