Boston, MA -- (ReleaseWire) -- 03/10/2014 -- The US Tourism Report examines the long-term potential offered by the tourism industry but highlights that the weakness of the European economies may put downward pressure on arrivals in the short term. In 2014, we forecast tourist arrivals to reach 59.9mn, representing year-on-year (y-o-y) growth of 4.1%. Growth is forecast to remain around this rate throughout the rest of the forecast period to 2018.
We estimate that tourist arrivals to the US totalled 57.6mn in 2013, growing by 4.3% y-o-y. Provisional data from the US Office of Travel and Tourism Industries supports this, indicating arrivals growth of 4.2%. Arrivals from Canada, one of the US's major source markets, were up by 5.5%. However, arrivals from Mexico were down 3.4%, most likely owing to ongoing sluggishness in the US job market, which has encouraged many Mexicans to return to their home country. Arrivals from Western Europe were also down, by 0.8%, indicating that ongoing economic weakness in Europe is continuing to weigh on visitors to the US.
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- BMI has extended its forecast period to 2018 and added projections for all indicators until the end of the forecast period.
- Tourist arrivals are forecast to grow by 4.13% in 2014, to 59.9mn. This follows growth of 4.3% in 2013.
- BMI projects that hotels and restaurants industry value will reach US$462.9bn in 2014, a 2.3% y-o-y increase.
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