It may seem obvious, but as it turns out, domestic business travel is good for U.S. business. In fact, it’s really good. According to a new report by the Global Business Travel Association (GBTA) Foundation, ‘The U.S. Business Travel Economic Impact Report,’ business travel was responsible for about three percent, or an estimated $547 billion, of the country’s gross domestic product (GDP) in 2016.
Currently, the business travel industry supports 7.4 million jobs and generated $135 billion in federal, state and local taxes. And that’s in spite of the average amount spent per business falling by 2.2 percent, to $520, in 2016.
And, fluctuation in the amount invested in business travel can have a significant impact on the United States’ economy.
The report indicates that for every 1 percent change in business travel spending, the U.S. economy gains or loses 74,000 jobs, $5.5 billion in GDP, $3.3 billion in wages and $1.3 billion in taxes. Not exactly peanuts.
What’s equally as interesting is that U.S. business travelers are driving their own vehicles to their appointments more than any other mode of transportation.
According to the report, a personal car or truck is used 35 percent of the time, followed by airplane at 28 percent, and rental cars at 13 percent.
So, what does the average U.S. business traveler look like exactly?
A modern Don Draper? Here’s a snapshot: 60 percent are men, their average household income is around $82,000, nearly 60 percent are married, roughly half are under the age of 45, and just over one-third have obtained a bachelor’s degree, while less than one-third have a graduate or professional degree.
Regardless of who’s doing the (business) traveling, the industry and economy thank you. Here’s to many more trips to come.
Here’s some more travel news you can use:
An Airline Partnership in Dubai now connects Emirates with its low-cost sister carrier, FlyDubai. Both airlines are owned by the Investment Corporation of Dubai, a state-owned holding company, but previously operated independently from one another.
The Financial Times is reporting that amid an economic and industry slow-down, the two companies will now integrate networks and coordinate scheduling together.
The new business model will also provide flydubai passengers connectivity to Emirates’ worldwide network - and vice-versa.
The current combined network comprises 216 unique destinations and is expected to reach 240 destinations, served by a combined fleet of 380 aircrafts, by 2022.
Everyone’s Favorite Topic: Politics! Amongst the mountainous pile of political news is a report that the Trump Administration has allowed 15,000 temporary worker visas – or H2B seasonal visas for non-agricultural labor.
This is welcoming news for many resorts and hotels throughout the United States. In fact, according to NBC News, President Trump’s Mar-a-Lago resort regularly applies for H2B visas for seasonal employees.
Made in America Week kicked off on Monday, promoting products made in the United States. Wyndham Hotel Group took that sentiment to heart, purchasing hotel brand AmericInn today.
According to the TheStreet, the deal is for $170 million dollars and adds 200 primarily franchised hotels in 21 states, as Wyndham aims to increase its inventory in the midscale segment.