As the year draws to a close, statistics have been compiled regarding the impact of travel and tourism on the economy. In 2012, $6.6 trillion of the GDP was contributed in induced, indirect and direct impact. This amount represented almost 10 percent of the economy in 2012 and the hospitality and tourism industry was able to provide 1 in 11 jobs throughout the year.
In 2013, the contribution of tourism and hospitality grew by 3.2 percent, showing that the travel and tourism industry has grown substantially. In fact, the growth was greater than the growth of the economy in general, and more substantial than other industries such as the financial industry, retail industry and business services. Europe, North America and North East Asia are becoming more popular destinations than previously expected.
The growth of the travel and tourism sector shows good signs of both economic stability on a whole and good signs for the hospitality and tourism industry. For more information regarding the economic impact of traveling and tourism, contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors.