What
The U.S. Travel Association, in partnership with data analytics firm Tourism Economics, announced today that more than half (55%) of all small travel businesses in the U.S. anticipate never to recover — or taking longer than six months to recover.
Why It Matters
The latest data reveals an increasingly dire reality for the fate of the travel industry and its constituents, especially since 95% of all accommodation and food service employment exists within small- and medium-size businesses, as defined by the U.S. Small Business Administration. Unfortunately, there may be a ways to go toward a full recovery, even with the introduction of a long-awaited vaccine. In the meantime, advisors can join U.S. Travel in reaching out to Congress to secure more federal relief in the next COVID-19 package.
RELATED: U.S. Travel Proposes Emergency Relief for Depressed Travel Industry
Fast Facts
- Leisure and hospitality employment represents 36% of all job losses due to the pandemic.
- To put the quantity of accommodation and food service employment within small- or medium-size businesses (95%) in perspective, only 28% of manufacturing jobs are found in small- or medium-size businesses.
- Before the pandemic, travel was among the top 10 sectors providing employment in 49 states and Washington, D.C.
- More than half of travel-supported jobs in the U.S. were lost between the onset of the pandemic and May 1, 2020.
- Prior to the pandemic, tourism-related jobs employed one in 10 Americans.
- The overall U.S. economy is projected to lose $1.2 trillion this year due to the decline of travel.
These numbers highlight the urgent need for further legislative measures to provide immediate relief to small travel businesses and their employees, many of which were unable to access earlier rounds of aid.
What They Are Saying
“These numbers highlight the urgent need for further legislative measures to provide immediate relief to small travel businesses and their employees, many of which were unable to access earlier rounds of aid,” said Roger Dow, CEO and president of the U.S. Travel Association. “Washington acted quickly and aggressively to get assistance out the door in the early days of the pandemic, but the situation remains exceptionally dire on huge swaths of Main Street U.S.A., and more needs to be done.”
“We will do whatever it takes to get leaders to return to the negotiating table and advance another deal before the election,” he added. “Each moment that passes makes it likelier that more small businesses will shut their doors and never reopen — meaning those jobs are gone for good, too.”
The Details
U.S. Travel Association
www.ustravel.org
