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US tourism industry determines to a large extent the economy of United States of America. The effect of the US tourism industry on the economy of USA indicates the place of importance, the tourism industry holds in America. The Travel and tourism satellite accounting is an efficient tool or instrument to get a feed back about the status of the economic setup owing to the travel and tourism related activities. Travel and tourism industry in USA has several other industries closely associated with it. Contribution of these associated industries have a tremendous impact on the US tourism industry. The other industries encompass the entertainment industry, Real estate industry (for commercial purpose), hospitality industry, transport industry etc.
US tourism industry suffered a setback after the 9/11 attacks:
Things began to look up for the US tourism industry after a long gap in 2000 but it was not to be for long. Travel and tourism related employment declined drastically by 160,000 jobs. After the 9/11 attacks in 2001 and also due to the sluggish nature of the economy, the travel and tourism industry in the United States of America experienced some setbacks.
US tourism industry and employment at a glance:
Around 5.6% of the employment in the non farming segment in United States of America was from the travel and tourism industry as on 2004. Food sector consisted of the major employment generating segment creating as many as 2.4 million jobs in the year 2004. The lodging industry recruited as many as 1.2 million individuals. Approximately 1.1 million jobs came from the segment belonging to the entertainment industry. International or overseas travel yielded 69,500 job opportunities in 2003 through 2004. This figure implied the first ever escalation in the job opportunities after 2000.
US tourism industry and associated tax revenues at a glance:
The travel and tourism industry yielded $99 billion as tax revenue in the year 2004. The tax revenues rendered by the US tourism industry environed, government at the local level, state level as well as the federal level. Tax revenues stood at $94.7 billion in the year 2003 and was $99.4 billion in the year 2004. It has been predicted that the US tourism scenario is further expected to increase in the next few years ensuring better services for the travelers.