US out of home revenue growth outpaced both inflation and the US economy in the first quarter of 2026 as you can see from the chart below.

• US out of home revenues grew by 7.1% in the first quarter of 2026 compared to 6% growth in the US nominal GDP and 2.4% inflation.  This is only the second time in the last 13 quarters that US out of home has grown faster than the US economy.  The rebound in US out of home revenues was caused by improved transit, airport and digital out of home revenue
• US out of home revenues have grown by an average of 3.4%/year since 2023 versus inflation of US GDP growth of 5.5% and average inflation of 3.1%.
• 3.1% average inflation is important to keep in mind when you are renegotiating ad contracts.  If you are not getting at least 3.1% on ad renewals, your expenses are probably growing faster than your revenues.  And the US inflation rate is accelerating.  Inflation increased to 3.8% in April and 4.2% in May due to higher energy costs from the Gulf War.

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