A recent report from the Global Business Travel Association and American Express Global Business Travel found business travelers are primarily taking domestic trips, but these short, frequent trips have significant economic impact.
The study, titled “The U.S. Business Travel Economic Impact Report,” reveals the importance of business travel for the country’s economy, as business travel was responsible for about 3 percent of U.S. GDP in 2016. The study found for every 1 percent change in business travel spending, the U.S. economy gains or loses 74,000 jobs, $5.5 billion in GDP, $3.3 billion in wages and $1.3 billion in taxes.
“Business travel matters – it is a critical driver of the economy,” said Michael W. McCormick, executive director and COO, GBTA. “In a time where many policies have created uncertainty and disruption around travel, this study shows the importance of enacting pro-travel polices to our nation’s bottom line.”
In 2016, the nation’s businesses spent $424 billion to send travelers on the road for 514.4 million domestic business trips. Roughly half of these trips were taken for business, including sales trips, client services and government or military travel. The remaining 25 percent were taken for a combination of business and leisure. Seventy-five percent of the business trips taken included an overnight stay, and nearly 40 percent included a one–two-night stay.
A personal car was the most popular mode of transportation among U.S. travel spending, and a majority of business trips were taken to destinations with large business centers, including states in the Pacific region, those in the Northwest and Southeast, as well as central and mountain states like Illinois, Michigan, Texas and Colorado.
According to another study released at the 2017 GBTA Convention, global economic performance suggests solid business travel growth ahead, but global political uncertainty reached a 20-year high this year. While many signs indicate the global economy is improving, political policies, geopolitical tensions and financial concerns continue to intensify, resulting in the highest number on the The Global Economic Policy Uncertainty Index in two decades.
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