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July 17 2024 / 02:27 PM
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Hospitality Net
Travel & Tourism is set to contribute 3tn to the region in 2024

In a significant milestone, the World Travel & Tourism Council (WTTC) and the U.S.-Mexico Foundation (USMF) have announced the signing of a Memorandum of Understanding (MOU) to enhance cooperation in North America's tourism sector.

This historic agreement underscores the commitment of both organisations to foster sustainable growth and innovation in the Travel & Tourism sector across North America a valued at approximately USD 3 trillion.

The cooperation between WTTC and USMF is expected to yield numerous benefits for the Travel & Tourism sector in North America, highlighting the huge benefits and opportunities across Canada, U.S. and Mexico.

By leveraging their combined expertise and resources, both organisations will be able to leverage their positions to influence policy decisions and strategic initiatives aimed at boosting the region's tourism economy.

Additionally, the collaboration seeks to advance public-private sector cooperation between the U.S. and Mexico and promote innovation, entrepreneurship, and investment opportunities related to Travel & Tourism in the region.

According to the WTTC’s Economic Impact Research (EIR), the Travel & Tourism sector has shown remarkable resilience and growth potential.

In 2023, the sector's total GDP contribution in North America was USD 2.64 trillion, reflecting a strong recovery from the pre-pandemic level of USD 2.75 trillion in 2019. Employment in the sector also rebounded, with 27.06 million jobs in 2023 compared to 26.21 million jobs in 2019.

Looking ahead, the sector is projected to continue its growth trajectory.

By 2024, the total GDP contribution is expected to reach more than USD 2.9 trillion, with employment rising to more than 28 million jobs.

This positive trend is set to accelerate, with forecasts indicating that by 2034, the Travel & Tourism sector will contribute USD 3.64 trillion to North America's GDP and support 32.5 million jobs.

The EIR also highlights significant growth in visitor spending.

In 2023, international visitor spending in North America was USD 258.7 billion, recovering from USD 280.1 billion in 2019. By 2024, this figure is expected to increase to USD 395.9 billion, showcasing the region's attractiveness as a global travel destination. Domestic visitor spending is also anticipated to rise, further supporting local economies and businesses.

This partnership is poised to strengthen the ties between the U.S. and Mexico, promoting greater cooperation and understanding through the lens of Travel & Tourism.

Jul 08, 2024

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