U.S.-originating business
travel spending is on pace to grow by nearly 4 percent this year over last,
according to the National Business Travel Association Foundation Business
Travel Quarterly Outlook, released Tuesday. The study projects further gains in
spending for 2011 and 2012, each of which should see year-over-year growth of
nearly 7 percent.
"Business
travel within and from the United States has seen solid recovery after two long
years of diminution," NBTA executive director and COO Michael McCormick
said in a statement. "However, it is clear that companies are taking their
time in shifting from the current cost-containment culture, and recovery will
continue to ramp up slowly. We're looking forward to the end of 2012—when the
industry should see a return to peak levels."
Those peaks, the report
said, were hit in 2007 when an estimated 511 million business trips were taken.
In 2010, that number is expected to total 431 million. "However, through 2012,
transient travel is expected to advance 31 percent as the economy continues to
recover and travel restrictions are lifted," the report noted.
The study's projections are
based on an econometric model developed by business consulting firm Vantage
Strategy, which takes into account key economic indicators and travel industry
trends.