This week's global market volatility and the recent U.S. jobs report have sparked some fears of an economic downturn but the travel industry outlook remains strong, according to data from the U.S. Travel Association. Joshua Friedlander, vice president of research for U.S. Travel, called attention to three significant trends that bode well for the industry.
Travel jobs continue to increase
- More than 18,000 jobs have been added in the travel and meetings industry over the most recent two months for which data is available.
- Nearly 17 million people are now employed in the leisure and hospitality sector, according to the July jobs report, which was released at the end of last week. That's up by almost 300,000 people year-over-year.
- At least 1 million travel positions still remain open, and strong demand could drive support for an expanded H-2B guest worker program, particularly for seasonal businesses.
Strong demand is resulting in record air travel
- According to U.S. Travel data, 92 percent of U.S. travelers are planning leisure trips within the next six months.
- TSA air passenger screening has been setting records, and eight of the 10 busiest travel days in the agency's history have occurred this year.
- June and July travel volume is up 5.9 percent vs. last year.
- International inbound travel continues to recover, and is up 18 percent year-to-date in 2024.
Travel-related inflation has cooled
- Travel prices have not risen as fast as overall prices, according to the association's Travel Price Index and data from the Bureau of Labor Statistics.
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