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Business Travel Adds to GDP Growth

Business Travel Adds to GDP Growth

Business travel was responsible for about 3 percent of U.S. GDP in 2012 ($491 billion), according to a new report issued by the Global Business Travel Association Foundation. For every 1 percent increase in business travel spending, the U.S. economy gains an additional 71,000 jobs, nearly $5 billion in GDP, $3 billion in wages and $1.2 billion in tax collections. The impact study also found that in 2012 the nation’s businesses spent $384 billion to send travelers out on the road on 452 million business trips. The business travel industry supports 7.1 million jobs and generated $118 billion in federal, state, and local taxes. Read more highlights over at CNBC.

Photo credit: Airline Travelers via Bigstock

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