Published on : Tuesday, December 25, 2018
US project-based business travel accounted for approximately $45 billion in terms of dining, lodging, transport and other expenses last year as per the Global Business Travel Association (GBTA).
This term refers to travels involving around a project.
It has both a start and end date and also has duration of at least four nights or has a recurring component. Project-based travel had comprises about 15 per cent of all business travel spending and about 12 percent of all corporate trips in 2017 as per a report published by GBTA prepared jointly with Intercontinental Hotels Group.
Leading destinations for project-based business travel includes Los Angeles, Las Vegas, New York, San Francisco and Chicago.
This study discovered that business travellers had spent more ($679) on project-based trips than for other types of corporate travel ($533) that was scheduled in part to longer average stays and higher trip budgets.
Lodging costs on project-based trips are 142 per cent higher as compared to other types of business travel.
Project-based business travelers spent a total of $15.9 billion on lodging, $14.6 billion on air transportation, $7.0 billion on food & beverage, $1.8 billion on entertainment, $4.2 billion on ground transportation and $1.9 billion on retail.
Manufacturing, real estate, and professional services spent the most on project-based travel, which is especially prevalent in the construction industry.