US tourism easily outpacing economic growth
A significant eight percent growth rate in direct tourism output during the fourth quarter was reported by the US Bureau of Economic Analysis, meaning the tourism economy in America is growing more than three times faster than the economy as a whole.
For 2006 itself, the tourism economy grew by a more modest 3%. This represented the fifth year of growth, though it was slightly less than the growth rate for the economy as a whole. Some national trends in 2006 for the economic contribution of different parts of the tourism economy:
§ Accommodations are up 3.6%, less than in 2005 but more than any of the four years before. A major reason: hotels are continuing to raise their room rates.
§ Passenger air transportation: up 1.7%, or less than half of the increase in 2005, which in turn was less than half of the increase in 2006. Travelers often spent less on plane tickets even as they spent more for hotel rooms.
§ Car rentals: up 2.1%, also less than half of the increase in 2005 but in line with the year before that.
§ Restaurants: up 4.5%, building on a 4% increase in 2005 and an 8% jump in 2004.
§ Recreation and entertainment: up 2.2%, more than the 1.2% increase the year before but slower than the increases of three previous years.
The one area where spending was down: shopping.
Report by David Wilkening
David
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