by Lacey Pfalz
Last updated: 10:40 AM ET, Thu November 11, 2021
The World Travel & Tourism Council's (WTTC) latest Economic Impact Report produced in collaboration with Oxford Economics has found that the United States is leading the world in the global recovery of the travel and tourism sector, with this year and next year's projected industry growth and job growth to exceed even pre-pandemic levels.
The findings show that throughout the rest of the year, the U.S. travel and tourism sector can expect a year-over-year growth of 35.6 percent, with a total contribution of nearly $1.5 trillion to the country's Gross Domestic Product (GDP); this number is around 5 percent larger than the international travel and tourism sector, which will increase 30.7 percent this year.
If the current recovery rate stays the same as we enter the New Year, the U.S. could also see a growth of 28.4 percent year-over-year, bringing the travel and tourism sector's contribution past pre-pandemic levels at over $1.9 trillion. By comparison, 2019's travel and tourism sector had contributed nearly $1.9 trillion to the economy, accounting for 8.6 percent of the nation's GDP.
In 2020, the U.S. travel and tourism industry reported a loss of over 5.5 million jobs. This year, employment is expected to rise by 26.2 percent, an increase of 2.9 million more jobs for a total of 14 million.
In 2022, employment is predicted to increase another 19.7 percent, creating another 2.75 million new jobs, exceeding pre-pandemic levels with a total of 16.72 million jobs.
The report also found that this year's domestic travel spending has increased 40.4 percent this year, with another 22.9 percent increase year-over-year in 2022. International spending by travelers in the U.S. is also expected to rise almost 228 percent year-over-year in 2022, representing an increase of $98 billion.
The World Travel & Tourism Council also warned that these positive signs of recovery and growth could even surpass these predictions with help from governments worldwide, which can help facilitate global travel by creating measures like allowing fully vaccinated travelers to move freely without regulations on country of origin or eventual destination; implementation of faster digital entry methods; government recognition of all WHO-authorized vaccines; support of the COVAX/UNICEF vaccine distribution initiative; and the continuation of enhanced health and safety protocols to help consumer confidence grow.
"The U.S. 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," said Julia Simpson, WTTC President & CEO. "However, the long-term recovery of the sector in the U.S and around the world depends on the U.S. border remaining open to international visitors and making travel easier."
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