US Travel & Tourism Sector Sets New Records Amidst Slow International Recovery

New York City, USA: The World Travel & Tourism Council (WTTC) unveiled its 2024 Economic Impact Research (EIR) today, showcasing the remarkable growth of the US Travel & Tourism sector, despite the gradual return of international spending.

In 2023, the Travel & Tourism sector's contribution to the US economy surged to unprecedented levels, reaching $2.36TN in GDP, marking a 7% increase from the previous year and surpassing the prior record by $100BN. With job numbers climbing to 18 million nationwide, an increase of 656,000 jobs, the sector surpassed its previous employment peak of 17.4 million.

While domestic visitor spending soared to $1.37TN, a notable 9% increase from the pre-pandemic peak in 2019, international spending lagged behind at $156.1BN, still more than a quarter below the 2019 levels. Despite its strong performance, the US faces challenges in maintaining its position as a top tourist destination globally. While strategic government investments have fueled economic recovery, sustaining international travel spend requires continued forward-looking policies and investments.

WTTC forecasts further growth for the sector in 2024, with GDP contribution projected to exceed $2.5TN, accounting for 9% of the US economy. Employment in the sector is expected to reach 18.8 million, with domestic visitor spending poised to surpass the 2019 record by almost 14%. However, international visitor spending is projected to remain behind 2019 levels, underscoring the ongoing impact of the pandemic on global travel.

The US Travel & Tourism sector's resilience and contribution to economic growth are undeniable. As it continues to rebound, the focus must remain on addressing challenges and seizing opportunities to ensure sustained growth and prosperity for the industry and the nation as a whole.

This groundbreaking research was conducted in partnership with Oxford Economics, utilizing data reflecting March 2024 values in constant 2023 prices and exchange rates.This collaborative effort between WTTC and Oxford Economics ensures the reliability and relevance of the findings, providing valuable insights into the economic landscape of the US travel and tourism sector.