Yesterday the GBTA Foundation released a study showing the economic impact of business travel on the U.S. economy. The numbers speak for themselves demonstrating that business travel is in fact a major economic driver.
Of course the value of business travel comes as no surprise to us and I am guessing, you. There really is no substitute for face-to-face and hand-shake interactions when it comes to getting business done, and while road warriors are out on the road they are spending hundreds of billions on hotels, airports and restaurants.
According to the study, business travel was responsible for about 3 percent of U.S. GDP in 2012 ($491 billion), and for every 1 percent increase in business travel spending, the U.S. economy gains an additional 71,000 jobs, nearly $5 billion in GDP, $3 billion in wages and $1.2 billion in tax collections.
The Co-Chairs of the Congressional Travel and Tourism Caucus agree on the importance of business travel to the economy:
“Business travel is an important aspect of travel and tourism,” said Rep. Gus Bilirakis (R-FL). “As the Global Business Travel Association’s study notes, nearly $500 billion was contributed to the U.S. economy by business travel alone in 2012. That same year, Florida’s tourism industry supported over one million employees and contributed over $51 billion to Florida’s economy. Business travel and the tourism industries are a crux of economic vitality across the country, and especially in states like Florida. The bottom line is that both international travel to the United States and domestic travel within our nation create jobs. As Co-Chair of the Congressional Travel and Tourism Caucus, I will continue to work to foster an economic climate that promotes travel and economic vitality.”
“Electronic communication is important to our economy but it cannot completely replace the personal connection formed by meeting face to face,” said Rep. Sam Farr, D-Calif. and co-chair of the Congressional Travel and Tourism Caucus. “Business travelers play an important role in building our economy beyond just the deals they strike with a hand shake. Their time on the road supports the entire travel industry; injecting needed dollars into local businesses and creating jobs in every community across the United States.”
We will be distributing this message on Capitol Hill. I hope you will join us!