Thursday, September 23, 2010

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.

Posted 8:19 AM Post Link 4 Comments

4 Comments:

At 9/23/2010 9:17 AM, Blogger juandos said...

Sadly this tourism bulge in the market doesn't seem to be working for American Airlines right now...

 
At 9/23/2010 4:54 PM, Blogger Jet Beagle said...

Oh, I feel so bad for poor AMR!

Southwest Airlines recorded year-over-year revenue increases of 26%, 18%, and 19% over the past three months. I play basketball twice a week with SWA's VP of Marketing. He seems pretty happy right now about "Bags Fly Free!".

 
At 9/24/2010 7:12 PM, Blogger juandos said...

"Oh, I feel so bad for poor AMR!"...

A bit of 'tongue in cheek' commentary there jet beagle?...:-)

Sadly I think its a reflection of incompetent but 'politically correct' operational management...

 
At 9/24/2010 9:05 PM, Blogger GeneHayward said...

When set next to a graph for the value of the dollar during the same time period there seem to be a correlation http://haywardeconblog.blogspot.com/2010/09/is-there-relationship-between-tourism.html .I wonder how much of the tourism is driven by foreign consumers relative to domestic comsumers. I would like to see data that reflects real change in volume of foreign vs domestic tourism consumption...

 

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