[category]
[title]
On the heels of the news that U.S. travel by Canadians has collapsed to historic lows not seen since 1972, new data indicates severe economic consequences.
New data from Statistics Canada points to a deepening slowdown in cross-border travel, with Canadian return trips from the U.S. dropping 22% in January—marking the 13th consecutive month of year-over-year declines.
Read: Montreal is getting a new airport this summer with a 900-seat waiting lounge
According to IMPLAN modelling, a sustained 20% drop in Canadian tourism to the U.S. could have sweeping economic consequences: $4.2 billion in lost visitor spending, more than $4.3 billion in lost GDP, and over 35,000 jobs at risk.
That includes more than 5,000 restaurant jobs and roughly 7,000 positions across hotels, accommodations, air travel, tourism services, and gaming.
The report goes on to state that the impact wouldn’t stop there—nearly $500 million in state and local tax revenue could disappear, with ripple effects hitting retail, logistics, and local economies across the country.
Check out: Air Canada latest airline to cancel U.S. flights
IMPLAN is a widely used economic analysis provider trusted by major corporations, government agencies, and institutions, with data powered by over 90 sources including the U.S. Census Bureau, BEA, and BLS.
For more information about IMPLAN, click here.
RECOMMENDED:
Full guide to the best things to do in Montreal