A just-released report by VISA and the Global Business Travel Association (GBTA) has really interesting, positive numbers for business travel.
The précis is while many of the world’s hot economies have stalled, America’s fiscal engine is pumping. The result is that U.S. business and individual travel is up. Business travel reached $292.2 billion in 2014 and is expected to grow 6.2 percent to $310.2 billion for 2015. In 2014 U.S. international outbound business travel also grew six percent on year-over-year figures to be worth $35.6 billion.
The report says the total number of U.S. person trips is expected to have a modest 1.7 percent growth (which is still growth) for a total 490.4 million trips!
GBTA executive director and COO Michael McCormick said, “2014 was a stabilizing year for U.S. business travel, with continuous, sustained growth, despite a plethora of external issues internationally that have weighted down economies in Europe, Russia and Asia. This is a significant and encouraging sign of confidence in the strength of the U.S. economy.”
Whether you represent a domestic or off-shore destination or property are you on the receiving end or in the bidding for any of this boom?