Earlier this year, business travel became the subject of political criticism in the U.S. While the focus of this criticism was travel by companies that had received emergency federal assistance, the effect was to raise questions about business travel overall - at a time when companies were already cutting back on travel in the face of a global economic recession.
The travel industry argued at the time that business travel is an important stimulus of economic activity that should be encouraged, not discouraged. (See my earlier blog on the subject here.) Now, a new report sponsored by the U.S. Travel Association (USTA) and the Destination & Travel Foundation shows just how important business travel is to growth and productivity.
The study, conducted by the global research firm Oxford Economics, determined that every dollar invested in business travel results, on average, in $12.50 of increased revenue and $3.80 of new profits. This is in addition to the $246 billion in spending and 2.3 million jobs generated annually by business travel in the U.S., according to the USTA. Read more »
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