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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, WEDNESDAY, DECEMBER 14, 2016 BEA 16-67 Technical: Sarah Osborne (TTSA) Jamie Williams (TTSA) (301) 278-9459 (301) 278-9099 travelandtourism@bea.gov Media: Jeannine Aversa (News Media) (301) 278-9003 Jeannine.aversa@bea.gov Travel and Tourism Spending Accelerated in the Third Quarter Travel and Tourism Satellite Account: Third Quarter 2016 Real spending (output) on travel and tourism accelerated in the third quarter of 2016, increasing at an annual rate of 5.0 percent after increasing 4.5 percent (revised) in the second quarter according to new statistics released by the Bureau of Economic Analysis. By comparison, real gross domestic product (GDP) increased 3.2 percent in the third quarter after increasing 1.4 percent in the second. The leading contributors to the third-quarter growth in travel and tourism were “traveler accommodations” and “passenger air transportation.” “Traveler accommodations” increased 8.3 percent after increasing 13.6 percent (revised) in the second quarter. In the third quarter “passenger air transportation” increased 12.4 percent after increasing 5.6 percent in the previous quarter. Tourism Prices – Prices for travel and tourism goods and services decreased in the third quarter of 2016 by 0.5 percent following an increase of 1.4 percent (revised) in the second quarter. The downturn was mainly attributable to price declines for “traveler accommodations.” Prices for “food and beverage services” rose, but at a slower pace. Tourism Employment – Employment in the travel and tourism industries accelerated in the third quarter, increasing 1.8 percent after increasing 1.3 percent (revised) in the second quarter. “Food services and drinking places" was the most significant contributor to travel and tourism employment growth, adding 9,100 employees. “Transportation” added 6,200 employees. -2- Total Tourism-Related Output was $1.6 trillion in the third quarter of 2016. It consisted of $944.2 billion (57 percent) of direct tourism spending and $699.2 billion (43 percent) of indirect tourism-related spending. Total Tourism-Related Employment was 7.7 million jobs in the third quarter of 2016, and consisted of 5.4 million (70 percent) direct tourism jobs and 2.3 million (30 percent) indirect tourism-related jobs. These statistics are from BEA’s Travel and Tourism Satellite Accounts (TTSAs), which are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce. The current-price statistics of direct tourism output were derived from BEA’s annual TTSAs and from current-price quarterly statistics of personal consumption expenditures from the National Income and Product Accounts (NIPAs). The real statistics of direct tourism output were developed using price indexes from the Bureau of Labor Statistics (BLS) and real quarterly statistics of personal consumption expenditures from the NIPAs. The statistics of direct tourism employment were derived from the annual TTSAs from BEA, the Quarterly Census of Employment and Wages (QCEW), and Current Employment Statistics (CES) from BLS. * * * Next release: Wednesday, March 15, 2017 at 8:30 A.M. EDT Travel and Tourism statistics: Fourth Quarter, 2016 -3- Additional Information Gross output (GO) is the value of the goods and services produced by the nation’s economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) or sales to other industries (intermediate inputs). Resources Additional resources available at www.bea.gov: • • • • • Stay informed about BEA developments by signing up for our email subscription service, following us on Twitter @BEA_News, or reading our blog at blog.bea.gov For more on BEA’s statistics, see our monthly online journal, the Survey of Current Business BEA's news release schedule Access BEA data by registering for BEA’s Data Application Programming Interface (API) Industry Concepts and Methods: Concepts and Methods of the U.S. Input-Output Accounts Current-dollar estimates are valued in the prices of the period when the transactions occurred—that is, at “market value.” Also referred to as “nominal estimates” or as “current-price estimates.” Real values are inflation-adjusted estimates—that is, estimates that exclude the effects of price changes. Statistical conventions Seasonal adjustment and annual rates. Monthly and quarterly values are expressed at seasonally-adjusted annual rates (SAAR). Dollar changes are calculated as the difference between these SAAR values. For details, see the FAQ “Why does BEA publish estimates at annual rates?” Definitions Tourism spending. Total tourism-related spending consists of direct tourism output and indirect tourism output. Direct tourism output comprises all domestically produced goods and services purchased by travelers (for example, traveler accommodations and passenger air transportation). Indirect tourism output comprises all output required to support the production of direct tourism output (for example, toiletries for hotel guests and fuel for airplanes). Quantities and prices. Quantities, or “real” measures, and prices are expressed as index numbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are calculated using a Fisher-chained weighted formula that incorporates weights from two adjacent periods (quarters for quarterly data and annuals for annual data). “Real” dollar series are calculated by multiplying the published quantity index by the current dollar value in the reference year (2009) and then dividing by 100. Percent changes calculated from chained-dollar levels and quantity indexes are conceptually the same; any differences are due to rounding. Tourism employment. Total tourism-related employment consists of direct tourism employment plus indirect tourism employment. Direct tourism employment comprises all jobs where the workers are engaged in the production of direct tourism output (for example, hotel staff and airlines pilots). Indirect tourism employment comprises all jobs where the workers are engaged in the production of indirect tourism output (for example, workers producing hotel toiletries and delivering fuel to airlines.) Chained-dollar values are not additive because the relative weights for a given period differ from those of the reference year. Gross domestic product (GDP) or value added is the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. -4- List of News Release Tables Table 1 a. Percent Change in Real Tourism Output Table 1 b. Real Tourism Output Table 1 c. Percent Changes in Chain-Type Price Indexes for Direct Tourism Output Table 1 d. Chain-Type Price Indexes for Direct Tourism Output Table 2. Direct Tourism Output Table 3. Total Tourism-Related Output Table 4. Percent Change in Direct Tourism Employment Table 5. Direct Tourism Employment Table 6. Total Tourism-Related Employment -5- Table 1.a. Percent Change in Real Tourism Output [Percent change from preceding period] Tourism Goods and Services Group All tourism goods and services Traveler accommodations Transportation Passenger air transportation All other transportation-related commodities Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping 2014 2.8 1.4 4.2 2.6 5.0 3.2 1.3 1.3 1.3 Seasonally adjusted at annual rates 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III 4.7 -0.5 2.9 3.1 5.5 2.0 8.2 4.5 1.5 1.2 4.5 5.0 5.2 5.7 6.7 5.1 4.2 0.9 0.0 1.7 -3.8 2.1 -0.6 3.8 -1.2 -2.4 -0.5 -3.9 -3.6 5.9 13.3 1.7 6.8 0.1 4.2 -2.9 7.2 3.7 -2.8 8.0 4.3 -1.5 -2.1 -1.1 -0.9 7.8 -0.8 13.6 7.9 4.9 3.6 6.0 6.0 3.1 3.8 2.6 1.1 -2.4 -4.3 -1.0 15.6 8.8 16.2 4.1 5.7 3.2 2.9 3.4 5.3 8.5 13.6 5.2 0.7 -0.3 -4.9 3.4 -3.6 0.8 13.0 -6.9 5.5 4.4 9.0 1.2 -3.7 1.0 -7.1 7.1 4.6 2.9 3.1 3.2 13.6 4.2 5.6 2.4 1.1 1.4 -5.2 6.8 8.3 6.9 12.4 3.4 1.4 1.7 4.5 -0.6 Source: U.S. Bureau of Economic Analysis Table 1.b. Real Tourism Output [Millions of chained (2009) dollars] All tourism goods and services Seasonally adjusted at annual rates 2014 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III 780,518 817,436 770,790 776,236 782,235 792,765 796,716 812,614 821,617 824,662 827,025 836,135 846,441 Traveler accommodations Transportation Passenger air transportation All other transportation-related commodities Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping 148,474 319,314 117,400 201,914 116,349 195,870 85,276 110,594 Tourism Goods and Services Group 156,181 337,388 125,212 212,307 121,224 197,706 85,276 112,430 148,293 312,770 115,143 197,745 113,760 195,583 84,648 110,945 146,942 317,306 118,795 198,564 115,638 195,652 85,532 110,141 149,505 320,211 117,945 202,403 116,875 194,905 85,088 109,835 149,156 326,301 117,716 208,944 119,121 197,272 85,836 111,455 151,354 328,800 118,816 210,310 119,460 196,053 84,900 111,186 156,925 335,840 123,359 212,429 121,121 197,586 85,508 112,111 158,955 342,763 127,355 215,142 121,337 197,446 84,432 113,041 157,489 343,453 131,318 211,348 122,978 199,602 86,264 113,380 155,996 344,268 128,921 214,991 124,359 201,016 86,933 114,270 161,051 347,935 131,720 215,678 124,766 201,011 85,227 116,138 164,309 353,815 135,629 217,466 125,188 201,840 86,169 115,967 Source: U.S. Bureau of Economic Analysis Table 1.c. Percent Changes in Chain-Type Price Indexes for Direct Tourism Output [Percent change from preceding period] Tourism Goods and Services Group All tourism goods and services Traveler accommodations Transportation Passenger air transportation All other transportation-related commodities Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping 2014 1.6 4.4 0.4 2.4 -0.9 2.4 1.3 1.4 1.4 Seasonally adjusted at annual rates 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III -3.1 1.5 8.0 0.7 -10.1 -7.9 1.7 0.5 -1.3 3.1 1.4 -0.5 3.1 -9.6 -4.3 -13.0 2.8 0.8 0.6 0.5 13.2 -2.1 -4.4 -0.7 1.9 -0.1 2.1 -1.8 11.1 7.7 7.2 8.1 2.9 9.5 1.7 15.8 Source: U.S. Bureau of Economic Analysis -6- 1.0 -1.5 3.4 -4.4 3.0 2.9 0.8 4.5 7.9 -15.6 -0.7 -23.8 3.6 -19.8 -2.2 -31.2 6.7 -24.2 -6.0 -34.2 2.6 7.6 0.4 13.6 -7.6 3.2 -10.9 14.1 2.5 6.9 3.0 10.0 2.7 -3.5 -7.6 -0.6 2.3 4.6 1.0 7.3 6.5 -7.8 -5.9 -9.1 2.3 2.0 0.8 2.9 5.4 4.2 5.2 3.4 2.6 -0.3 6.1 -5.1 -3.5 3.7 -7.4 12.0 2.7 1.0 2.3 -0.1 -0.8 -2.5 -0.3 -4.1 2.3 1.5 1.9 1.1 Table 1.d. Chain-Type Price Indexes for Direct Tourism Output [Index numbers, 2009=100] Tourism Goods and Services Group All tourism goods and services Traveler accommodations Transportation Passenger air transportation All other transportation-related commodities Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping 2014 114.0 109.3 120.9 125.3 118.2 111.7 107.7 108.4 108.9 Seasonally adjusted at annual rates 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III 110.5 113.1 115.3 115.5 112.5 110.2 110.7 110.8 110.5 111.3 111.7 111.5 112.7 109.3 120.0 102.8 114.8 108.6 109.0 109.4 106.5 120.7 123.2 119.1 110.4 107.9 108.1 107.8 109.4 122.9 125.4 121.4 111.2 110.4 108.5 111.8 109.6 122.5 126.4 120.0 112.1 111.2 108.7 113.0 111.7 117.4 126.2 112.2 113.1 105.2 108.1 102.9 113.6 109.5 124.3 101.0 113.8 107.2 108.2 106.3 111.3 110.4 120.7 104.4 114.5 109.0 109.0 108.9 112.1 109.4 118.4 104.2 115.1 110.2 109.3 110.8 113.9 107.2 116.6 101.8 115.8 110.8 109.6 111.6 115.3 108.3 118.1 102.6 116.5 110.7 111.2 110.1 114.3 109.3 115.8 105.6 117.3 110.9 111.8 110.1 114.1 108.6 115.7 104.5 118.0 111.3 112.3 110.4 Source: U.S. Bureau of Economic Analysis Table 2. Direct Tourism Output [Millions of dollars] All tourism goods and services Percent change at annual rate Seasonally adjusted at annual rates 2014 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III 892,390 905,701 872,005 895,272 903,635 891,825 877,949 899,331 910,347 910,852 920,191 933,852 944,164 4.47 1.49 0.98 11.11 3.79 -5.13 -6.08 10.10 4.99 0.22 4.16 6.07 4.49 Traveler accommodations Transportation Passenger air transportation All other transportation-related goods and Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping 162,304 387,501 148,906 238,595 129,943 212,641 92,223 120,419 Tourism Goods and Services Group 176,032 370,394 152,062 218,332 139,147 220,128 97,157 122,971 157,980 377,366 141,885 235,481 125,614 211,045 91,488 119,557 160,690 390,018 148,948 241,070 128,611 215,953 92,825 123,128 163,913 392,085 149,121 242,964 130,961 216,676 92,522 124,154 166,660 382,956 148,586 234,370 134,661 207,548 92,812 114,737 171,879 360,097 147,659 212,438 135,906 210,067 91,894 118,173 174,720 370,689 148,944 221,745 138,650 215,272 93,234 122,038 178,166 374,956 150,746 224,211 139,683 217,541 92,301 125,240 179,307 368,157 153,078 215,079 142,385 221,002 94,500 126,503 179,931 372,866 152,216 220,650 144,916 222,478 96,645 125,833 184,126 380,237 152,550 227,690 146,357 223,133 95,286 127,847 187,492 384,180 156,966 227,214 147,683 224,809 96,788 128,020 Source: U.S. Bureau of Economic Analysis Table 3. Total Tourism-Related Output [Millions of dollars] Tourism Goods and Services Group All tourism goods and services Percent change at annual rate Traveler accommodations Transportation Passenger air transportation All other transportation-related commodities Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping Seasonally adjusted at annual rates 2014 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III 1,534,473 1,558,763 1,504,526 1,533,970 1,548,158 1,551,238 1,552,991 1,530,476 1,545,990 1,587,357 1,603,465 1,625,476 1,643,353 4.43 1.58 1.95 8.06 3.75 0.80 0.45 -5.67 4.12 11.14 4.12 5.60 4.47 256,571 634,748 259,470 375,278 237,564 405,590 158,893 246,697 279,903 604,724 270,798 333,925 253,600 420,537 167,267 253,270 243,819 620,462 252,960 367,502 229,186 403,805 156,921 246,884 249,079 624,837 253,419 371,418 229,464 401,146 156,109 245,037 Source: U.S. Bureau of Economic Analysis -7- 254,349 640,557 261,002 379,555 235,567 403,497 157,200 246,297 259,206 642,594 261,075 381,519 239,495 406,864 159,689 247,174 263,651 631,004 262,383 368,621 245,729 410,854 162,576 248,279 279,263 598,790 266,857 334,456 256,396 420,746 167,773 252,722 274,530 599,596 273,055 329,892 244,545 412,840 162,526 250,478 281,977 593,773 270,781 326,363 251,985 420,214 166,803 253,308 282,959 601,351 269,256 335,228 256,463 422,761 170,594 251,967 289,555 612,241 269,846 345,343 259,014 424,237 168,141 256,000 294,848 619,010 277,658 344,605 261,361 427,329 170,836 256,347 Table 4. Percent Change in Direct Tourism Employment [Percent change from preceding period] Tourism Industry Group 2014 0.0 All tourism industries Traveler accommodations Transportation Air transportation services All other transportation-related industries Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping All other industries Seasonally adjusted at annual rates 2015 Q2014:I Q2014:II Q2014:III Q2014:IV Q2015:I Q2015:II Q2015:III Q2015:IV Q2016:I Q2016:II Q2016:III -0.4 -2.1 -0.6 -1.9 -0.4 0.3 -1.2 0.3 0.6 0.4 1.3 1.8 1.9 0.7 1.3 0.4 -0.8 -2.2 -4.4 0.3 -0.7 0.0 0.1 0.0 0.2 -0.9 -0.8 -1.1 -0.6 -0.5 2.4 -8.2 0.6 -13.2 -0.5 -3.9 -4.7 -3.1 -3.9 2.1 0.7 2.3 -0.3 -1.3 -3.3 -4.2 -2.4 -2.5 -0.6 -1.9 -1.9 -2.0 -2.1 -3.0 -3.6 -2.4 -1.4 0.8 -0.1 -0.9 0.3 -1.0 -0.9 -0.8 -1.1 -0.4 -0.2 7.1 -0.5 12.0 -1.5 -1.0 -1.8 -0.2 -0.6 -0.7 -7.5 0.9 -12.3 -1.3 -0.2 -0.4 0.0 -0.1 -0.3 0.7 1.6 0.1 0.6 0.8 1.5 0.2 0.4 1.0 -0.3 0.6 -0.8 2.7 1.9 3.1 0.7 1.1 0.5 -5.8 1.1 -9.9 3.0 3.2 3.4 3.1 1.4 -0.1 2.3 3.0 1.8 1.4 2.2 3.4 1.0 0.5 1.3 2.1 2.4 2.0 2.2 1.6 2.4 0.9 1.0 Source: U.S. Bureau of Economic Analysis Table 5. Direct Tourism Employment [Thousands] Tourism Industry Group All tourism industries 2014 5,374.1 2015 5,351.0 Q2014:I 5,394.7 Q2014:II 5,386.5 Traveler accommodations Transportation Air transportation services All other transportation-related industries Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping All other industries 1,383.4 1,186.7 455.0 731.7 1,641.0 951.0 479.2 471.8 212.1 1,384.0 1,188.0 455.0 733.0 1,626.0 943.0 474.0 469.0 211.0 1,378.1 1,188.5 454.4 734.1 1,650.5 961.2 485.4 475.9 213.4 1,385.1 1,190.5 457.0 733.6 1,644.9 953.2 480.1 473.0 212.1 Q2014:III Q2014:IV 5,360.4 5,354.4 1,382.9 1,184.7 454.8 729.9 1,636.3 945.9 475.7 470.2 211.4 Seasonally adjusted at annual rates Q2015:I Q2015:II Q2015:III Q2015:IV 5,359.0 5,342.8 5,346.8 5,355.4 Q2016:I 5,360.1 Q2016:II 5,377.7 Q2016:III 5,401.8 1,385.6 1,182.5 456.6 725.9 1,634.0 947.1 477.5 469.7 211.5 1,387.1 1,165.1 457.9 707.2 1,646.1 954.7 481.5 473.2 212.3 1,386.8 1,171.7 461.2 710.4 1,651.9 959.9 485.5 474.4 212.5 1,391.4 1,178.0 463.9 713.9 1,661.0 963.8 488.4 475.4 213.0 Seasonally adjusted at annual rates Q2015:I Q2015:II Q2015:III Q2015:IV 7,619.1 7,574.7 7,583.3 7,606.9 0.96 -2.31 0.46 1.25 Q2016:I 7,616.7 0.52 1,385.8 1,184.3 453.8 730.5 1,632.3 943.7 474.8 468.9 211.1 1,385.3 1,204.7 453.2 751.5 1,626.0 941.3 472.6 468.7 210.8 1,383.0 1,181.4 454.2 727.2 1,620.8 940.8 472.1 468.7 210.7 1,382.1 1,183.4 456.0 727.4 1,623.3 942.8 473.9 468.9 211.0 Source: U.S. Bureau of Economic Analysis Table 6. Total Tourism-Related Employment [Thousands] Tourism Industry Group All tourism industries Percent change at annual rate 2014 7,891.1 2.55 2015 7,596.0 -3.74 Q2014:I 7,647.5 -2.44 Traveler accommodations Transportation Air transportation services All other transportation-related industries Food services and drinking places Recreation, entertainment, and shopping Recreation and entertainment Shopping All other industries 1,969.6 1,885.2 869.5 1,015.6 1,954.8 1,471.0 739.6 731.4 349.3 1,990.8 1,987.7 889.1 1,098.6 1,816.4 1,463.5 739.1 724.3 337.6 1,982.4 1,988.2 887.9 1,100.3 1,843.8 1,491.8 756.8 735.0 341.5 Q2014:II Q2014:III Q2014:IV 7,640.9 7,606.0 7,600.9 -0.35 -1.81 -0.27 1,992.5 1,992.4 892.9 1,099.5 1,837.5 1,479.2 748.7 730.5 339.3 Source: U.S. Bureau of Economic Analysis -8- 1,989.3 1,982.6 888.7 1,093.9 1,827.9 1,468.0 741.8 726.2 338.2 1,993.5 1,981.6 886.8 1,094.8 1,823.5 1,464.6 740.4 724.2 337.8 1,992.7 2,011.9 885.6 1,126.3 1,816.4 1,460.8 736.9 723.9 337.3 1,989.4 1,977.5 887.5 1,090.0 1,810.6 1,460.1 736.2 723.9 337.2 1,988.1 1,981.2 891.0 1,090.2 1,813.4 1,463.1 738.9 724.2 337.5 1,993.1 1,980.2 892.2 1,088.0 1,825.3 1,469.9 744.5 725.4 338.4 1,995.4 1,959.7 894.7 1,064.3 1,838.9 1,481.1 751.0 730.2 339.6 Q2016:II Q2016:III 7,642.9 7,677.1 1.38 1.80 1,994.9 1,971.4 901.2 1,069.3 1,845.4 1,489.3 757.9 731.5 340.1 2,001.1 1,982.1 906.5 1,074.7 1,855.6 1,495.5 762.5 733.0 340.9
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