US Travel and Tourism Boom
Delivered April 27, 2020. Contributor: Seyi A.
Goals
To understand the latest boom in the travel and tourism industry between 2009 and 2019 and use information to project possible periods of growth after recession in the US.
Early Findings
Volume of Travelers
- According to the National Travel and Tourism Office, the number of international visitors to the US had the highest figure in 2018, with a value of 79.7 million visitors. The number of visitors increased from 2011 to 2018. The lowest number of visitors was seen in 2011, with 63.48 million visitors.
- During this timeframe, the CEIC reported that the month with the highest number of visitors was August 2014. There were 8.4 million people that traveled to the US at that time.
Economic Impact
- According to US Travel, both domestic and foreign travelers spend $1.1 trillion in the year 2019.
- International tourism in the US had the highest revenue in 2016. The industry had a revenue of $160.8 billion in that year.
- The travel and tourism industry supported up to 15.8 million jobs in 2019. The CAGR of US travel expenditure is 4.9%.
Proposed next steps:
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