DRI-WEFA Study Finds Two Million Jobs Related To Tourism May Be Lost Due To The Attack.
LEXINGTON, Mass., and LONDON, Oct. 19 /PRNewswire/ --
DRI-WEFA, Inc., a subsidiary of privately held Global Insight, Inc., today announced the release of a special report on "Tourism Exposure Across the U.S." DRI-WEFA's most recent analysis of the impact of September 11 on travel spending in the U.S. concluded that $76.7 billion in traveler spending would be lost over the next 16 months. In the new study released today, DRI-WEFA identifies the states most likely to be hardest hit by loss of tourism and tourism related industries.
According to Adam Sacks, principal of DRI-WEFA's Travel & Tourism group, "When one considers the full range of tourism dependent industries--including travel agencies, restaurants, retail, theme parks, convention centers, and rental car agencies--the total impact easily approaches 2 million jobs." He continued, "The suppliers to these industries will also feel the impact as demand for laundry services, caterers, furniture, construction, and aircraft wanes-albeit some to a lesser extent."
The states at highest risk for job loss relating to travel and tourism are those with the highest number of tourism-related jobs recorded last year. California was the leader, with over one million direct tourism-related jobs last year. Florida and Texas follow, with over 600,000 travel and tourism jobs, and New York also has much at stake with over 400,000 jobs last year.
Certain destinations are considerably more dependent upon air travel than others. This is a critical factor since air travel has been the mode of transportation hit hardest. However, other modes and destinations have benefited as a result. Destinations most accessible by train or automobile will benefit at the expense of destinations primarily accessible by air.
Many destination-marketing organizations are already focusing on the increased potential within the non-air travel market. The DRI-WEFA study predicts that the New England and the Mid-Atlantic States should be able to stave-off losses by focusing on these markets. However, the Pacific and South Atlantic destinations are more at risk since currently 21% of trips to the Pacific states and 16% of trips to the South Atlantic states are taken by air. The losses to these destinations have already been severe for this reason. Orlando, Los Angeles and Atlanta-all among the top-10 destinations in the country- are at highest risk.
A more detailed version of this special report can be found on the DRI- WEFA Web site at (http://www.dri-wefa.com).
DRI-WEFA, (http://www.dri-wefa.com), a subsidiary of privately held Global Insight, Inc., provides the most comprehensive economic coverage of countries, regions and industries available from any source. DRI-WEFA brings a unique combination of expertise, models, data and analytical software together with a common analytical framework and a consistent set of assumptions. DRI-WEFA collects and delivers financial information to clients and also provides a broad range of consulting capabilities covering market analysis, business planning, investment strategy, risk assessment, infrastructure analysis, policy evaluation, and economic development. The company has over 3,000 clients in industry, finance and government around the world with $70 million in revenues, over 500 employees and 20 offices covering North and South America, Europe, Africa, the Middle East and Asia.
Contact: Adam Sacks, Principal, Travel & Tourism DRI-WEFA, 610.490.2784,
Emanuela Revere, Euro.Mkg.Dir, DRI-WEFA, +220.127.116.11.25.77,
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|Date:||Oct 19, 2001|
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