Saturday, May 25, 2024 The World Travel & Tourism Council ( WTTC ) forecasts a historic year for Canada’s Travel & Tourism sector, with the economic contribution set to reach an all-time high of nearly $182 billion. In 2024, reaching $182.1 billion represents an additional $8.
1 billion over its previous peak, affirming the sector’s significant role as an economic force, responsible for generating one in every 15 dollars of economic activity. In partnership with Oxford Economics, WTTC’s latest research highlights a sector abundant with opportunities, supporting 1.84 million Canadian jobs—an increase of 120,000 jobs compared to the previous high point in 2019.
Spending by both international and domestic tourists is also expected to reach unprecedented levels, with forecasts indicating total expenditures of $43.7 billion and $95.2 billion respectively, highlighting robust demand and vibrant growth within the sector.
A look back on last year Last year, the Travel & Tourism sector’s GDP contribution grew by nearly 25% year-on-year to almost $172 billion, representing 6% of Canada’s total economic output and demonstrating the sector’s integral contribution to the national economy. Additionally, the sector proved to be a significant source of employment, creating 85,000 new jobs and elevating the total to 1.7 million nationwide.
This solidifies Travel & Tourism’s position as a major employment driver, representing one in every 12 jobs across the country. The resurgen.