Travel & Tourism is the world's largest industry and creator of jobs across national and
regional economies. WTTC/WEFA research show that in the year 2000, Travel & Tourism generated,
directly and indirectly, 11.7% of GDP and nearly 200 million jobs in the world-wide economy. These
figures are forecasted to total 11.7% and 255 million respectively in 2010.
The US hotel and motel industry consists of about 40,000 companies that operate about 50,000 properties, with combined annual revenue of about $120 billion however the 50 largest companies generate about 45 percent of revenue.
The G8 Hotels & Motels market (hotels in the G8 countries) grew by 6.1% between 2004 and 2008 to reach a value of $363.6 billion. In 2013, the market is forecast to have a value of $425.8 billion, an increase of 3.2% from 2008. The US is the world's largest hotel market and generates 39.9% of global revenues.
In 2009 the U.S. lodging industry posted pre-tax profits of $16 billion - down from $25.8 billion in 2008 - and $127.2 billion in sales - down from $140.6 billion in 2008, according to the American Hotel & Lodging Association (AH&LA) Lodging Industry Profile (LIP), an annual statistical analysis of the industry. This $127.2 billion contributed to an overall $704 billion in tourism sales, with resident and international travelers' expenditures in the U.S. estimated at $1.9 billion per day; $80 million per hour; $1.3 million per minute; and $22,300 per second.
The global hotels and motels industry grew by 8.2% in 2008 to reach a value of $509.4 billion.In 2013, the global hotels and motels industry is forecast to have a value of $623.8 billion, an increase of 22.5% since 2008. Domestic consumer segment dominated the global hotels and motels industry in 2008, generating 67.7% of the industry's overall revenues. Europe accounts for 40.9% of the global hotels and motels industry's value.
Top 5 facts sources:
U.N. Department of Economic and Social Affairs.(1999). "The Global Importance of Tourism." Retrieved Nov 19th, 2010.
Research and Markets. (2010). "Hotel and Motel Lodging Report". Retrieved Retrieved Nov 19th, 2010.
Datamonitor. (2010). "Hotels & Motels - Global Group of Eight (G8) Industry Guide" (summary) Retrieved Retrieved Nov 19th, 2010.
Hotel Resource.com. (2010). "U.S. Lodging Industry's Six-Year Profitability Streak Comes to an End" Retrieved Nov 19th, 2010.
Datamonitor. (2010). "Hotels & Motels: Global Industry Almanac".(summary) Retrieved Nov 19th, 2010.