Business travel spending in the U.S. reached a record $538.5 billion in 2024, generating an estimated $623 billion in total gross domestic product impact, according to a new study released by the Global Business Travel Association.
The report—based on 2024 data—found that business travel accounted for 2.1 percent of total U.S. GDP and generated $148.6 billion in federal, state and local tax revenue. Nearly 488 million business trips were taken across the country during the year.
“Business travel delivers value that reaches well beyond companies and travelers—it’s also about direct economic impact in communities across the country,” GBTA CEO Suzanne Neufang said in a statement. “From supporting millions of jobs to funding public services, the data shows how deeply business travel is connected to U.S. economic resilience, growth and competitiveness.”
Of the total business travel spending recorded in 2024, $270 billion came from domestic travel, $50.7 billion from international inbound travel and $217.8 billion from meetings and events activity.
According to the study, every dollar spent on business travel generated $1.16 in GDP. The sector supported 3.7 million direct jobs, 1.2 million indirect jobs through supply chains and 1.8 million induced jobs resulting from employee spending. Business travel-related activity generated $366.4 billion in wages across industries including hospitality, transportation and professional services.
Meetings, conventions and events represented $217.8 billion, or 40.4 percent, of total business travel spending. Event-related expenditures included $59.9 billion for food and beverage, $47.9 billion for production and speakers, and $34.3 billion for meeting administration.
The report found that 59 percent of business trips were taken for transient business purposes such as sales meetings, client services and government travel, while 41 percent were related to group travel, including conventions, training sessions and seminars.
Neufang noted that while 2024 was a strong year for business travel, the industry faces challenges in 2025 and 2026, including geopolitical tensions, rising costs and uncertainty surrounding cross-border travel.