In a powerful boost to the U.S. economy, international visitors spent an impressive $21.1 billion on travel and tourism-related activities within the United States in July 2024. This marks a significant 12% increase from the same period in 2023, according to the latest data released by the National Travel and Tourism Office (NTTO). The surging numbers signal a robust recovery for the tourism sector, reinforcing its critical role in U.S. economic growth.

A Growing Trade Surplus in Tourism

For July 2024, the U.S. travel and tourism sector generated a trade surplus of $846 million. While international visitors spent $21.1 billion, Americans travelling abroad accounted for $20.3 billion in foreign expenditures. This positive balance underscores the U.S.’s position as a premier destination, where travellers flock in droves driven by unique experiences and the strengthening appeal of U.S. services.

Year-to-date figures illustrate a persistent upward trend, with international visitors contributing $147.2 billion to the U.S. economy from January through July 2024. Daily, international travellers have infused an average of $694 million into the U.S. economy, driving growth in several key sectors, including hospitality, transportation, and entertainment.

Travel Exports Drive U.S. Economy

U.S. travel and tourism exports, a vital segment of the nation’s overall economic output, accounted for 23.1% of U.S. services exports in July 2024 and 7.9% of total U.S. exports, both goods and services combined. This data highlights the sector’s pivotal role as a cornerstone of economic activity and a dynamic force supporting jobs and industries nationwide.

Breakdown of Monthly Tourism Spending

The $21.1 billion spent by international tourists can be divided into three key categories: travel spending, passenger fare receipts, and medical, educational, and short-term worker expenditures. Each area recorded growth compared to 2023, with travel spending seeing the most substantial rise.

1. Travel Spending
   International visitors spent $11.6 billion on travel-related goods and services, a 15% increase from July 2023. This category includes spending on food, lodging, recreation, gifts, entertainment, and local transportation within the United States. Travel receipts alone accounted for 55% of total U.S. travel and tourism exports in July 2024.
2. Passenger Fare Receipts
   U.S. carriers also saw a boost, with $3.4 billion earned from international visitors in July 2024, representing an 11% increase over July 2023. These expenditures include fares for international flights operated by U.S. airlines. Passenger fare receipts comprised 16% of total U.S. travel and tourism exports during this period.
3. Medical, Educational, and Short-Term Worker Spending
   The educational and health tourism sector, combined with spending from border and seasonal workers, reached $6.1 billion in July 2024, a 7% increase over the previous year. These expenditures now represent 29% of total U.S. travel and tourism exports, underscoring the importance of specialized tourism markets such as medical tourism and international education.

Tourism’s Role in Sustaining Economic Momentum

The robust figures reflect a broader global recovery trend in the tourism sector as international travel continues to rebound post-pandemic. With more travellers returning to the U.S., the positive impact on the economy is undeniable. Increased foreign spending benefits the hospitality, retail, and air transportation sectors, supporting thousands of jobs and bolstering local economies across significant tourist destinations like New York, California, and Florida.

NTTO’s data for July 2024 highlights a pivotal moment for the U.S. travel and tourism industry as it solidifies its place as a driver of economic growth. For government officials and industry leaders, the numbers indicate the sector’s resilience and the continued demand for U.S. destinations. With consistent growth throughout 2024, the U.S. is on track to maintain its status as one of the world’s leading tourism economies.

The growing surplus in trade and tourism-related goods and services and the ongoing influx of international visitors offer a promising outlook for the rest of 2024 and beyond. Policymakers and industry stakeholders will be keen to sustain this momentum, ensuring the U.S. remains a top destination for travellers worldwide.

Written by: Jason Smith

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