The travel and tourism sector rates in the United States have increased significantly throughout this year, the travel organizations reveal, also saying that by 2022, the sector will surpass the pre-pandemic levels.
According to the World Travel and Tourism Council (WTTC), the US’ travel and tourism in 2021 have reached a growth of 35.6 percent, accounting for $393 billion and leading the global tourism recovery. In comparison, the global economy is set to receive a 30.7 percent year-on-year rise from the sector in 2021, VisaGuide.World reports.
By 2022, WTTC anticipates that the sector will witness a 28.4 percent increase (accounting for $425 billion), reaching nearly $2 trillion of the US economy, as the contribution will surpass the pre-pandemic levels set at $1.9 trillion or 8.6 percent of the economy. In 2020, tourism and travel rates fell by 41 percent, marking $1.1 trillion or 5.3 percent of the economy.
Julia Simpson, WTTC’s President, pointed out the US is recovering faster than many other regions.
“The US opening its borders and easing restrictions to major source markets such as the UK and the EU will provide a massive boost to economies on both sides of the Atlantic. However, the long-term recovery of the sector in the US and around the world depends on the US border remaining open to international visitors and making travel easier,” President Simpson noted.
Travel Spending Rates in the US Travel & Tourism Sectors for 2021
The survey carried out by WTTC and produced in partnership with Oxford Economics highlights the main findings, which are as follows:
- The increase in domestic travel has contributed to the nation’s economy, with spending jumping to 40.4 percent ($261 billion) in 2021 and showing an anticipated year-on-year rise of 22.9 percent in 2022.
- International spending is expected to increase by 1.9 percent this year as the prolonged travel restrictions have affected the sector. However, the decision to reopen for welcoming tourists will provide a significant year-over-year surge of almost 228 percent in 2022, representing an increase of $98 billion and a total contribution of $141 billion.
Employment Rates Expected to Jump by 26.6% Compared to 2020
An increase of 2.9 million (26.6 percent surge) in job vacancies and a total contribution of nearly 14 million jobs are anticipated to be evident by the end of 2021, about 2.5 million less than in 2019.
“Last year, the pandemic decimated more than five million Travel & Tourism jobs across the US.; however, due to a predicted rise in international and domestic spend this year and next, both jobs and GDP are on the rise,” Simpson highlighted as the findings from the survey show progress on the matter.
However, for 2022, the employment is set to experience a boost of 19.7 percent, showing an upwards trend of 2.75 million additional jobs and bringing the country’s total tourism and travel employment rates to 16.75 million – more than half of the million more than the pre-pandemic levels.