Celebrate National Travel & Tourism Week
By Peter Roth, ARDA’s Vice President of Marketing and Communications
May 7, 2014
In the timeshare industry, we know that travel is good not only for health and relaxation—it’s good for our workplaces and our country’s economy. During this year’s National Travel & Tourism Week (May 3-11) , we think it’s a good idea to remind ourselves of this impact. Here are some more statistics and facts on the travel industry from ARDA’s friends at the U.S. Travel Association:
Let’s start with jobs. The Bureau of Labor Statistics reports that the U.S. travel industry recovered faster than other economic sectors—restoring 111% of the jobs lost to the recession—while the rest of the economy has only recovered 90% so far. Travel is among the top 10 employers in 49 states, directly employing about eight million people at a payroll of $209 billion. Throw in jobs supported by travel, and the number almost doubles to 15 million workers: one of every nine American jobs.
Travel also positively impacts local economies and taxes. U.S. residents and international visitors now pump more than $28,000 per second into cash registers across the country. It adds up to a $2.1 trillion economic impact, contributing more than $130 billion in federal, state, and local tax revenues.Every household in America would have to pay about $1,100 more in taxes annually to make up what the travel industry alone brings to our schools, roads, search-and-rescue teams and other public programs.
Travel also boosts profits. One study found that every $1 spent on business travel drove nearly $3 in profit—a 300 percent return on investment (ROI) after adjusting for cost.
Finally, travel weathers economic storms. Sectors that decreased business travel during the 2007-2011 recession were more likely to see profits slow or drop, while industries that amped up business travel grew faster.
We can feel great about being one of the very robust areas within the travel industry – timeshare!