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Latest Analysis from U.S. Travel: Coronavirus Impact on Travel 9x Worse than 9/11
4/20/2020
The travel industry has lost a full third of all the jobs lost in the U.S. and is experiencing a total impact from coronavirus that is nine times greater than the 9/11 attacks, according to new data released by the U.S. Travel Association and the analytics firm Tourism Economics. By the end of April, declines in travel will cause eight million jobs to be lost out of approximately 24 million for the entire U.S. economy, according to the report. Travel spending losses are on track to top half a trillion dollars by the end of 2020. "The CARES Act was a good start, but the data shows there is still extreme and mounting pain in the American travel industry," said U.S. Travel Association President and CEO Roger Dow. "We're appealing for fixes, the addition of more relief, faster rules, and greater flexibility." A central issue: Paycheck Protection Program funds have already been depleted and are in urgent need of replenishment, Dow said. "The relief program needs to fit the crisis, and we're still learning the magnitude and intricacies of this particular crisis," Dow said. Other data analysis released by U.S. Travel this week compounds the dire economic picture for the American travel economy:
U.S. Travel Association is the national, non-profit organization representing all components of the travel industry that generates $2.6 trillion in economic output and supports 15.8 million jobs. U.S. Travel's mission is to increase travel to and within the United States. www.ustravel.org Contact: communications@ustravel.org |
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