The Economic Impact Of America's Largest Service Export: Travel &Tourism
No longer is a cottage industry, international travel and tourism a significant contributor to economic growth and development, with worldwide growth in international tourist arrivals outpacing national income growth one out of every two over the past 30 years. For many developing countries, travel and tourism serves as the primary export industry. However, in terms of overall trade dollars, it is industrialized countries that are some of the largest beneficiaries of inbound international travel. Travel and tourism is America's largest service export and a major jobs engine. As international travel and tourism is forecast to grow significantly over the next five years, the U.S. economy stands to benefit significantly.