An already optimistic outlook for 2014 U.S. business travel spending is getting even brighter, according to a new report that cites rising corporate profits, management confidence, job development as well as businesses planning on rescheduling many of those meetings canceled due to the polar vortex and other miserable winter snowstorms.
U.S. business travel spending is now expected to rise 7.1 percent in 2014, amounting to $293.3 billion, according to a report released by the Global Business Travel Association on Tuesday. In January, the GBTA was forecasting a 6.6 percent growth rate for 2014.
"The winter has been a tough one. I think the spring and fall will see strong business travel in the U.S.," Michael McCormick, executive director and chief operating officer of the association told CNBC. "The spring particularly will be gangbusters. People will be rescheduling trips, there is pent-up demand."