WASHINGTON, DC—Travel now accounts for 10% of all U.S. exports, according to U.S. Travel Association SVP of economics and research David Huether, commenting on Friday’s release of the Labor Department employment report and the U.S. Department of Commerce export report.
He noted this year is “off to a remarkable start for travel, continuing the industry’s pattern of export growth with another record high of $18.9 billion in January. With this strong trend, travel now accounts for 10 percent of all U.S. exports. While travel exports rose for a fourth consecutive month, other exports of goods and services fell for a third consecutive month, posting the largest monthly decline in six years.”
He added travel employment rose for an eighth consecutive month, expanding payrolls by 16,600 in February to 8.1 million direct jobs. “So far, the industry has added 75% more jobs than the first two months of last year, while creation in the rest of the economy is only up by 50%,” he said.
Huether observed since employment recovery began, the travel industry has added 869,400 jobs, outpacing job growth in the rest of the economy by 33%,”