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(Tumon, Guam) — The Guam Visitors Bureau (GVB) is pleased to announce the release of the 2024 Tourism Economic Impact Report prepared by Tourism Economics, an Oxford Economics company.
In 2024, the tourism economy generated $1.4 billion in direct, indirect, and induced impacts for Guam. This is the result of 793,000 visitors spending $1.1 billion directly in tourism-related industries, which also generated additional supply chain sales ($100 million) and household income ($200 million).
The report provides a comprehensive analysis of tourism’s direct, indirect, and induced impacts across various sectors of the island’s economy, highlighting the economic contributions of the tourism industry to Guam.
The study's key findings underscore tourism's vital role as a primary economic driver for Guam. In 2024, the industry demonstrated significant revenue generation, employment opportunities, and overall economic growth for the island.
Key Findings:
Direct Economic Impact: Visitor expenditures reached approximately $1.1 billion. This includes spending on accommodation, transportation, retail, food and beverage, and recreational activities.
Contribution to GDP: Tourism-related activities in the form of visitor spending, government support, and industry capital expenditures, contributed a total of $936 million to Guam’s gross domestic product (GDP), affirming tourism’s indispensable role in Guam’s economy.
Personal Income Impact: Tourism demand generated $310 million in direct personal income in 2024. Including indirect and induced impacts, employees received a total of $393 million in personal income. This is the equivalent of nearly $9,000 per household in Guam, on average.
Job Creation: The tourism sector directly and indirectly supported 14,400 jobs in Guam. These jobs span a wide range of industries, from hospitality and aviation to retail and cultural services.
Tax Revenue Generation: The tourism economy generated a total of $151.3 million in tax revenues for the government of Guam in 2024, which are critical for funding public services and infrastructure projects. Each household in Guam would need to be taxed an additional $3,444 to replace these generated tax revenues in 2024.
“These findings reaffirm what we have always known: that a strong tourism industry lifts all boats,” stated GVB President & CEO Régine Biscoe Lee. “We are committed to continuing tourism’s success and fostering growth that benefits all who call Guam home.”
The comprehensive data presented in this study will serve as a crucial resource for policymakers, tourism stakeholders, and businesses in developing future strategies to enhance Guam's competitiveness as a premier tourist destination. The findings emphasize the need for continued investment in tourism infrastructure, marketing initiatives, and workforce development to ensure the long-term prosperity of the industry and the island.
GVB aims to closely monitor and track the overall impact visitor arrivals have on expenditures, government revenue and the local workforce and provide annual tourism economic studies for Guam annually. For the full report, please visit https://guamvisitorsbureau.com/research/studies/guam-tourism-satellite-account77.
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