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Travel and Tourism Sector Key to Economic Recovery in the US

World Travel & Tourism Council (WTTC), which represents the global travel and tourism private sector, recently revealed a new report detailing the critical role that the industry will have in the America's economic recovery, once the COVID-19 pandemic has been combatted.

In its latest annual Economic Impact Report (EIR), WTTC shared that in 2019, travel and tourism accounts for 8,8 percent of the total economy in the Americas and approximately 45 million jobs, or 9,8 percent of their total workforce. The report also revealed international visitor spend totaled USD324 billion, representing 7,3 percent of all exports.

According to the report, the US had a higher percentage of leisure travel with 74 percent compared to 26 percent for business travel. In terms of spending the region relies heavily on domestic which will be critical to the region’s recovery with 81% attributed to domestic spending versus 19 percent international spending.

For two consecutive years, travel and tourism GDP growth outpaced the overall economy, growing at +2,2 percent in 2019, while the economy showed a +1,9 percent growth.