Travel and Tourism Spending Grows at More Than Twice the Rate of the U.S. Economy in Q3 2015

January 7, 2016

The U.S. Department of Commerce recently announced that real spending (output) on travel and tourism continued to rise during the third quarter, increasing at an annual rate of 4.3 percent after increasing 8.4 percent in the second quarter of 2015. For perspective, the U.S. economy (gross domestic product) grew 2.1 percent during the third quarter, half the growth exhibited by travel and tourism. This marks the fourth consecutive quarter in which the growth of travel and tourism output has outpaced the growth of the U.S. economy. "After 22 consecutive quarters of job growth the travel and tourism industry has added more than 1.1 million...