August 2024: A Letter from Our CEO & President

Members and Friends,

As we transition from the height of summer into August, we find ourselves on the cusp of a new school season. This summer has been marked by record travel days across the state and the country, and forecasts show travel will remain strong into the fall. More on the economy below.

ADVOCACY IN ACTION: Our TTA legislative team has been hard at work throughout the summer, advocating on your behalf. Recently, we shared our mid-year legislative update, highlighting key achievements during the Interim Session. Our efforts continued with a productive meeting last week with the Economic Development and Tourism (EDT) Office leadership and ETF/MERP staff to discuss the proposed full repeal and replacement of the administrative code concerning those programs. We extend our gratitude to everyone who engaged with us on this issue. Your feedback was invaluable as our team submitted comments on the proposed rule changes. We remain committed to supporting our members and collaborating with the EDT office throughout this process, ensuring the long-term viability of these crucial programs.

Additionally, we have been following up on our June testimony to the Senate Natural Resources and Economic Development (NRED) Committee regarding Hotel Occupancy Tax use. Our team had a positive meeting with the Water Development Board staff, helping connect them with communities seeking funding for water infrastructure projects. We also identified and shared potential funding opportunities for road infrastructure projects in these communities.

ECONOMIC OPTIMISM: The latest federal economic outlook report reveals that the U.S. economy grew at an annual rate of 2.8% in the second quarter of 2024, driven by increases in consumer spending, inventory investment, and business investment. Personal income saw a modest rise of 0.2% in June 2024, reflecting continued economic resilience.

Closer to home, Texas continues to demonstrate robust economic performance. The state’s employment grew by 2.9% in July 2024, outpacing the national average. Year-to-date growth stands at 3.3%, showcasing Texas’s strong economic momentum. Read more from the Dallas Fed here.

Our colleagues at U.S. Travel have also noted that for the second month in a row, prices throughout the travel sector have fallen, making current prices more favorable for travelers. You can read their press release here.

EDUCATION & NETWORKING: The early bird rate for Texas Travel Summit ends this week, so be sure to register and secure your spot today! Summit will bring together colleagues from across the state to discuss trending industry topics and learn from experts and thought leaders in travel and tourism. If you’ve already registered, download our toolkit and post the “I’m Attending Texas Travel Summit” graphic to your social media accounts to encourage your friends and colleagues to join you in Houston this October.

As we look forward to the upcoming cooler fall months, we are filled with anticipation and excitement for the opportunities that lie ahead. Your continued support and engagement are the driving forces behind our success. Thank you for being an integral part of our community. We look forward to seeing you at the Texas Travel Summit and continuing our journey together.

Warm regards,