The Bureau of Economic Analysis’s (BEA) latest estimates of the U.S. travel and tourism satellite accounts for 1998-2003 do not account for changes in the prices of travel goods and services. This brief article estimates real travel and tourism output and demand by using a travel price index computed by the Travel Industry Association of America. The article shows that after accounting for price changes, U.S. tourism output and demand in 2003 did not surpass their pre-2001 peaks, as was suggested by the BEA.
Kuhbach, Peter D., Mark A. Planting, and Erich H. Strassner. (2004). “U.S. Travel and Tourism Satellite Accounts for 1998-2003.”Survey of Current Business (September): 43-59. http://www.bea.doc.gov/bea/dn2/home/tourism.htm.
2.
Travel Industry Association of America. (n.d.). Travel Price Index (TPI). http://www.tia.org. (Monthly; historical data available by paid subscription only.)
