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1、1Economic Impact of the US Hotel IndustryUS ReportPrepared on behalf of:January 20252Executive SummaryMethodsUS economic impact results in detailSelected graphs and mapsInternational visitor trends1 12 23 34 45 5TABLE OF CONTENTSExecutive Summary14OverviewExecutive SummaryThe US hotel industry is a

2、critically important part of the US economy.Hotels generate billions in wages,salaries and taxes,employ millions of workers,and hotel guests bring billions in spending to local economies.To quantify these important impacts,the American Hotel&Lodging Association(AHLA)engaged Oxford Economics(Oxford o

3、r we)to conduct a comprehensive economic impact analysis.Oxford analyzed information from a variety of sources and prepared an updated view of industry impacts in recent years.As part of this research,Oxford analyzed:hotel operations by gathering and integrating information on the size and performan

4、ce of hotels and motels,casino hotels,and bed and breakfast inns by state(hotels);hotel guest ancillary spending based on consumer survey data by state;capital investment in hotels based on data on new hotel construction and renovations;and,indirect and induced impacts supported by the hotel industr

5、y in other parts of the US economy.The results show the US hotel industry supports a total economic impact(2024)of:$1.7 trillion of business sales(representing revenue plus certain taxes,also referred to as output);9.2 million jobs with$526 billion of wages,salaries and other compensation;$894 billi

6、on of GDP,representing contribution to US gross domestic product;and,$246 billion of federal,state and local taxes.The hotel industry consists of over 64,000 properties,with nearly 5.7 million guestrooms.The sector sells almost 1.3 billion room nights annually.The hotel sector has continued its soli

7、d growth post-pandemic.In nominal terms,many key metrics are ahead of pre-pandemic levels,such as total business sales(+23.6%),total wages and salaries(+20.6%)and total federal,state and local taxes(+24.8%).Total employment impacts were also above pre-pandemic levels in 2024(+4.1%),but the number of

8、 direct hotel operations jobs remains 8.8%lower.A representative hotel with 100 occupied rooms supports 260 total jobs,including 145 direct jobs and 115 indirect and induced jobs.This impact includes 61 direct jobs at the hotel,with$3.6 million of wages,salaries and other labor income.This represent

9、ative property supports$7.0 million of total tax revenue,including$2.4 million of direct taxes generated at the hotel.This document presents key elements of the research and findings.52024Business sales(output)$1,681.1Wages,salaries and other compensation$526.3Employment(number of jobs,in millions)9

10、.2 GDP$894.1Total taxes$246.3State and local taxes$123.0Federal taxes$123.3Business sales(output)$822.5Wages,salaries and other compensation$256.3Employment(number of jobs,in millions)5.1 GDP$425.8Total taxes$143.3State and local taxes$83.0Federal taxes$60.3Direct impact:hotel operationsHotel sales(

11、output)$352.3Wages,salaries and other compensation$125.8Employment(number of jobs,in millions)2.2 GDP$228.5Total taxes$83.4State and local taxes$53.5Taxes on lodging$26.0Federal taxes$29.9Hotel guest spending(on-site and ancillary)$786.5Hotel purchases of inputs from other businesses$129.7Properties

12、(number of hotels,motels,and B&Bs)64,165 Guest rooms(year-end,in millions)5.7 Total taxes per household($per household)$1,931State and local taxes per household($per household)$965Source:Bureau of Economic Analysis;Census Bureau;Oxford EconomicsMetricsTotal impactDirect impact:hotel operations,guest

13、 ancillary spending,capital investmentSummary impactsHotel industry economic impacts in the US in 2024:Over 64,000 hotels5.7 million hotel guest roomsAlmost 1.3 billion room nights sold9.2 million total impact jobs,which is equivalent to 1-in-25 US jobs$1.7 trillion of sales supported at US business

14、$894.1 billion contributed to US GDP5.1 million direct impact jobsAdditional facts for 2024:Hotel sales of$352.3 billion(revenue,plus certain taxes)Hotels support$526.3 billion of wages,salaries and other compensation,including$125.8 billion at hotel operations.Hotels support$246.3 billion of federa

15、l,state and local taxes.This is equivalent to$1,931 per US household annually.Hotel guests spent$786.5 billion at hotels and local businesses,and on transportation.Hotels purchased$129.7 billion in inputs from other US businesses.Hotel industry impacts:USAmounts in billions of dollars,unless otherwi

16、se noted6TotalDirectIndirect and inducedTotal taxes$246.3$143.3$103.0State and local taxes$123.0$83.0$40.0Taxes on lodging26.026.00.0Sales30.515.515.0Gaming6.86.80.0Personal income9.84.55.3Corporate2.71.01.6Unemp.ins.and other social0.90.40.5Excise taxes and fees9.65.54.0Property taxes36.923.313.6Fe

17、deral taxes$123.3$60.3$63.0Personal income41.620.421.2Corporate17.67.110.4Excise and customs9.45.53.8Social Security54.827.227.5Source:Oxford EconomicsFiscal impactsHotels supported$246.3 billion of total taxes in 2024.The total tax impact per household was$1,931.This tax offset represents the feder

18、al,state and local taxes that would otherwise need to be paid per US household to compensate for the absence of hotel guest activity.The state and local tax impact per household was$965.The total tax impact per hotel guest room was$43,483,of which$21,721 represented state and local taxes.Tax impacts

19、 of hotels include$26.0 billion of state and local taxes on lodging.In addition,the total impacts of hotels supported$30.5 billion of state and local sales taxes,and$36.9 billion of property taxes.Hotel industry fiscal impacts:Operations,guest spending,and capital investment(2024)Amounts in billions

20、 of dollars72024 relative to 2019Total impacts supported by hotel industryOutput(sales)23.6%Wages,salaries and other compensation20.6%Employment(number of jobs,in millions)4.1%GDP22.8%Total taxes24.8%State and local taxes25.0%Federal taxes24.5%Direct impact:hotel operationsOutput(sales)20.6%Wages,sa

21、laries and other compensation23.0%Employment(number of jobs)-8.8%GDP23.6%Total taxes23.1%State and local taxes23.3%Taxes on lodging20.9%Federal taxes23.0%Hotel guest spending(on-site and ancillary)28.3%Hotel purchases of inputs from other businesses20.6%Properties(annual average)5.5%Guest rooms(year

22、-end)3.6%Total taxes per household($per household)21.1%State and local taxes per household($per household)21.3%Source:Bureau of Economic Analysis;Census Bureau;STR;Oxford EconomicsMetricsSource:Oxford Economics$1.36$0.80$1.13$1.46$1.61$1.68$0.0$0.2$0.4$0.6$0.8$1.0$1.2$1.4$1.6$1.820192020202120222023

23、2024Relative to 2019The impact of US hotels has continued to grow above pre-pandemic levels.Total business sales supported by hotels increased to$1.7 trillion in 2024,representing a 13.6%gain compared to 2022,and a 22.3%gain above pre-pandemic levels(2019).Direct employment at hotels is still 8.8%be

24、low pre-pandemic levels(2019),though total employment supported by the hotel industry rose to 3.8%above pre-pandemic levels.Growth in impacts relative to 2019Percent change 2019 to 2024Business sales supported by hotel industryTotal US output(business sales),in trillionsMethods29Overview and direct

25、impactsOverview of approachIn the first step,we organized information that quantified the size and scope of the US hotel industry.This analysis included:data on hotel inventory and performance,according to STR,a leading provider of hotel industry data;data on traveler spending provided by Longwoods

26、International,a leading provider of traveler survey data;economic statistics on the sector published by statistical agencies;the IMPLAN economic impact modeling system;other data inputs including research on taxes on lodging and revenue at casino hotels.We then prepared estimates of the downstream i

27、mpacts,including indirect and induced effects,using a customized economic impact model.Lastly,we prepared estimates of fiscal impacts using estimates of certain tax ratios,including taxes on lodging,and the economic impact model.The analysis provides a full set of estimates for 2018 to 2024,as well

28、as certain key measures over a historical period.Main components of economic impact analysisThere are three main components of the industrys economic impact:Direct impacts consisting of direct spending,in this case hotel operations,guest ancillary spending,and capital investment.Indirect impacts rep

29、resenting downstream supplier industry impacts,also referred to as supply chain impacts.For example,hotels require inputs such as energy and foodingredients.Also,many hotels contract with specialized service providers,such as for marketing,maintenance and equipment upkeep,cleaning,technology support

30、,and accounting.Induced impacts occur as employees spend their wages in the broader economy.For example,as hotel employees spend income on rent,transportation,and food and beverage.We present the indirect and induced effects on a combined basis.Direct impactsThe components of direct hotel industry i

31、mpacts are:Hotel operations:representing the revenue of hotels(e.g.,rooms,food and beverage,and other)plus certain taxes(taxes on lodging and other sales taxes);Ancillary hotel guest spending:representing spending by hotel guests at other businesses in the destination;Capital investment:representing

32、 the construction of new hotels,renovations,and ongoing capital spending on the upkeep of existing hotels.Our estimates of hotel operations are based primarily on data from STR,IMPLAN,the Bureau of Economic Analysis,and the Census Bureau,supplemented by estimates of taxes.We estimated ancillary hote

33、l guest spending based on syndicated survey results provided by Longwoods International measuring average spending patterns of hotel guests.We supplemented these survey-based estimates with an estimate of hotel guest airfare expenditures.We estimated capital investment based on the construction of n

34、ew hotels and our estimate of capital expenditures at existing hotels.Methods10Total impacts and fiscal impactsTotal economic impactsTo quantify the total economic impacts of the hotel industry in the US,including downstream effects(indirect and induced),we used a customized model based on the IMPLA

35、N modeling system,a well-respected economic impact analysis tool,to quantify key relationships in the economy.The IMPLAN model traces the flow of direct expenditures through the economy and the effects on employment,wages,and taxes.IMPLAN also quantifies the indirect(supplier)and induced(income)impa

36、cts.For example,when a visitor purchases a meal at a hotel restaurant,a portion of the sale supports wages for hotel employees,while another portion of the sale may consist of locally produced food and beverages.The IMPLAN model captures these types of relationships based on a structured analysis of

37、 economic statistics.Additionally,the IMPLAN model reflects the typical levels of federal,state and local taxes generated by specific types of economic activity.We applied an analysis-by-parts approach using the IMPLAN model.In this approach,we estimated the direct impacts of hotel operations in ter

38、ms of output,employment,and labor income.We also estimated purchases from vendors.We then used the IMPLAN model to estimate the indirect and induced effects associated with each key driver of downstream impacts(employment,labor income,and purchases of intermediate inputs).The IMPLAN model was custom

39、ized to each state,capturing the effect of guests staying at hotels in each state.Additional indirect jobs,income and tax revenues cross state lines.These jobs were estimated at the national level and distributed to the state level based on local economic characteristics.Fiscal impactsWe analyzed fi

40、scal impacts by applying a hybrid approach.Where appropriate,we calculated direct industry tax impacts specifically.These included the following calculations:Taxes on lodging and other sales taxes:Estimated based on room revenue and other categories of revenue,multiplied by estimated average effecti

41、ve tax rates.Hotel property taxes:Estimated based on averages of hotel property taxes as a ratio to revenue from the STR Host Report database.We then estimated other taxes based on relationships in the IMPLAN economic impact model.For example,we estimated taxes supported by hotel employee labor inco

42、me by applying ratios to estimated direct labor income.Methods11DefinitionsMethodsDefinitionsCapital investment:Investment in the construction of new hotels,and renovation of existing hotels.Direct effects:Also referred to as direct impacts.Includes direct spending and revenues,in this case from hot

43、el operations,hotel guest ancillary spending,and capital investment;as well as the corresponding employment,income and fiscal impacts.Fiscal impacts:Tax revenue,contributions to Social Security and unemployment insurance,and government revenue from various fees.GDP:Gross domestic product,or value ad

44、ded.Refers to the industrys contribution to GDP.Represents gross output of the sector,less the cost of its inputs.Can also be measured as the sum of compensation of employees,taxes on production and imports,and gross operating surplus(profit).Hotel guest ancillary spending:Hotel guest spending that

45、occurs off-site(i.e.,at non-hotel businesses).Hotel industry:The sector studied in this analysis,including hotels and motels,bed and breakfast inns,and casino hotels.Hotel operations:Traditional on-site hotel revenue and associated activities,excluding guest spending occurring at ancillary businesse

46、s in the destination.Indirect impacts:Downstream supplier industry impacts,also referred to as supply chain impacts.For example,hotels require inputs such as energy and food ingredients.Also,indirect impacts can refer to indirect and induced impacts combined.Induced impacts:Arise as employees spend

47、their wages in the broader economy.For example,as hotel employees spend money on rent,transportation,food and beverage,and entertainment.Jobs:Also referred to as employment.Number of full-and part-time jobs,including proprietors.Labor income:Earnings of wage and salary employees and proprietors.The

48、definition used is consistent with the Bureau of Economic Analysis(BEA)data for earnings in its regional program.It includes tips,commissions and bonuses.Output:Revenue,also referred to as business sales,plus certain taxes(e.g.,taxes on lodging and other sales taxes).Taxes on lodging:Sales taxes app

49、licable to room rentals,plus hotel occupancy taxes and any other fees or taxes that apply to lodging stays(e.g.,tourism improvement district fees).Total impacts:Direct,indirect and induced impacts combined.12DefinitionsMethodsKey data sourcesAmerican Gaming Association and Oxford Economics research

50、on casino hotel performance by state:Data on casino hotel revenue and gaming taxes estimated by state.Bureau of Economic Analysis:National and,in some cases,state data on output,employment,income,and GDP.Bureau of Labor Statistics:Recent data on employment and wages and salaries.Census Bureau Econom

51、ic Census:Revenue by industry and product line.Count of establishments and guestrooms.Census Bureau Value of Construction Put in Place:Survey measure of new construction,expansions,and building renovations.IMPLAN:Economic impact modeling software and data,including the ratio of output to GDP in the

52、accommodations sector by state.Longwoods International:Hotel guest spending estimates based on Longwoods Travel USA,the largest ongoing survey of US business and leisure travel.Oxford Economics research on lodging tax rates by state and major markets:Data on state and local tax rates on lodging.STR:

53、Customized data on industry size(properties and guestrooms)and performance(room demand,room revenue,occupancy,ADR)STR Host Report database:Hotel industry financial statement ratios based on data submitted by hotels(e.g.,ratio of property taxes to sales).Previous researchOxford previously prepared es

54、timates of hotel industry impacts in 2022 for AHLA that were released in 2023.As part of this current research,these previous estimates of 2022 impacts were used as the baseline.US economic impact results in detail314Total economic impacts:Operations,guest ancillary spending,and capital investment(2

55、024)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmployment(in millions)GDPTotalState and localFederalTotal$1,681.1$526.39.2$894.1$246.3$123.0$123.3Direct operations352.3125.82.2228.583.453.529.9Direct hotel guest ancillary433.2119.02.8182.555.828.

56、627.3Direct capital investment37.011.50.214.84.00.93.1Indirect and induced858.6270.04.0468.3103.040.063.0Source:Oxford EconomicsHotels support 9.2 million US jobs and$1.7 trillion of US business salesThe results show the hotel industry supports a total economic impact(2024)of:$1.7 trillion billion o

57、f business sales(representing business revenue plus certain taxes,also referred to as output);9.2 million jobs(1-in-25 US jobs)with$526.3 billion of wages,salaries and other compensation;$894.2 billion of GDP,representing contribution to US gross domestic product and,$246.3 billion of federal,state

58、and local taxes.15Economic impacts:Operations and hotel guest spending(2024)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmployment(in millions)GDPTotalState and localFederalTotal impact of operations$1,584.9$496.88.8$848.3$235.3$119.4$115.9Hotel o

59、perations649.8220.73.7394.2120.368.052.3Hotel guest spending(ancillary)935.2276.15.1454.0115.051.463.6Direct impacts$786.5$244.85.0$411.0$139.3$82.1$57.2Hotel operations352.3125.82.2228.583.453.529.9Hotel guest spending(ancillary)434.2119.02.8182.555.828.627.3Indirect and induced impacts$798.4$252.0

60、3.8$437.3$96.0$37.3$58.7Hotel operations297.494.91.5165.736.814.522.4Hotel guest spending(ancillary)501.0157.12.3271.559.222.836.4Source:Oxford EconomicsHotel guest spending provides a boost to local businessesThe two primary categories of hotel industry impact are hotel operations and hotel guest s

61、pending.The direct impact of hotel operations represents the hotel sales(also referred to as output,inclusive of revenue and taxes),which totaled$352.3 billion,as well as the corresponding hotel jobs,which totaled nearly 2.2 million.Hotel guest ancillary spending totaled$434.2 billion,this includes

62、spending in the local area,as well as transportation to and from the destination.Combining the estimate of directoperations output and ancillary spending equates to direct output of$786.5 billion.The indirect and induced impacts of hotel operations and guest spending totaled$798.4 billion of output.

63、For example,this includes sales of businesses that provide goods and services to hotels,such as maintenance providers,and food and beverage providers.The combined total of direct,indirect and induced impacts represents a total impact of$1.6 trillion of US business sales,or output.16Hotel guest spend

64、ing(2024)Amounts in billions of dollarsAmountShareAmountShareAmountShareTotal guest spending$786.5100%$352.3100%$434.2100%Lodging235.5 30%235.5 67%-0%Food and beverage139.1 18%46.0 13%93.1 21%Transportation185.1 24%-0%185.1 43%Recreation90.8 12%16.3 5%74.5 17%Gaming(on-site)47.7 6%47.7 14%-0%Retail

65、and other88.4 11%7.0 2%81.4 19%Source:Longwoods International;Oxford EconomicsOn-site guest spending(at hotels)Total hotel guest spendingAncillary guest spending(off-site)Guest spending distribution:US(2024)Source:Longwoods International;Oxford Economics11%12%18%24%30%6%Total hotel guest spendingLod

66、gingTransportationFood and beverageRecreationRetail and otherGaming(on-site)For each$100 spent on lodging,hotel guests spend another$234 during their tripUS hotel guests spend$786.5 billion annually.Of this,only$235.5 billion is spent on lodging(30%),while the remaining amount is spent on transporta

67、tion,food and beverage,and other goods and services(70%).As a result,for each$100 of spending on lodging(room revenue plus taxes on lodging,hotel guests spend another$234 during their trip.This contributes to broader economic impact in destinations and areas along the trip route.It is also useful to

68、 compare the amount of spending that occurs on-site at hotels($352.3 billion,or 45%of total guest spending),relative to the amount that occurs offsite($434.2 billion,or 55%of total guest spending).The off-site spending is referred to as ancillary guest spending in this analysis.17Economic impacts:Ca

69、pital investment(2024)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmployment(in thousands)GDPTotalState and localFederalTotal impact of capital investment$97.2$29.5400.8$45.9$11.0$3.6$7.3Direct impacts37.011.5154.214.84.00.93.1Indirect and induced

70、 impacts60.218.0246.631.17.02.74.3Source:Oxford EconomicsHotels generate$37.0 billion of direct capital investmentThe hotel industry generates direct capital investment through the construction of new hotels and renovation of existing hotels.In total,such direct capital investment totaled$37.0 billi

71、on in 2024.This new construction and renovation activity supported over 154,000 direct jobs,such as construction and design jobs.The indirect and induced effects of such activity supported an additional$60.2 billion of business sales(output),and nearly 247,000 jobs.For example,this indirect and indu

72、ced impact includes jobs supported as construction employees spend a portion of their wages and salaries,as well as jobs at the firms that provide goods and services to support hotel construction and renovation activities(e.g.,suppliers of construction materials,suppliers to architecture and design

73、firms).18Fiscal impacts:Hotel operations(2024)Amounts in billions of dollarsTotalDirectIndirect and inducedTotal taxes$120.3$83.4$36.8State and local taxes$68.0$53.5$14.5Taxes on lodging26.026.00.0Sales7.92.45.5Gaming6.86.80.0Personal income3.92.11.9Corporate1.30.70.6Unemp.ins.and other social0.30.2

74、0.2Excise taxes and fees4.02.51.5Property taxes17.812.95.0Federal taxes$52.3$29.9$22.4Personal income17.19.67.5Corporate8.75.13.6Excise and customs3.72.31.4Social Security22.812.99.8Source:Oxford EconomicsHotel operations directly support$83.4 billion of taxes,including$26.0 billion of lodging taxes

75、Direct taxes supported by hotel operations totaled$83.4 billion in 2024.Of this,$53.5 billion represents tax revenue to state and local governments.This includes$26.0 billion of taxes on lodging(sales taxes on room revenue,hotel occupancy taxes and tourism improvement district fees,and other taxes o

76、n room rentals).It also includes$2.4 billion of sales taxes on other sales at hotels(e.g.,food and beverage and retail).Hotels directly supported$12.9 billion in property taxes.When taxes supported by indirect and induced effects are included,the fiscal impacts of hotel operations total$120.3 billio

77、n.19Amounts in billions of dollarsTotalDirectIndirect and inducedTotal taxes$246.3$143.3$103.0State and local taxes$123.0$83.0$40.0Taxes on lodging26.026.00.0Sales30.515.515.0Gaming6.86.80.0Personal income9.84.55.3Corporate2.71.01.6Unemp.ins.and other social0.90.40.5Excise taxes and fees9.65.54.0Pro

78、perty taxes36.923.313.6Federal taxes$123.3$60.3$63.0Personal income41.620.421.2Corporate17.67.110.4Excise and customs9.45.53.8Social Security54.827.227.5Source:Oxford EconomicsHotel industry fiscal impacts:Operations,guest spending,and capital investment(2024)Hotels support$246.3 billion of tax reve

79、nue,including$123.0 billion of state and local taxesThe total economic impact of the hotel industry including operations,guest spending,and capital investment supported$246.3 billion of tax revenue in 2024.This includes$123.0 billion in state and local taxes,such as$26.0 billion in taxes on lodging,

80、plus$30.5 billion of sales taxes on other sales,and$35.3 billion in property taxes.It also includes$123.3 billion in federal tax revenue,including Social Security taxes of$54.8 billion,and personal income taxes of$41.6 billion.20Annual impacts per 100 occupied rooms(2024)Amounts in millions of dolla

81、rs,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmploymentGDPTotalState and localFederalTotal operations and capital investment$47.7$14.9260$25.4$7.0$3.5$3.5Direct hotel operations10.03.6616.52.41.50.8Direct hotel guest ancillary spending12.33.4805.21.60.80.8Direct capital inves

82、tment1.00.340.40.10.00.1Indirect and induced24.37.711513.32.91.11.8Source:Oxford EconomicsA representative hotel with 100 occupied rooms supports 260 total jobsTo consider the impacts of an example property,we calculated the annual impacts of a hotel with an average of 100 occupied rooms daily.To re

83、present the full hotel life cycle,we included an allocation of capital investment activities(both new construction and ongoing capital investment).On this basis,a representative property with 100 occupied rooms supports 260 total jobs,including 145 direct jobs and 115 indirect and induced jobs.This

84、impact includes 61 direct jobs at the hotel,with$3.6 million of wages,salaries and other labor income.This representative property supports$7.0 million of total tax revenue,including$2.4 million of direct taxes generated at the hotel.21Amounts in billions of dollars,unless otherwise noted20192022202

85、32024Output(business sales)$1,360.2$1,463.3$1,607.0$1,681.123.6%Wages,salaries and other compensation$436.3$463.2$502.8$526.320.6%Employment(number of jobs,in millions)8.8 8.3 8.9 9.2 4.1%GDP$727.8$759.9$847.3$894.122.8%Total taxes$197.4$211.2$234.2$246.324.8%State and local taxes$98.4$106.6$117.2$1

86、23.025.0%Federal taxes$99.0$104.6$117.0$123.324.5%Output(business sales)$657.8$723.3$788.4$822.525.0%Labor income$213.7$223.3$244.1$256.319.9%Employment(number of jobs)5.0 4.7 5.0 5.1 2.1%GDP$343.8$352.5$400.3$425.823.9%Total taxes$114.6$123.1$136.1$143.325.0%State and local taxes$66.3$72.4$79.1$83.

87、025.3%Federal taxes$48.4$50.7$57.0$60.324.6%Output(business sales)$292.2$323.7$342.0$352.320.6%Labor income$102.3$104.7$118.6$125.823.0%Employment(number of jobs)2.4 2.0 2.1 2.2 -8.8%GDP$184.9$189.3$214.2$228.523.6%Total taxes$67.8$72.4$79.6$83.423.1%State and local taxes$43.4$47.5$51.4$53.523.3%Tax

88、es on lodging$21.5$23.9$25.3$26.020.9%Federal taxes$24.3$24.9$28.2$29.923.0%Hotel guest spending(on-site and ancillary)$612.9$691.2$750.3$786.528.3%Hotel purchases of inputs from other businesses$107.6$119.2$125.9$129.720.6%Properties(number of hotels,motels,inns and B&Bs)60,82862,47963,76964,1655.5

89、%Guest rooms(thousands,average)5,4665,6115,6255,6643.6%Guest nights(number of occupied room nights,millions)1,3031,2731,2881,298-0.4%Total taxes per household($per household)$1,595$1,656$1,836$1,93121.1%State and local taxes per household($per household)$795$836$919$96521.3%Source:Bureau of Economic

90、 Analysis;Census Bureau;STR;Oxford Economics2024 relative to 2019Hotel industry impacts:USTotal hotel industry impactDirect impact:hotel operations,guest ancillary spending,capital investmentDirect impact:hotel operationsMetricsTotal jobs supported increased to 9.2 millionThe total economic impacts

91、of the hotel industry has recovered pre-pandemic levels by almost every measure,such as business sales,wages,and total taxes.The total hotel industry impact on employment was above pre-pandemic levels in 2024,up 4.1%relative to 2019.Selected graphs and maps423Hotel industry business salesOutput(sale

92、s including taxes),in billions,2024 dollarsSource:Bureau of Economic Analysis;Oxford Economics$0$50$100$150$200$250$300$350$40019781983198819931998200320082013201820232024:$352.3 billionHotel industry sales increased to$352.3 billion in 2024Hotel industry sales increased to$352.3 billion in 2024,rep

93、resenting an increase of 1.8%since 2019,adjusted for inflation.However,operating costs have also increased limiting the recovery in profitability.24Hotel industry GDPContribution to GDP,in billions,2024 dollarsSource:Bureau of Economic Analysis;Oxford Economics$0$50$100$150$200$250197819831988199319

94、98200320082013201820232024:$228.5 billionHotel industry GDP increased to$228.5 billion in 2024Hotel industry GDP increased to$228.5 billion in 2024,representing an increase of 4.4%relative to 2019,adjusted for inflation.25Hotel industry employmentIn millionsSource:Bureau of Economic Analysis;Oxford

95、Economics1.21.41.61.82.02.22.41998200320082013201820232024:2.2 million jobs2019:2.4 million jobsHotel industry employment increased to nearly 2.2 million jobs in 2024Hotel industry employment increased to 2.2 million jobs in 2024,representing a decrease of 8.8%relative to 2019.26Hotel industry wages

96、,salaries and other compensationIn billions,2024 dollarsSource:Bureau of Economic Analysis;Oxford Economics$0$20$40$60$80$100$120$1401998200320082013201820232024:$125.8 billionHotel industry compensation increased to$125.8 billion in 2024Hotel industry wages,salaries and other compensation increased

97、 to$125.8 billion in 2024,representing an increase of 3.9%relative to 2019,adjusted for inflation.Growth in hotel industry wages combined with a slower recovery in hotel industry employment indicates that per capita wages have increased since 2019.This represents a 13.8%increase when adjusting for i

98、nflation.27Consumer spending on lodging:USAs a share of total consumer spending,nominalNote:Measures leisure travel spending on lodging by US households.Seasonally adjusted.Data through 2022 Q4.Source:Bureau of Economic Analysis;Oxford Economics0.81%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%198019

99、841988199219962000200420082012201620202024Lodgings share of consumer spendingLodging represents a key category of spendingIn the third quarter of 2024,lodging accounted for 0.81%of US household spending,which is slightly lower than the average in 2019.Although lodging spending has grown,overall US h

100、ousehold spending has grown at a faster rate,slightly decreasing the share of consumer spending on lodging.Growth of lodging alternatives,such as cruises and short-term vacation rentals have also played a role.28Business sales(output)impact by state29Employment impact by state30Employment impact per

101、 100 householdsInternational visitor trends532International travel shareShare of total travel spending in the USSource:US Travel Association,Oxford Economics/Tourism Economics15.4%13.7%20192024Travel spending in the USIndex(2019=100)Source:US Travel Association,Oxford Economics/Tourism Economics0204

102、06080100120140201920202021202220232024Domestic(114.6)International(100.2)Domestic travel in the US recovered more quickly than international travel to the US Domestic travel spending recovered to its pre-pandemic level in 2022 and is now 14.6%higher than in 2019.International spending in the US has

103、been slower to recover,finally reaching 2019 levels in 2024.International travel spending is important to the full recovery of the hotel sector,as it historically represented 15.4%of total travel spending in the US.33Inbound and outbound travel spendingIndex(2019=100),same month comparisonNote:Inclu

104、des passenger fare payments and excludes medical,education,and workers spending.Source:BEAJan-20Jan-21Jan-22Jan-23Jan-24020406080100120140160Outbound(142.0)Inbound(102.7)Outbound travel has outpaced the recovery in inbound travelSpending by US residents on international travel(outbound)has recovered

105、 more quickly than spending by international visitors traveling to the US(inbound).This points to the strength of US consumers and their prioritization of travel as a spending category.However,it also means that hotels and other travel providers located in the US have experienced a delay in reaching

106、 full performance recovery as the inbound market has not fully recovered.34US travel trade balanceIn billions(2024 is a trailing twelve month measure through October)Note:Travel trade balance is calculated as travel exports(spending by international visitors to the US),minus travel imports(spending

107、by US residents in international destinations),it is negative when US residents are spending more abroad than international visitors spend in the US.Includes passenger fare payments and excludes medical,education,and workers spending.Source:BEA$8.8-$2.5-$26.7-$36.3-$50.1-$50.520192020202120222023202

108、4-$60-$50-$40-$30-$20-$10$0$10$20With faster outbound growth,and slower inbound growth,the US travel trade balance has shifted to a deficitPre-pandemic the US ran a travel trade surplus of$8.8 billion.However,since then,the travel trade balance has swung to a$50.5 billion deficit during the twelve-m

109、onth period through October 2024.This deficit represents the difference between outbound spending by US residents on international travel($229.1 billion)and inbound spending by international residents on travel in the US($178.7 billion).35Visitor arrivals from overseas countries are still 10%below 2

110、019 levelsOverseas visitors to the US were still 10%below 2019 levels during the three-month period through December 2024.While origins in the Middle East and Africa,and the Americas,have recovered more fully,areas such as Europe and Asia Pacific have recovered more slowly.Overall,arrivals from Asia

111、 Pacific origins are still 23%below 2019 levels.Asia Pacific:77 Europe:93 Americas:103 Middle East and Africa:99 Overseas:90Visits to US by global regionIndex(2019=100,same month comparison),three-month moving averageNote:Americas excludes Canada and Mexico.Most recent data point is Dec 2024.Source:

112、NTTOJan-20Jan-21Jan-22Jan-23Jan-24020406080100Index(2019=100)36Japan and China are key origin markets that have been slow to recoverArrivals from China and Japan were at roughly half of 2019 levels for the start of 2024.Since then,visitation from China has improved but still remains well below 2019

113、levels.Visitation from Japan is partly restrained by the weak Yen relative to the US Dollar,which makes travel to the US relatively expensive.Visits to US by selected Asia Pacific countriesIndex(2019=100,same month comparison),three-month moving averageJan-20Jan-21Jan-22Jan-23Jan-24020406080100Index

114、(2019=100)China:71 Australia:81 South Korea:66 Japan:49Note:Most recent data point is Dec 2024.Source:NTTO37For more information:Oxford Economics was founded in 1981 as a commercial venture with Oxford Universitys business college to provide economic forecasting and modelling to UK companies and fin

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