U.S.-Generated Business Travel Spending to Rise by 6.8 Percent in 2014
United States-generated business-travel spending is expected to rise by 6.8 percent this year, to $292.3 billion, according to the Global Business Travel Association. In the newly released GBTA BTI Outlook–United States 2014 Q2, the association reports that business travel grew by 3 percent in the first quarter of the year, and companies spent $71.2 billon on travel — a 7.6 percent increase over the first quarter of last year. “Business travel spending in the U.S. supports 7.1 million jobs,” said GBTA executive director and COO Michael W. McCormick in a statement. “We continue to see a correlation: Growth in business travel is intrinsically linked to jobs development and ultimately growth in the U.S. economy.” According to the report, group business travel outperformed individual business travel in 2013, growing by 8.6 percent vs. 2.4 percent for individual travel. This year, individual business travel is expected to grow by just 2.3 percent, although higher prices should drive up individual spend by 5.6 percent.