GBTA: Business travel adds US$93 billion to ‘local’GDP study shows

New destination-level research finds $178 billion in business traveller spending across 25 cities contributed $93 billion in local GDP, nearly $55 billion in tax revenue and 1.4 million jobs, with New York, Tokyo and London ranked highest for spending From New York to Tokyo to London to São Paulo and around the world, business travel is powering local economies far beyond airports, hotels and conference centers. Business travel and travellers generated an estimated $283 billion in total economic activity across 25 of the world’s leading business destinations, according to a new impact study released today by the Global Business Travel Association (GBTA). Based on 2024 data, the study finds that $178 billion in business traveller spending across the 25 cities* supported 1.4 million jobs and contributed $93 billion to local GDP. It also generated nearly $54 billion in wages and $55 billion in tax revenue, demonstrating the outsized economic impact of business travel on cities around the globe. The $178 billion in spending accounts for roughly 12% of the $1.47 trillion in worldwide business travel spending reflected in GBTA’s Business Travel Index. The new global economic impact study, conducted with Rockport Analytics, measures the role and value of business travel from the destination perspective. This includes examining what domestic and international business travellers spend while in a city for the purpose of work and the resulting economic activity that their spending generates throughout local economies. “Business travel is a powerful driver of economic growth and this study reflects its far-reaching impact. When people travel to meet, collaborate and build relationships, the benefits extend well beyond the traveller and their organization, generating jobs, income, tax revenue and opportunity in communities around the world. More than a catalyst for commerce, business travel is an investment in economic opportunity and sustained growth for communities worldwide,” said Suzanne Neufang, CEO of GBTA. Seven cities account for more than 60% of top spending Business travel spending is concentrated in some of the largest destinations in the world. Seven cities each exceeded $10 billion in 2024 and together accounted for more than $108 billion, or 61% of the total across the 25 cities studied. City Business Travel Spending GDP Contribution Jobs Supported 1 – New York $21.2B $13.7B 139,067 2 – Tokyo $20.7B $11.8B 157,856 3 – London $15.0B $6.4B 98,051 4 – Shanghai $14.2B $3.6B 138,622 5 – Paris $13.6B $8.3B 90,472 6 – Los Angeles $12.2B $7.1B 80,068 7 – Chicago $11.6B $6.6B 83,154 Source: GBTA Global Cities Economic Impact Study, GBTA and Rockport Analytics. Significant business travel activity extends well beyond these seven, across North America, Europe, and Asia, and into commercial centers in the Middle East, Latin America and Australia. The next tier of cities for spending impact included Washington DC ($9.4 billion), San Francisco ($6.9 billion), Amsterdam ($5.6 billion), Singapore ($5.2 billion), Frankfurt ($4.7 billion) and Sydney ($4.7 billion). Delhi, Helsinki, Oslo, Dubai and São Paulo each recorded business travel spending of between $1.5 billion and $2.4 billion. Every business travel dollar spent generates $1.59 in local economic activity Business traveller spending has impact beyond the businesses that serve travellers directly. As local businesses serve travellers, they buy from local suppliers, generate wages spent again in the local economy, and create jobs. Across the 25 cities, every dollar of business travel spending generated approximately $1.59 in total sales for local businesses, 52 cents in GDP, and 31 cents in tax revenue. On average, every $1 billion of business travel spending in a destination supports approximately 7,800 jobs. This “multiplier effect” varies by city and by the structure of the local economy. For example: New York, with its service-based economy, generated $1.76 in local economic activity per dollar of business travel spending, the highest of the 25 cities. Los Angeles followed at $1.68. Copenhagen converted nearly 60 cents of every business travel dollar into government revenue, the highest in the study, with Oslo and Stockholm close behind. Dubai recorded the lowest at just above one cent, reflecting the absence of broad-based income and sales taxes in the United Arab Emirates. Paris and New York returned more than 37 cents of every dollar as labor income. Delhi and Mexico City supported far more jobs per dollar than the study average, at 42,900 and 24,100 jobs per $1 billion respectively, reflecting local wage levels and labor intensity. Various business travel factors influence spending Individual city findings point to what drives spending in each destination. For example, London recorded the second highest daily spend per business traveller in the study and the largest contribution to overall spending from premium air tickets, reflecting its international draw. Shanghai had the highest hotel room demand from groups of the 25 cities, and Chicago the second highest, showing how much organised meetings matter to both. Stockholm and Oslo posted the strongest growth in group room demand in 2024. For Editorial Inquiries Contact: Editor Matt Driskill at [email protected] For Advertising Inquiries Contact: Head of Sales Sally Passey at [email protected]