The business travel industry provided a major boost to the US economy in 2022, the latest full year for which a complete set of data is available for analysis., according to a new study from the Global Business Travel Association (GBTA). The study, called, “GBTA U.S. Economic Impact Study: Business Travel’s Impact on Jobs and the U.S. Economy,” quantifies the significant economic impact of traveling for work in the U.S. The report shows
The US was the nation that spent the most on business travel in 2022, with expenditures totaling $421.1 billion and resulting in $119 billion in tax receipts. It also supported 6 million jobs and represented 3.5% of total employment.
GBTA’s economic impact study also shows that for every dollar spent on business travel, $1.15 was returned to the US economy as net-new gross domestic product (GDP). Additionally, of the direct jobs supported by business travel, 38% were in food services, 19% in accommodations and 11% in transportation and warehousing.
The study methodology estimates total annual business travel spending in the U.S. in 2022 and uses a standard economic model to translate business travel spending into its impact on GDP, jobs, wages and taxes.
The U.S. is anticipated to be a top one or two market worldwide for spending again in 2024, according to GBTA’s latest industry forecast. Although final data is not yet available beyond 2022, estimates from GBTA’s latest Global Business Travel Index™ (BTI) point to U.S. business travel spending for 2023 to increase around 7% above 2019 totals, indicating a robust recovery for the industry. On a global basis similar growth is expected, with business travel spending anticipated to surpass $1.5 trillion in 2024.
“The data shows that business travel is a substantial contributor to the health of the US economy, and therefore also a key driver for the global economy,” said Suzanne Neufang, CEO, GBTA. “Business travel supports millions of jobs and delivers billions in tax revenue, which is why it is important for policymakers to consider the impact on the industry when devising economic policies – and for sustainable solutions to be prioritized, funded and developed to help us abate travel’s hardest-to-abate sectors.”
