According to Hotel Interactive, recent results indicate that the hotel industry is roaring back to 2007 levels and even breaking records. Research from the U.S. Travel Association (USTA) shows that actual trips taken (for any purpose) is up 1.8 percent this year, an all-time high. More trips will be taken in 2012 than during the prior peak of 2007, for a total of nearly 2 billion trips. This represents a 1.5 percent increase over 2007 totals.
Of that number, 23 million will be domestic trips, a 1.1 percent increase. A total of 34 million domestic trips are anticipated for 2014. Total domestic travel spending, including both leisure and business travel, will increase 3.0 percent. Business travel growth is expected to be less than 1 percent, but domestic leisure travel is expected to grow 1.3 percent during 2013 and another 1.7 percent in 2014.
Inbound travel to the United States is also sharply rising. Foreign visitors spend significantly more than American citizens. Total international inbound travel is expected to increase 4 percent in 2013 while spending will grow 7.1 percent. International arrivals to the United States now account for 15.1 percent of total travel spending in the United States, up from 14.3 percent in 2011.
The travel industry is expected to add 98,000 American jobs by the end of 2013, to total direct travel industry employment of more than 7.6 million jobs.
Click here to view the complete Hotel Interactive article.
MCB has over 35 years of hospitality accounting experience providing audit, tax, accounting, due diligence and employee benefit plan audit services. Contact an MCB Adviser today at email@example.com or call 703.218.3600 to discuss your hotel accounting and tax needs or to receive a proposal for your next financial statement audit.