US records high profits from travel industry

In the latest post-COVID-19 recovery achievement, the U.S. has recorded a high rebound in domestic travel spending.

According to the United States Travel Association, about $1.2 trillion was spent on travel in 2022 in the United States — a figure that is similar to pre-pandemic levels.

This increase induced an economic growth of $2.6 trillion.

“Travel rebounded strongly in 2022 thanks to robust demand for domestic leisure travel,” U.S. Travel Association President and CEO Geoff Freeman said in a statement released on Wednesday.

“Now we must focus on fully restoring the international and business travel segments to continue growing this critical driver of the U.S. economy.”

The CEO’s statement also shows that nearly 15 million American workers benefited economically from travel in the U.S. in the year 2022. About 8 million of those workers were under direct employment by the country’s travel industry.

In contribution to American revenue, travel spending in the U.S. generated nearly $160 billion in total tax revenue, including $84 billion in state and local tax revenue in 2022.

Also important to note is travel-generated tax revenue, which slashed an average of $1,270 in taxes per American household

Each part of the travel industry plays a valuable role in generating this important revenue. The domestic leisure aspect generated $837 billion in 2022 — 99 percent of the total recovery. Travel conducted by domestic businesses generated $234 billion, which is 74 percent in recovery compared to pre-COVID levels. International inbound travel was recorded as the lowest of the three, producing just $116 billion.

The total is just a 55 percent recovery rate compared to years before the COVID-19 pandemic.

Umar Ali
As editor in chief, I am always on the road, searching for hidden gems, undiscovered waterfalls, enticing hikes to explore, underrated delis, and more. Crafting compelling content that captures the true essence of each place is my passion. With years of experience in travel journalism, I strive to provide unbiased and factual content based on my real-life experiences. When I'm not out exploring, you can find me delving into local markets and devouring new foods, immersing myself in the cultures and communities that make each destination unique. It might sound like a tough job, but I love it!

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