With world-class destinations and competitively priced goods and services, the U.S. travel industry is attracting a record number of foreign visitors to our shores this year, reports David Huether, senior vice president of research and economics at the U.S. Travel Association, reacting to the latest trade data released by the Department of Commerce.
"Up for the seventh time in the past 10 months, travel exports rose to $15.2 billion in October 2013, up 10 percent from October of last year," Huether said.
"The October rise in travel exports continues a watershed year for international travel spending in the United States. Through the first 10 months of this year, travel exports have surged 9.1 percent compared to same period in 2012. This is more than four times faster than the two percent increase in other U.S. exports so far this year," Huether said.
"As a result of growing so much faster than other exports, the travel industry has generated 27 percent of the overall increase in U.S. exports so far this year—not bad for an industry that makes up only eight percent of total U.S. exports. To put this into perspective, the travel industry has generated more than twice as much export growth so far this year as the oil and gas industry," Huether said.
Visitor spending while visiting the U.S. is one of the key reasons why the travel industry has been creating jobs faster than the rest of the economy over the past few years, Huether noted. "To build on this success, we urge policymakers to support critical proposals to boost travel, such as the JOLT Act, which would increase international spending in the U.S. and create more American jobs."