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TI News: An information service from Office of Travel & Tourism Industries (OTTI)
July 18, 2011
U.S. Travel and Tourism Satellite Accounts: First Quarter 2011
The U.S. Department of Commerce recently announced that real U.S. travel and tourism output (adjusted for changes in price) increased at an annual rate of 0.6 percent in the first quarter of 2011, following an increase of 2.6 percent (revised) in the fourth quarter of 2010. By comparison, real gross domestic product (GDP) increased 1.9 percent during the first quarter.
Tourism Spending. Real spending on passenger air transportation turned down, decreasing 9.9 percent in the first quarter of 2011 after increasing 3.4 percent in the fourth quarter of 2010. Capacity grew faster than demand, especially on international routes, while prices rose to cover significantly increased fuel costs. The downturn in air passenger transportation was partially offset by an acceleration in real spending on traveler accommodations which increased 12.9 percent in the first quarter after increasing 5.8 percent in the fourth quarter. Occupancy rates increased as room prices continued their decline from the previous quarter.
Tourism Prices. Overall growth in prices for travel and tourism goods and services accelerated; increasing 9.8 percent in the first quarter of 2011 following a 1.7 percent (revised) increase in the fourth quarter of 2010. The acceleration in prices for travel and tourism goods and services reflect strong price increases in gasoline and passenger air transportation.
Tourism Employment. Direct employment in the travel and tourism industries increased 2.0 percent in the first quarter of 2011. All industries saw increases in employment with the exception of recreation and entertainment which turned down slightly in the first quarter, decreasing 0.5 percent in contrast to an increase of 0.8 percent in the prior quarter.
The Bureau of Economic Analysis, through funding provided by the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce, produces the U.S Travel and Tourism Satellite Accounts (TTSAs) from which these estimates were derived.
Travel and Tourism Satellite Accounts form an indispensable statistical instrument that allows the United States to measure the relative size and importance of the travel and tourism industry, along with its contribution to gross domestic product (GDP).
Approved by the United Nations in March 2002 and endorsed by the U.N. Statistical Commission, TTSAs have become the international standard by which travel and tourism is measured. In fact, more than fifty countries around the world have embraced travel and tourism satellite accounting as the only comprehensive, comparable, and credible measure of travel and tourism and its impact on national economies.
For more information on TTSAs, please visit: < http://www.bea.gov/industry/iedguide.htm#ttsa_ou>.
To view the Q1 2011 release in its entirety, visit: < http://www.bea.gov/newsreleases/industry/tourism/2011/pdf/tour111.pdf >.
Subscribe to the Bureau of Economic Analysis' TTSA newsletter: < http://service.govdelivery.com/service/multi_subscribe.html?code=USBEA>.