Essay On Tourism Industry

Despite the devastating effects of the 2008 global financial crisis and the subsequent Euro zone crisis, the tourism industry has continued to flourish. Initially, the industry was referred to as a cottage industry but the international travel and tourism industry has evolved becoming a major contributor to economic growth and development in almost every economy in the world. Research has shown that the global increase in worldwide tourist arrivals outperform gross domestic product growth in one out of every two years in the past three decades. Many countries regard tourism as the most significant primary export industry especially the developing world. Nonetheless, in terms of returns, the developed economies are the prime beneficiaries of tourism.

US Major Industry: Economic Impact and Tax Revenue

The United States tourism industry is very essential to the American economy as it is the largest service export and a source of employment (income) to millions of its citizens. As the world economy gradually recovers from the financial crisis, tourism is predicted to grow considerably in the next five years. Given the significant role played by the industry, the US economy will reap optimum benefits. Tourism also encompasses international travels to the US whether for business, educational, medical, leisure or even visiting friends and families staying in the federal republic. This is because such visits bring in the much needed foreign exchange; the travelers will also spend locally increasing the aggregate demand.

It is hard to view the US tourism industry as an export industry as many people regard exports as visible products; however, it is a high value export with the product being the country. Tourists visit the United States ...

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...oyees in the IT industry. 1 of every 9 jobs (direct or indirect) created in the US is stimulated by the industry. Furthermore, the tourism industry ranks among the top ten industries in all states of the US and the District of Columbia (Washington) in terms of employment generation.

The industry provides livelihoods across the nation as opposed to other industries such as mining that are prominent in specific states. The period between 2007 and 2010, millions of Americans working in other industries lost their jobs but the jobs in the tourism industry remained intact as the industry was not as hard hit as other economic sectors such as the financial services. In reality, it is the only industry that sustained the livelihood of the American people while the rest economic sectors were crumbling while others outsourced jobs that Americans would execute more efficiently