A $1.6 Trillion Market, Travel & Tourism Industry Booms

Article excerpt

Travel and tourism is a booming industry and accounts for a $1.6 trillion market in the United States. It is one of the country's largest employers and directly and indirectly affects most facets of American life.

Taxes & Revenue

Last year, spending by domestic and international visitors in the U.S. generated $740 billion in direct expenditures nationwide, averaging $2 billion a day.

The third largest retail industry, behind automotive and food stores, travel and tourism generated $110 billion in tax revenue for local, state and federal governments in 2006. Without this available revenue, each U.S. household would pay $995 more in taxes;

Travel and tourism is one of the nation's largest service exports. In 2006, international visitors to the U.S. spent $107.9 billion, while Americans spent $99.5 billion outside of the U.S., leaving a balance of $8.3 billion in travel trade surplus for the country.

Employment

The travel and tourism industry is the first, second or third largest employer in 30 of the 50 states, making it one of the country's largest employers with 7. …