5 Fastest-Growing U.S. Business Travel Markets: Amex Hotel Data
Skift Take
Key Points
- American Express data identifies Princeton, Durham, Southwest Michigan, Honolulu, and Sacramento as the top five fastest-growing U.S. business travel markets.
- Key growth factors: biotech expansion in Princeton, economic diversification in Durham, rising hotel prices in Honolulu, strong industry presence in Southwest Michigan, and developments in Sacramento.
- Hotel transaction data from April 2023 to March 2024 shows significant growth in these cities compared to the previous year.
Summary
According to American Express data, Princeton, NJ; Durham, NC; Southwest Michigan; Honolulu, and Sacramento are the five fastest-growing U.S. markets for business travel. Factors contributing to their growth include the expansion of biotech companies in Princeton, economic diversification in Durham, rising hotel prices in Honolulu, industry presence in Southwest Michigan, and developments in Sacramento's semiconductor and life sciences segments. These cities have become increasingly popular for business travelers, as indicated by hotel transaction data from April 2023 to March 2024 compared to the previous year.
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, highest to lowest, were: Princeton, NJ; Durham, N.C.; Southwest Michigan; Honolulu; and Sacramento.
Hotels in these five cities are gaining popularity with business travelers.
Princeton, New Jersey
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. Princeton is only a 12-minute drive from the North American base of Novo Nordisk, maker of the drug sensations Wegovy and Ozempic.
Princeton 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.
Durham, North Carolina
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.
Honolulu, Hawaii
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.
Southwest Michigan
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.
Sacramento, California
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.
Airlines Sector Stock Index Performance Year-to-Date
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.
Photo Credit: The Nassau Inn has been the epicenter of commerce and trade in Princeton, NJ, for centuries. VisitNJ.com
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