Dublin, May 14, 2024 (GLOBE NEWSWIRE) -- The "Hotel Construction in the US - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Industry revenue has declined at a CAGR of 7.1% over the past five years, to reach an estimated $20.1bn in 2024.
Hotel construction contractors engage in new construction, addition, reconstruction and maintenance projects for the accommodation sector. Through the end of 2023, hotel construction contractors benefited from an increase in demand for services.
Amid improving occupancy rates at hotels in the US and rising consumer spending, construction projects for the accommodation sector came online. Still, despite prosperous industry performance for most of the five-year period, the hampering economic effects of COVID-19 significantly muted industry revenue growth. Due to this, hotel construction revenue has been falling at a CAGR of 7.1% over the past five years and is expected to total $20.1 billion in 2024, when revenue will jump by an estimated 2.8%.
Revenue will jump in 2024 as the economy continues to recover and construction projects renew. Likewise, industry profit will gradually inch up as demand improves.
Hotel Construction in the US industry analysis
- Increased travel patterns as COVID-19 restrictions dwindle boost demand for hotels. Domestic trips by US residents rise alongside growing disposable incomes.
- General contracting and new construction remain the industry's largest service. Additions and renovations also account for a significant portion of demand.
- Hotel construction contractors choose to locate themselves near downstream markets, making the Southeast the most popular choice to set up establishments. This region is also home to a significant portion of the US population, making hotel admissions plentiful.
- Competitive pricing is key to attracting customers in a relatively low-profit industry. Hotel construction contractors must also possess a skilled workforce to accommodate large scale projects.
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Demand Determinants
- Major Markets
- International Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Basis of Competition
- Barriers to Entry
- Industry Globalization
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
- Technology & Systems
- Revenue Volatility
- Regulation & Policy
- Industry Assistance
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
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