Journey’s financial footprint in america shrank a staggering 42% final yr, from $2.6 trillion to $1.5 trillion, based on new end-of-year totals ready for the U.S. Journey Affiliation by the analysis agency Tourism Economics.
The employment devastation was equally huge: travel-supported jobs fell by 5.6 million in 2020 (16.7 million to 11.1 million)—a whopping 65% of all American jobs misplaced to the financial fallout of the pandemic. Journey and tourism had supported employment for 11% of the U.S. workforce previous to the onset of COVID.
The brand new knowledge on journey’s dramatic losses arrives as tons of of business leaders from throughout the nation meet nearly at the moment with members of Congress for Vacation spot Capitol Hill, the U.S. Journey Affiliation’s annual legislative fly-in.
“Whereas the gradual progress of vaccinations has supplied hope that a turnaround could also be on the horizon, it’s nonetheless unclear when journey demand will be capable of totally rebound by itself,” mentioned U.S. Journey Affiliation President and CEO Roger Dow.
“With the journey business struggling such a disproportionate share of losses, policymakers want to grasp that a nationwide financial restoration successfully hinges on a journey restoration.”
On Wednesday, almost 300 digital conferences between business leaders and members of Congress will deal with measures to:
Present aid for journey business companies
Advance stimulus measures to drive journey demand
Place the U.S. to welcome again worldwide journey
Safely restore enterprise journey, conferences and occasions
These coverage priorities observe a yr of intense efforts to safe essential emergency aid for all sectors of journey—with out which most of the sector’s job losses could grow to be everlasting.
“The most recent spherical of aid was useful to our business, however there are a selection of essential steps that also should be taken, particularly extending the deadline for the Paycheck Safety Program and passing the important thing bundle of tax incentives within the Hospitality and Commerce Job Restoration Act,” mentioned U.S. Journey Affiliation Govt Vice President of Public Affairs and Coverage Tori Emerson Barnes.
“The PPP is about to run out in simply two weeks, but the financial results of the pandemic will proceed to hurt the business far past that time.”