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07-13-21 | News

Hotel Construction in the U.S.

The Hotel Market Size in 2020 Declined 48 Percent

Hotels have slowly begun to reopen but with consumer uncertainty the industry has been set back tremendously. Hotel occupancy at the heat of the pandemic was at 44 percent, coming in at 33.3 percent less than any other year.

The hotel and resort market size in the United States in 2021, measured by revenue, of the Hotel Construction industry is $19.7 billion.

At the peak of the pandemic, according to AHLA's 2020 report, nearly nine out of ten hotels had to lay off or furlough workers while the hospitality industry lost 7.5 million jobs while consumer travel hit all time low occupancies. While 2021 has seen lifted pandemic restrictions, the hotel industry has lifted mask guidelines for vaccinated hotel employees. The industry is still recovering from the 3.1 million job loss seen during the pandemic. According to AHLA, California alone saw a 90,977 loss of hotel property jobs.

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The market size of the hotel construction industry in the U.S. declined faster than the economy overall, however, as the economy reopens rising disposable income and economic improvement will change demand

https://www.ibisworld.com/industry-statistics/market-size/hotel-construction-united-states/

https://www.statista.com/statistics/1170216/hotel-and-motel-industry-market-size-us/

https://www.ahla.com/press-release/hotel-industry-updates-mask-guidance-vaccinated-hotel-employees

https://www.ahla.com/covid-19s-impact-hotel-industry

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