Heading out of town this Memorial Day? You won't be alone.
AAA estimates 37.2 million Americans will travel more than 50 miles from home for the holiday, a rise of 4.7% from last year and the highest number in 10 years. The organization credits the increase to a stronger economy and lower gas prices.
Good news is, gasoline should be around $1 cheaper this Memorial Day: The average price for a gallon of gas Friday was $2.66. Last year on the holiday it was $3.66. AAA expects most drivers to pay the lowest prices for Memorial Day weekend gas than in the past five years.
More than 88% of travelers, or 33 million, will drive to their destination, representing a 5.3% increase from last year and making for crowded highways.
The number of air travelers is also expected to increase by 2.5%, but travel by boat, train and bus is expected to decrease 3.6%. And even though transportation costs are down, lodging is up.
The average price for a hotel room paid by U.S. travelers rose 5% in the past year to $137, according to Hotels.com's Hotel Price Index. Average room prices increased in 48 of the top 50 U.S. destinations.
The economy is strong enough to potentially give consumers more confidence to travel: Employers added 223,000 jobs in April after a slow start to the year. Last year, job growth averaged 226,000 a month. Although wage growth is sluggish at 2.2%, combined with lower gas prices it could potentially give consumers more disposable income to put toward holiday travel.
AAA is suggesting cabin fever may play a role as well.
This past winter was particularly brutal in the Midwest and East Coast, with weather conditions the worst seen since the 1930s in some places.
"Following a harsh winter, many Americans are trading in their snow boots for flip flops and making plans to start the season with a vacation getaway," Marshall L. Doney, AAA's president, said in a statement.
Additional reporting by the Associated Press