VFTCB Details Pandemic-Induced Losses in Its 2020 Annual Report, Prepares for Brighter Future

Valley Forge Tourism and Convention Board has detailed travel industry losses caused by the COVID-19 pandemic in its annual 2020 report. Image via the VFTCB.

According to Valley Forge Tourism and Convention Board, Montgomery County was poised for a record-breaking year in the travel sector before the pandemic hit, writes Laura Smythe for the Philadelphia Business Journal.

Now the tourism board has released its 2020 annual report in which it details the travel industry losses since the COVID-19 outbreak.

Through June, the county lost an estimated $300 million in visitor spending compared to the same period the previous year.  Around $63 million was lost in hotel room revenue, $150 million in personal income from lost jobs, and $16 million in local and state tax revenue.

Close to 120 major events in the county were canceled, resulting in 46,000 total room nights lost, while international travel has recorded a 40 percent decline compared to the previous year.

The wedding sector was also stalled by the pandemic.

Still, the sports segment held strong throughout the pandemic. It retained 60 percent of its scheduled events in 2020, producing 35,000 room nights.

Additionally the tourism board has booked ten new sporting events for this year, and 18 have been secured between 2021 and 2022.

Read more about the VFTCB’s annual report at the Philadelphia Business Journal by clicking here.

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