Tourism Spending Increases in 3rd Quarter by 8%
From today's BEA report: "Real spending on travel and tourism increased at an annual rate of 8.0 percent in 2010:3, following an increase of 3.4 percent in 2010:2. By comparison, real gross domestic product (GDP) increased 2.5 percent in 2010:3 after increasing 1.7 percent in 2010:2. While tourism spending outpaced overall growth in the economy, it still remains below its peak set in 2007:3 (see chart above).
Examining the components of real travel and tourism spending, passenger air transportation increased sharply, accompanied by accelerated growth in accommodations. During this period, prices for passenger air transportation fell, while prices for accommodations rose.
MP: The 8% third quarter growth in real travel and tourism spending was the largest increase since a 8.3% increase in the fourth quarter of 2004.