Five US markets recently saw the fastest growth in business travel spending, according to data from American Express.
American Express looked at recent growth in business hotel transactions and, at the request of Skift, ranked the five fastest growing US markets for business travel. Amex compared the year between April 2023 and March 2024 with the same period a year earlier.
Popular destinations, from highest to lowest, were: Princeton, NJ; Durham, N.C.; Southwest Michigan? Honolulu; and Sacramento.
Hotels in these five cities are gaining popularity among business travelers.
Princeton, New Jersey
This city is more than home to Princeton University. Life sciences are important, with international biotech company Genmab doubling its footprint to 135,000 square feet. Princeton is just a 12-minute drive from the North American base of Novo Nordisk, which makes drug sensations Wegovy and Ozempic.
Princeton also aspires to become a hub for artificial intelligence (AI) research. Some financial assistance from the state of New Jersey can help bring university researchers and private companies together to improve the technology and find creative applications.
Durham, North Carolina
In April, Deputy Mayor Leo Williams said: “Durham is dope.” This certainly seems true when it comes to economic growth. The home of Duke University has recently broadened its financial base with various ventures capitalizing on emerging sectors. This spring, the federal government provided $32 million in credit to support small businesses.
Honolulu, Hawaii
Hotel prices in Honolulu in May were up 34 percent 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 group discussions and sales.
Southwest Michigan
Kalamazoo and Grand Rapids together have a strong presence in industries such as healthcare, education, manufacturing and technology. Michigan has emerged as a magnet for corporate headquarters relocations, such as tech company KLA and HOLO Footwear.
Sacramento, California
California’s capital has seen growth in the semiconductor and life sciences sectors, diversifying beyond state government as an economic driver. Sacramento International Airport will begin a $1.3 billion expansion later this year.
Year-to-date Airline Stock Index performance
What am I looking at? The performance of airline industry stocks within the ST200. The index includes companies that are publicly traded on global markets, including network providers, low-cost carriers and other related companies.
