PRESS RELEASE

January 14, 2008
FOR IMMEDIATE RELEASE
Press Contact:
Heather Epkins
Travel Industry Association
202-408-2172

TRAVEL COMMUNITY URGES PRESIDENT BUSH TO INCLUDE
TRAVEL PROMOTION ACT IN ECONOMIC STIMULUS PACKAGE

Overseas Visitors are Critical to America’s Economic Recovery

Washington, DC — Travel industry leaders today called on President Bush to include the Travel Promotion Act (TPA) in an economic stimulus package.  In their letter to the President, Jonathan M. Tisch, Chairman and CEO of Loews Hotels and Chairman of the Travel Business Roundtable, and Jay A. Rasulo, Chairman of Walt Disney Parks and Resorts and Chairman of the Travel Industry Association, highlighted the critical role that overseas travel to the United States can play in strengthening the American economy. The letter states in part:

“As you know, travel to and within the United States for business, leisure, medical and educational purposes is an untapped economic engine.  Overseas visitors are particularly beneficial to the U.S. economy, spending almost four times more than domestic travelers – without using public services such as education and health care.  Unfortunately, overseas travel to the United States has declined by 17 percent since 2000.  The economic cost to America has been $94 billion in spending, 194,000 jobs and $16 billion in tax receipts.   There is enormous potential to ignite the economy – at local, state and national levels – through travel, but we have lost our footing in the world market.  In 2007, the United States fell from the third to the fourth-most visited nation in the world behind France, Spain and China.

“Through the Travel Promotion Act (S. 1661, H.R. 3232), we can reap the economic benefits of travel.  Oxford Economics projects the return on investment to be 35:1 in visitor spending and 6:1 in tax revenues.  According to an analysis they conducted with Governor Tom Ridge, a $100 million travel promotion program would yield millions of new visitors each year, $8 billion in new visitor spending and $850 million in new federal tax revenue.”

Tisch and Rasulo also noted that the TPA is funded by private industry and user fees on overseas visitors – requiring no taxpayer dollars.  In addition to the significant economic benefits, a nationally coordinated program to communicate U.S. entry and security policies will have added public diplomacy benefits. 

For a copy of the letter, click here. 

### 

The Travel Industry Association is the national, non-profit organization representing all components of the $740 billion travel industry. TIA's mission is to promote and facilitate increased travel to and within the United States. TIA is proud to be a partner in travel with American Express. For more information, visit www.tia.org.

The Travel Business Roundtable (TBR), a strategic partner to the Travel Industry Association, is a CEO-based organization representing all sectors of the travel and tourism industry. TBR’s mission is to educate public officials and policymakers about the important social and economic contributions of the travel and tourism industry. For more information, visit www.tbr.org.

back to top

ABOUT TBR | CHAIRMAN'S CORNER | LEGISLATIVE ACTION CENTER |
NEWSROOM | MEMBERS