AAA Projects Record Number of Travelers for Fourth of July Holiday in N.C., Nation

AAA Projects Record Number of Travelers for Fourth of July Holiday in N.C., Nation

ASHEVILLE, N.C. – June 24, 2024

AAA has projected that a record number of travelers will hit the roads and skies this Fourth of July holiday in both North Carolina and across the nation. According to a recent news release, the organization anticipates that more than 70.9 million Americans will embark on journeys of 50 miles or more away from home during the Independence Day period. In North Carolina alone, approximately 2.2 million individuals are expected to travel during the holiday week.

Economic Trends Influencing Travel Forecast

AAA’s forecast takes into account several economic trends that are anticipated to impact travel patterns:

• Consumers are projected to increase spending by 5.5% compared to the previous year
• Real GDP growth is forecasted to rise by 2.5% from the previous year
• Consumer confidence, after a slight decline earlier in the year, saw an uptick in May

Gas prices have been a significant factor in travel decisions, with the national average rising by eight cents in May compared to last year. However, North Carolina has seen a gradual decline in gas prices, currently averaging $3.32 per gallon. This downward trend may be influenced by geopolitical tensions or natural disasters that impact oil production and distribution.

Record Air Travel Expected

In addition to road travel, AAA foresees a surge in domestic air travel for the Fourth of July holiday. Nationally, 5.74 million individuals are projected to fly to their holiday destinations, marking a 7% increase from last year and a 12% rise since 2019. In North Carolina, approximately 156,988 people are expected to take to the skies, demonstrating a 6% increase from the previous year and nearly 22% growth from 2022.

Local Impact and Economic Boost

Asheville Regional Airport is on track to break traveler records, further stimulating the local economy. With increased travel activity, airports, attractions, and businesses in the area are projected to experience a significant uptick in visitors and spending during the holiday period.

Gas prices in Asheville have seen a slight decrease in recent weeks, with the current average price at $3.21 per gallon. This decline is mirrored by the national average for gasoline prices and could fluctuate based on external factors impacting oil markets.

Conclusion

With a record-breaking number of travelers expected to celebrate Independence Day across the country and in North Carolina, the holiday period promises to be a bustling time for travel and leisure activities. As travelers gear up for their journeys, local businesses and travel-related industries are poised to benefit from the influx of visitors and increased economic activity.

Stay tuned for further updates on travel trends and projections as the Fourth of July holiday approaches.