Statistics on what Americans and foreigners spent on travel and tourism in the United States in the second quarter of 2014 will be released Thursday, Sept. 18 by the Bureau of Economic Analysis (BEA).
The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.
These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:
- To assess the effects of travel and tourism on the U.S. economy
- To compare national trends to locally observed trends
- To examine the relationship among the travel and tourism industries
- To compare travel and tourism industries to other industries.
These statistics are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce.
The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers – decreased to $98.5 billion (preliminary) in the second quarter of 2014 from $102.1 billion (revised) in the first quarter of 2014. As a percentage of U.S. GDP, the deficit decreased to 2.3 percent from 2.4 percent. The previously published current-account deficit for the first quarter was $111.2 billion.
- The deficit on international trade in goods increased to $189.2 billion from $182.3 billion as goods imports increased more than goods exports.
- The surplus on international trade in services increased to $58.9 billion from $57.8 billion as services exports increased more than services imports.
- The surplus on primary income increased to $53.1 billion from $52.4 billion as primary income receipts increased more than primary income payments.
- The deficit on secondary income (current transfers) decreased to $21.4 billion from $30.0 billion as secondary income receipts increased and secondary income payments decreased.
Net U.S. borrowing from financial-account transactions was $17.6 billion in the second quarter, down from $91.2 billion in the first.
- Net U.S. acquisition of financial assets excluding financial derivatives was $232.7 billion in the second quarter, up from $143.3 billion in the first.
- Net U.S. incurrence of liabilities excluding financial derivatives was $247.4 billion in the second quarter, up from $239.8 billion in the first.
- Net borrowing in financial derivatives other than reserves was $2.8 billion in the second quarter, a shift from net lending of $5.3 billion in the first.
Read the full report.
Published September 16, 2014
- Real GDP increased in 292 of the nation’s 381 metropolitan areas in 2013, led by widespread growth in finance, insurance, real estate, rental, and leasing; nondurable-goods manufacturing; and professional and business services. Natural resources and mining also spurred strong localized growth in several metropolitan areas.
- Finance, insurance, real estate, rental, and leasing and nondurable-goods manufacturing contributed more than 50 percent to real GDP growth in 61 and 46 metropolitan areas, respectively.
- Professional and business services contributed to growth in 245 of the nation’s 381 metropolitan areas in 2013, most notably in Fayetteville-Springdale-Rogers, AR-MO (3.33 percentage points) and Janesville-Beloit, WI (2.61 percentage points).
- Mining in the Utica and Marcellus shale formations led to notable contributions to growth for natural resources and mining in Beckley, WV (11.49 percentage points); Wheeling, WV-OH (8.50 percentage points); and Charleston, WV (3.63 percentage points). Mining in the Niobrara shale formation
contributed significantly to the 10.1 percent increase in total real GDP for Greeley, CO.
- In 2013, Baton Rouge, LA was the fastest growing metropolitan area (6.5 percent) among economies with populations of 500,000 or more. Mount Vernon-Anacortes, WA grew the fastest (10.6 percent) of the metro areas with populations of less than 500,000.
Read the full report here.