A new report from the Global Business Travel Association (GBTA) Foundation, an group of business travel managers and businesses, has found that every 1 percent increase in business travel spending results in an addition 71,000 jobs created for the U.S. economy. In addition, each 1 percent raises GDP by $5 billion and creates $3 billion in new wages.
The report, which studied business travel expenditures from 2012, paints a striking picture of just how fundamentally important business travel is for the American economy — not just for airlines, but for hotels, restaurants and others who provide services for those who are traveling.
"While the road warriors' focus is on closing deals, it comes as no surprise the huge impact the business travel industry has on the nation's economy," Michael W. McCormick, GBTA Executive Director and COO, said in a statement. "And, if governments enacted pro-business traveler policies, companies would be incentivized towards optimal travel expenditures levels. This would add another $13 billion in travel spending and yield $915 billion in new sales and nearly $250 billion in additional gross profit."
Perhaps one of the most amazing statistics from the report is that for every dollar spent on travel expenses, an additional $1.28 was created in GDP. One of the reasons for this is that business travelers are frequently higher-earning individuals. The GBTA study found that these travelers have average annual household income of $102,329.
If your company requires frequent travel and business meetings in other cities, you should consider charter services from Easton Aviation as an alternative to using commercial airlines. We can reach more destinations and provide you with the flexibility that is necessary in a dynamic, growing economy that requires adaptability. Not to mention, you won't have to wait in long security lines. Give us a call today for more information.