Travel and tourism account for 2.8% of U.S. GDP
Topics: TRAVEL TOURISM U.S. GDP
This is an acceleration from the 2.3 percent growth in 2017.
These new statistics show growth in the travel and tourism industry for the last 9 years.
Employment in the travel and tourism industry grew more slowly than real output, growing 1.5 percent in 2018.
Real output increased 4.2 percent in 2018. This growth was driven by increases in domestic passenger air transportation, gasoline, and traveler accommodations.
Overall growth accelerated from the 2.3 percent growth in 2017. The drivers of the acceleration were increased growth in gasoline, food and beverage services, and domestic passenger air transportation.
Prices for tourism goods and services increased 2.9 percent in 2018. Driving this increase was an increase in gasoline and domestic and international passenger air transportation services. ■