Tourism Spending and Jobs Are Coming Back
The BEA reported today that real spending on travel and tourism in the U.S. increased at an annual rate of 3.0% in the second quarter to $597 billion, the highest level since the third quarter of 2008 (see chart above). This follows an increase of real tourism spending of 5% in the first quarter, and marks the fourth quarterly increase in the last five quarters.
Other highlights include:
1. Passenger air transportation spending increased 3.9% in the second quarter following a 4% increase in the first quarter.
2. Spending on accommodations increased by 6.1% in 2010:2 after increasing 13.4% in 2010:1.
3. After eight consecutive quarters of declines, direct tourism-related employment increased 2.2% in the second quarter.