5 Fastest-Growing U.S. Business Travel Markets: Amex Data

23.07.2024 - 22:54 / skift.com / Sean Oneill

Five U.S. markets have recently seen the fastest growth in business travel spending, according to American Express data.

American Express looked at the recent growth in its commercial customer hotel transactions and, on Skift’s request, ranked the five fastest-growing U.S. markets for business travel. Amex compared the year between April 2023 and March 2024 with the same time span a year earlier.

The trending destinations, in order of highest to lowest, were: Princeton, NJ; Durham, N.C.; Southwest Michigan (Kalamazoo + Grand Rapids); Honolulu; and Sacramento.

Hotels in these five cities are seeing a surge in popularity with business travelers.

This town is more than just home to Princeton University. Life sciences are important, with international biotechnology company Genmab about to double its footprint by 135,000 square feet. The town also aspires to be a hub for artificial intelligence (AI) research. Some financial help from the state of New Jersey may help bring university researchers and private companies together to refine the technology and find creative applications.

In April, Deputy Mayor Leo Wiliams said, “Durham is dope.” That certainly seems true in terms of economic development. The home of Duke University has recently broadened its economic base with various businesses capitalizing on emerging fields. This spring, the federal government awarded $32 million in credit to support small businesses.

Hotel prices in Honolulu in May had risen 34% compared to 2019, according to the Hawaii Tourism Authority. The city’s event facilities can host business conferences, trade shows, and team meetings in an attractive location for team building and sales conversations.

Kalamazoo and Grand Rapids together have a strong presence in industries like healthcare, education, manufacturing, and technology. Michigan has emerged as a magnet for the relocation of corporate headquarters, such as tech firm KLA and HOLO Footwear.

California’s capital has drawn growth in the semiconductor and life sciences segments, diversifying beyond the state government as an economic driver. Sacramento International Airport will start a $1.3 billion expansion later this year.

What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies.

The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance. 

Read the full methodology behind the Skift Travel 200.