Tourism has become an integral part of the United States economy. It generates revenue, creates jobs, and contributes to the growth of various industries.
But what percent of US GDP is actually attributed to tourism? Let’s find out.
Understanding GDP
Before we dive into the numbers, let’s first understand what GDP is. Gross Domestic Product (GDP) is the total value of goods and services produced within a country’s borders during a specific period. It is used to measure a country’s economic growth and productivity.
What is Tourism?
Tourism refers to travel for recreational, leisure, or business purposes. It includes activities such as visiting attractions, attending events, dining at restaurants, and staying in hotels. In the United States, tourism has become a significant contributor to the country’s economy.
The Percent of US GDP Attributed to Tourism
According to the Bureau of Economic Analysis (BEA), tourism contributed 7.8% of US GDP in 2019. This means that for every $100 generated in the economy during that year, $7.80 came from tourism-related activities.
Tourism Industry Breakdown
The BEA also breaks down the tourism industry into different components:
- Arts, entertainment, and recreation
- Accommodation
- Food services and drinking places
- Transportation
- Retail trade
Each component plays a vital role in contributing to the overall percent of US GDP attributed to tourism.
Tourism Job Creation
In addition to its contribution to US GDP, tourism also creates jobs. In 2019, over 8 million jobs were directly related to the travel and tourism industry in the United States. This includes jobs such as hotel staff, tour guides, and restaurant workers.
Conclusion
Tourism plays a significant role in the United States economy, contributing 7. It also creates millions of jobs, making it an essential industry for the country’s overall economic growth and productivity.