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Blog Category: Economy

Commerce's ITA Releases Data Showing International Visitor Spending Continues at Record-Setting Pace

Graph: U.S. Travel and Tourism-Related Exports

Rate is twelve percent increase over last year

Commerce’s International Trade Administration (ITA) today released tourism data revealing that international visitors spent an estimated $14 billion on travel to, and tourism-related activities within, the United States in April 2012—$1.5 billion more (12 percent) than was spent in April 2011.

The new data reaffirms the importance of the Obama administration’s efforts to increase travel and tourism in the United States and comes on the heels of the release of the National Travel and Tourism Strategy (PDF) last month. The National Strategy is a blueprint for the Federal government to welcome 100 million international visitors each year by the end of 2021. The visitors would spend an estimated $250 billion per year, supporting more jobs and spurring economic growth in communities across the country.  Read the full ITA release here.

Secretary Bryson Encouraged by President’s Export Council Recommendations to Help Strengthen U.S. Economy

Secretary Bryson addresses the President's Export Council

Yesterday, Secretary John Bryson met with the President’s Export Council (PEC) with two goals in mind: to discuss further ways to strengthen the U.S. economy; and to update PEC members on the actions taken by the Department and the administration to increase exports.

As the principal national advisory committee on international trade, the PEC provides a forum for public-private interaction at all levels of government and business. It is responsible for advising the president on government policies and programs affecting U.S. trade performance, covering topics that range from export promotion to deliberations over specific trade challenges in various industries and sectors.

Since the PEC last met, the Obama administration has made great strides in creating jobs, increasing exports and growing the economy. For example, the U.S.-Korea and U.S.-Colombia free trade agreements were implemented earlier this spring, and will drive billions of dollars in additional annual exports and create tens of thousands of American jobs.

A Collaborative Effort to Support Ogden, Utah’s Growing Software Applications Sector

EDA logo-banner

Guest blog post by Acting Assistant Secretary of Commerce for Economic Development Matt Erskine

Today, I joined Mayor Mike Caldwell in Ogden, Utah, to announce a $1 million investment by the Department of Commerce’s Economic Development Administration (EDA) with the Ogden City Corporation to help create a lab that will train workers and provide space for business startups in the growing field of software applications for mobile computing devices.

This new facility will be strategically located in Ogden’s downtown and will be operated by a consortium of experienced, capable partners, including the city of Ogden, Weber State University, the Weber State University Research Foundation, and private-sector industry leaders. It is exactly the type of collaborative partnership that EDA is excited to invest in.

Over a 10-year period, the new facility is expected to create 750 jobs and generate up to $4.6 million in private investment, according to grantee estimates. Its focus on software applications is very timely: You can’t walk down any street today, or sit in any coffee shop for long, without seeing smart phones and tablet computers all around you. And while it’s only been a few years since these devices first came on the market, they’ve been a runaway hit ever since: Demand for them has skyrocketed, and with it the demand for applications, or “apps,” that run on them.

The Law of the Sea Convention is Good for American Businesses

Guest blog post by U.S. Commerce Secretary John Bryson

This morning at Capitol Hill Oceans Week, I spoke about the key role that oceans play in our economic recovery. America’s waters have always been a strong economic engine. After all, more than half of Americans live in coastal watershed counties. And even though this area makes up only 17 percent of U.S. land area, those counties support about 66 million jobs. Now more than ever, we need to ensure that the blue economy is strong and growing.

And here is one thing we need to do to make sure that happens: ratify the Law of the Sea Convention. The U.S. Senate is now taking a hard look at having the U.S. join the Convention, which sets forth a comprehensive legal framework governing uses of the oceans. The Law of the Sea Convention will support American businesses and create American jobs, as well as bolster U.S. national security and promote energy security. We need to join the Convention now.

C-SPAN video

Europe Travel Log: Secretary Bryson’s Meetings and Events in Berlin, Germany

Photo of Bryson and others on elevated walkways

On May 24-25, U.S. Commerce Secretary John Bryson visited Berlin, Germany–the final stop on his European trip this week–to meet with senior business and government leaders and to address a major conference on trans-Atlantic trade. The Secretary delivered remarks on the importance of trans-Atlantic trade and a strong bilateral investment relationship between the United States and Germany. He also highlighted Germany's vocational training system, which he witnessed first-hand earlier in the week, as an important model for the United States.

‪While in Berlin, Secretary Bryson also met with Minister for Economics and Technology Philipp Roesler, State Secretary Harald Braun of the Foreign Ministry, and Chancellor Merkel's Senior Economic Adviser Lars-Hendrik Roeller. These meetings focused on how the U.S. and Germany can work together to advance economic growth and increase jobs by reducing barriers to trans-Atlantic trade.

‪Secretary Bryson also met with Hans-Peter Keitel, Chairman of the Federation of German Industries (BDI) along with representatives from companies across various sectors, ranging from industrial to IT to automotive and manufacturing. The Secretary encouraged the businesses to consider further investment in the United States, highlighting the attractiveness of the investment climate, including the resources provided by SelectUSA, the first coordinated effort by the U.S. government to attract new business investments to America.


Europe Travel Log: Secretary Bryson Travels to Paris, France

This week, U.S. Commerce Secretary John Bryson visited Paris, France for the first leg of a European trip to reaffirm the United States’ commitment to lowering trade barriers and encouraging European businesses to invest in the U.S. In France, Bryson is meeting with several key members of the U.S. and French business communities, as well as with a minister in the new French government. These meetings focused on increasing French investment in the United States, supporting U.S. companies with operations in France, and learning about the new government’s economic policy plans.

On Monday, Secretary Bryson met with the leadership and key members of the American Chamber of Commerce (AmCham) in France to discuss investment and trade issues facing U.S. industry and to support U.S. company operations and interests in France. He also met with the leadership and key members of MEDEF, a major French business association, to highlight the attractiveness of the investment climate in the United States and learn about the successes, concerns and problems of current and potential investors. Bryson also took the opportunity to introduce French investors to SelectUSA, the first coordinated effort by the U.S. government to attract new business investments to America.The Secretary later met with the head of the French export agency, UBI France, and the CEOs of three French small businesses that are entering the U.S. market.

Deputy Secretary Blank Delivers Remarks on Manufacturing at the Aspen Institute

Deputy Secretary Blank delivers remarks at the Aspen Institute (Photo: Steve Johnson, Aspen Institute)

This morning, Deputy Commerce Secretary Rebecca Blank delivered the keynote address at “Manufacturing, Innovation, and Workforce Training: What Works In Germany and The United States For Jobs and Growth,” a conference co-sponsored by the Aspen Institute, the German Center for Research and Innovation, the German Embassy, and the Representative of German Industry and Trade. Her remarks come the week before Commerce Secretary John Bryson travels to Dusseldorf and Berlin to meet with government and business leaders.

Deputy Secretary Blank noted how both America and Germany have shown strength in areas such as manufacturing and exporting. She emphasized the importance of maintaining economic growth by strengthening the U.S.-German economic relationship.

U.S. Commerce Secretary John Bryson Delivers Remarks to Steel Manufacturers Association

This afternoon, Commerce Secretary Bryson delivered keynote remarks at the Steel Manufacturers Association (SMA) 2012 Annual Members conference, where he discussed the importance of the steel industry and the administration’s efforts to support U.S. manufacturers.

As the Secretary said, this administration understands the importance of supporting U.S. manufacturers. When President Obama came into office, the United States was at risk of losing over one million auto industry jobs. The ripple effect on the supply chain would have been devastating, potentially eroding the U.S. manufacturing base and driving the economy from a deep recession into depression. Instead, due to the president’s leadership, the auto industry survived and is now thriving, adding more than 200,000 jobs over the last two and one-half years.

There is an inextricable link between America’s ability to produce and America’s ability to innovate, compete and create jobs. Manufacturing is responsible for 70 percent of U.S. private sector R&D, 90 percent of patents, and 60 percent of our exports. In addition, the Commerce Department released a report just last week showing that manufacturing workers earn pay and benefits about 17 percent higher than other workers.

U.S.-Colombia Trade Promotion Agreement Now in Force!

Colombian porches superimposed on map of Colombia

Ed Note: The following is a cross-post that originally appeared on ITA's blog, "Tradeology."

Christopher Blaha is a Senior International Economist within the Office of Trade and Policy Analysis and Julie Anglin is the Colombia Desk Officer within the International Trade Administration.

Today more than 80 percent of U.S. exports of consumer and industrial products to Colombia become duty-free as part of the U.S.-Colombia Trade Promotion Agreement. This includes agricultural and construction equipment, building products, aircraft and parts, fertilizers, information technology equipment, medical scientific equipment and wood. Also, more than half of U.S. exports of agricultural commodities to Colombia become duty-free, including wheat, barley, soybeans, high-quality beef, bacon and almost all fruit and vegetable products.

The agreement also provides significant new access to Colombia’s $180 billion services market, supporting increased opportunities for U.S. service providers. For example, Colombia agreed to eliminate measures that prevented firms from hiring U.S. professionals, and to phase-out market restrictions in cable television.

Prior to the enactment of this agreement, the average tariff that U.S. manufactured goods faced entering Colombia was 10.8 percent. With entry into force today, Colombia’s average tariff rate for manufactured goods from the United States has been reduced to 4 percent.

Secretary Bryson Discusses the Future of U.S. Manufacturing at MIT

Secretary Bryson Discusses the Future of U.S. Manufacturing at MIT

There is a powerful link between America’s ability to make things and America’s ability to innovate, compete, and create good jobs, as Secretary John Bryson said today when he spoke to CEOs, students and faculty at “The Future of Manufacturing in the U.S.” conference at the Massachusetts Institute of Technology. The Secretary took the opportunity to discuss the importance of manufacturing in boosting U.S. economic growth, job creation and exports, as part of the administration's ongoing efforts to encourage companies to build things in America and sell everywhere around the globe.

Bryson also released a new U.S. Commerce Department Economics and Statistics Administration (ESA) report titled “The Benefits of Manufacturing Jobs,” an analysis of wages and benefits of manufacturing workers, which provides fresh evidence that manufacturing jobs encourage innovation and support economic security for America’s middle class. The report finds that total hourly compensation for manufacturing workers is 17 percent higher than for non-manufacturing workers. It also shows that manufacturing jobs are becoming more skilled and heavily reliant on science, technology, engineering and math (STEM) fields, and that manufacturing is responsible for 70 percent of our private sector R&D, 90 percent of our patents, and 60 percent of our exports.

After a decade in which the United States lost many manufacturing jobs, American manufacturers have added back 489,000 jobs since January 2010—the best streak since 1995. In the first four months of 2012 alone, the U.S. manufacturing sector added 139,000 jobs. At the same time, the number of job openings in manufacturing has more than doubled.