The World Travel and Tourism Council’s recent Economic Impact Report (ETC) has revealed that the US Travel and Tourism sector is projected to contribute over $2.6 billion to the US economy’s gross domestic product (GDP) over the next decade.
The US Travel and Tourism Sector is expected to account for 9.2 percent of the US economy by 2032 based on an average annual growth rate of 3.9 percent, which is almost double the projected growth rate of two percent of the economy of the US in general, VisaGuide.World reports.
Between 2022 and 2032, it is projected that Jobs in Travel and Tourism in the US could grow at an average rate of 3.9 percent per year, representing a 47 percent increase from expected job levels in 2022.
In addition, the global tourism body has welcomed the new National Travel and Tourism Strategy, which aims to ensure the future growth of Travel and Tourism in the US and create new jobs. In this regard, WTTC stressed that only immediate action could ensure the long-term recovery of the sector and create more than 6.3 million jobs over the next decade.
Compared to 2021, the WTTC predicts that the sector’s GDP contribution will increase by more than 42 percent in 2022, thus reaching more than $1.8 billion and occupying 7.6 percent of the entire US economy.
Meanwhile, by the end of the year, the global tourism body predicts that employment in this sector could increase by up to 28 percent, to reach 13.5 million jobs nationwide, from 16.8 million in 2019.
The WTTC President and CEO Julia Simpson said that the long-term recovery of the US Travel and Tourism sector appears positive, as it is bringing more than six million new jobs to the US economy over the next ten years.
“Full recovery of Travel & Tourism relies on a significant rebound of international travel. While the new National Travel and Tourism Strategy is a step in the right direction, 2021 was another difficult year for the US economy and the millions of livelihoods who rely on it,” she also added.
According to her, many countries’ travel and tourism sectors are returning to pre-pandemic figures next year, although in the US, they are not expected to recover until 2025.
WTTC data also show that the pressure created by the slow spending of international travelers in the US will continue to cause a slowdown in the sector recovery this year.