The tourism industry employed approximately 3.6 million persons in the United States in 2000, or 2.8 percent of total employment in the country. Chain operations accounted for 60 percent of the properties in the American hospitality industry in 2000, but generated 69 percent of the industry revenues. [7]
Importance of the Hospitality Industry
Globally, the hospitality industry generates in excess of US$3.5 trillion in revenues each year.[4] the economic importance of this industry, is enormous. Approximately 18.5 percent of these revenues are generated in the United States. Americans traveling outside of the United States are the source of substantial revenue generation in the hospitality industry in markets outside of the resident United States.[4] Overall, the hospitality industry accounts for approximately six-percent of global economic activity.[4]
Important political and sociological benefits also are derived through the functioning of the hospitality industry. Greater understanding among peoples and nations creates intangible benefits of the utmost value.[5] For example, the hospitality industry is influential with regard to economic and monetary union and the euro (a common European currency). Prominent figures in the UK hospitality industry have proclaimed that it would be a mistake to participate in the use of a common European currency, since it would lead towards a state of Europe, dominated by Germany. Alternatively, others have stated that a single European currency would result in lower inflation and interest rates, and greater economic stability.[6]
This text introduces and summarizes hospitality management in 14 chapters, each of which is devoted to a specific aspect of management in the hospitality industry. This introductory chapter (Chapter 1) defined the industry and placed the importance of the industry in perspective. The final chapter of the text (Chapter 14) presents conclusions drawn relevant...