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Industry Landscape
The U.S. tourism and hospitality industry is experiencing a strong recovery post-pandemic, driven by increasing leisure travel and a resurgence in business events. Focus areas include sustainable tourism, personalized experiences, and leveraging digital tools. Inflation and labor shortages pose ongoing challenges, but overall outlook is positive with continued growth in domestic and international arrivals.
Total Assets Under Management (AUM)
Travel and Tourism GDP Contribution in United States
~1.37 trillion USD (2023 est.)
(8.8% CAGR)
- Domestic leisure travel is a significant contributor.
- Business travel and international arrivals are steadily recovering.
- Continued growth anticipated from pent-up demand and increased spending.
Total Addressable Market
2.2 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI-Powered Personalization
Utilizing artificial intelligence to offer highly customized recommendations for attractions, dining, and itineraries based on user preferences and past behavior.
Virtual and Augmented Reality (VR/AR)
Creating immersive virtual tours of destinations and attractions, or overlaying digital information onto real-world views for enhanced on-site experiences.
Blockchain for Loyalty and Ticketing
Implementing blockchain technology for secure, transparent, and immutable management of loyalty programs, ticketing, and secure payment systems.
Impactful Policy Frameworks
American Rescue Plan Act of 2021 (ARPA) - Tourism and Hospitality Grants
The American Rescue Plan Act of 2021 provided significant federal funding to states and localities, much of which was channeled into supporting the tourism and hospitality industry through grants and recovery programs.
This policy directly provided financial support for marketing efforts, infrastructure improvements, and workforce development, aiding the industry's post-pandemic recovery and growth.
Infrastructure Investment and Jobs Act (IIJA) 2021
This bipartisan infrastructure law allocates substantial funding for improving transportation infrastructure, including airports, public transit, roads, and broadband internet across the United States.
Improved transportation networks and digital connectivity will make Salt Lake City more accessible and attractive to visitors and event organizers, enhancing the overall visitor experience and supporting industry growth.
State-Level Short-Term Rental Regulations (e.g., Utah's HB 398, 2023)
Several states, including Utah, have introduced or strengthened regulations on short-term rentals (like Airbnb and VRBO) concerning taxation, permits, and zoning.
These regulations can affect the supply and cost of accommodations in Salt Lake, potentially impacting visitor lodging options and local tax revenues for tourism initiatives.
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