Wednesday, August 14, 2024 The U.S. travel sector is experiencing a remarkable resurgence, with New York City leading the charge.
As global temperatures rise and summer vacations take off across North America and Europe, the tourism sector is bouncing back stronger than ever. The COVID-19 pandemic dealt a significant blow to international travel, but by 2024, the sector is on track to fully recover. In 2023, international tourism reached 88% of 2019 levels, contributing over $230 billion in exports and accounting for 22% of all U.
S. services exports globally. New York City remains at the forefront of this recovery, solidifying its status as a top global destination.
In 2023, New York welcomed over 9 million overseas travelers, drawn by its world-class shopping, iconic landmarks, and renowned museums. Despite a sharp decline in 2020, when visitor numbers plummeted by 66.5%, the city rebounded impressively with 62.
2 million visitors last year, just 6.6% below its 2019 peak. The economic impact of this tourism surge is profound.
In 2023, visitor spending in New York City exceeded $48 billion, with tourism-related tax revenues growing by 16% from FY 2020 to reach $4.9 billion in FY 2024. Although international spending has not fully returned to pre-pandemic levels, the city anticipates a complete recovery by 2025, especially in the international business travel segment.
While New York takes the lead, other major U.S. cities are also experiencing significant growth in tourism.
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