How Traveling and Tourism Contribute to U.S. Economy Research Paper

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Travelling and Tourism contributes to U.S. Economy

How travelling and tourism contribute to U.S. economy

Annotation

Websites

United States Department of Commerce

Commerce Department Data Show U.S. Travel and Tourism Exports Contributed $87.1 Billion to U.S. Economy in First Six Months of 2013

The official website of the U.S. Department of Commerce takes keen interest in finding who enters the country for the purpose of traveling and tourism and what is the impact of traveling on the economy of the country. The department oversees International Trade Administration. It is found that the international investors contribute multibillions to the economy of country every year. During the month of June this year, the international investors contribute about $14.6 billion. The contribution is increasing every year and from June 2012 to June 2013, the investment increased about 5%. The role of international travelers and tourists is positive on the economy of USA. Only in the first half of the year, the tourists contributed $87.1 billion. The international travelers contribute in the economy in form of purchases related to tourism-related goods that made up $67.0 billion that was spent on transport, food, recreation, gifts, and insurance. There was another big share that the travelers and tourists contributed in the economy in the form of air freight charges.

The competition improves in the country when there are international consumers. The increase in tourism promotes the strategy of the department and encourages local brands that they can be promoted to international market through the tourism. More jobs are created in the market because there needs to be a workforce that will be serving 100 million international visitors by next decade.

World travel and tourism council

28 February 2013

Global Travel & Tourism industry defies economic uncertainty by outperforming the global economy in 2012 -- and predicted to do it again in 2013

On the official website of the World Travel and Tourism Council, it is mentioned that the traveling industry has flourished globally with the flux of information about the countries. People know where they can find best water falls, islands, beaches and shopping opportunities thus they travel. This travel and tourism has emerged as an industry and is even growing. The council stated that the tourism industry is evolving even faster than the retail, manufacturing, financial and communications services industry. In the GDP of USA, the tourism contributes around 3% and around five million new jobs have been created.

Today almost every job is connected to tourism thus the increase in tourism means increase in demand and well as production in all other segments of economy. The council's research shows that in 2013 the contribution of tourism in world economy was over $6 trillion while the impact of the U.S. economy was multibillions too. The economies with great involvement of tourism and travelling in their GDP like USA, Europe, China, Korea and South Africa are concerned in making their visa process easier so that more tourists can be welcomed in the countries to improve their economies. While there is a climax of manufacturing and it is too had to increase the level of production and manufacturing beyond a specific limit, the technologies are tourisms are the areas that can still support as well as grow the size of economy.

International Trade Administration

10 July, 2013

Year-to-date U.S. travel and tourism exports contribute $72.6 billion to the U.S. economy

United States is counted among the countries that are most benefitted due to the international trade. In the month of May this year the country collected $14.7 billion that showed an increase of 7% as compared to May 2012. The net of $72.6 billion in the first five months of the year shows that it is the most growing sector of economy and that the country can use this segment in multiple ways. The effects of tourism are direct and induced in manufacturing, air travel, job creation, food industry and hotels and restaurants. With millions of jobs and expansion of economy, the country is likely to promote tourism by legal and social methods.

The data suggests that not only jobs but the economy as a whole is positively affected by tourism. Exports are growing and the country is taking measures so that the tourism does not become a threat to national security. The government facilitates by working on immigration side by side that ensures that people from all corners of the world are welcomed. The Visa Waiver Program is being strengthened so that law is enforced and the foreigner visitors become a social and economic benefit for the country rather being a challenge.

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Press

U.S. Travel Association

2013

Economic Impact of Travel & Tourism

The association found that the trillions of dollars are associated with the tourism in global economy and China and USA are a few of those countries that are most benefitted from it. Besides the fact that the tourism offers job opportunities and increases consumption in the economy, the travelers are introduced to local goods and thus they develop taste of these local items. The tourism also offered hundreds of billion dollars in form of taxes to local, state and federal government. The travel exports are America's biggest export worth over hundred billion dollars every year. The Guardian figures out around 14 million jobs associated with travel and tourism in USA.

The analysis of figures associated with jobs, exports, development, and GDP contribution show that the role of tourism and traveling in economy is growing. With an increasing trend, America is only next to China in terms of rate of growth while the number of tourists is still higher. The country has flexibility to accommodate the tourists by creating new jobs and offering them facilities. The Guardian also says that the government needs to make efforts to provide a more secure environment to both the locals and the tourists so that the tourism flourishes in state. Now that many industries are facing crisis including the financial industry, there should be substitutes so that new industries emerge and grow and support the economy. One such industry is tourism and traveling.

Q1 Travel and Tourism Contributes $43 B. To U.S. Economy

2013

The role of travelers and tourists is considered as a support to economy. The travellers and tourists are contributing a lot in the U.S.A. And the quarter 1 analysis in press shows that the country collected around $14.4 billion. The continuous growth in tourism related revenues is confirmed through unanimous agreement of all the bodies that the international visitors spend billions of dollars that grow the size of economy. The tourism industry in USA makes up segment of economy which is in it bigger than many economies of the world. According to surveys, the tourism is responsible for highest services exports of the country. While the one time visit of a traveller is one time economic opportunity but it is associated with many induced long-term affects. New jobs are created and people get employment that reduces the rate of unemployment of the country. After 2007-08 economic crises, it is hard to imagine where the country would be standing given no support from the tourism industry. This industry is one of the hopes of the economy which does not seem to mature in near future.

The tourists where one of the biggest consumers in the month of March, and they purchased items of worth more than $11 billion. The size may be more than doubled by 2020 and thus majority of the jobs in the economy will be supported by travel and tourism in one way or the other.

Independent

07 November, 2013

Keeping nine per cent rate good for jobs, tourism and economy

There are many press articles dating before 2008 that mention that the U.S. economy was overlooking the role of tourism. However, since then, the tourism and travel has increased in America and people have been welcomed in the country after making legal arrangements so that there are no threats for the country. The job creation associated with the tourism was a golden opportunity. Not only the employment increased but the small businesses also bloomed to serve the tourists. The services associated with provision of tourist needs also increased. Beaches are considered the most attractive tourist spots in America. Thus the services at beaches were improved so that more and more tourists are attracted.

The small businesses in form of restaurants, coffee shops and apartments have also flourished that offer cheap accommodation to the tourists. Thus, the tourists understand that it is affordable form them too to visit USA and expire living in one of the largest economies of the world. The taxes and the services in hospitality sector are the areas that are green for tourism. Thus, the economy is by all means benefitting from travel and tourism and there has been no such incidences since a decade that can tell that tourist were a problem for USA.

Journal Articles

Thea M., Sinclaira

23 November, 2007

Tourism and economic development: A….....

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