BUSINESS travel spending and volume grew at healthy rates in the fourth quarter of 2010, with the GBTA Business Travel Index reaching its highest levels since the recession began in 2008, according to a statement released by the Global Business Travel Association (GBTA).
GBTA Foundation research also shows that increasing business travel spending is a leading indicator of future US job growth.
According to the release: “The fourth quarter of 2010 showed the strongest seasonally-adjusted quarter-over-quarter business travel growth since the recession began. For the year, total US spending on business travel grew by 3.2 per cent, up substantially from the 2.3 per cent for the year forecast previously. Business travel spending in 2011 is now expected to be even stronger than estimated last quarter, advancing by 6.9 per cent for the year, up from the five per cent growth forecast previously.”
“These are very heartening signs. Business travel spending is coming back at robust levels, indicating the shape of things to come, namely more travellers on the road, an improving economy, and a positive environment for continued job growth,” said Michael W McCormick, GBTA Executive Director and COO.
“Thanks to increasing corporate confidence, companies are investing more in business travel, which will further stimulate business activity and economic growth.”
The findings were released yesterday in the latest Business Travel Quarterly Outlook – United States from the Global Business Travel Association Foundation, GBTA’s education and research arm, sponsored by Visa.
