economic growth
America’s Travel Comeback: Five Ways We’re Supporting Our Travel & Tourism Industry
Grant T. Harris | December 12, 2023
By Grant T. Harris This is the fourth piece in a blog series about the 2023 National Export Strategy, a government-wide strategic plan to support American businesses through trade promotion activities. This article focuses on the Travel and Tourism chapter of the National Export Strategy. This post contains external links. Please review our external linking policy. The holiday travel season is here! As families and friends gather for celebrations, it’s a great time to spotlight a critical driver of economic growth and employment in the United States: the travel and tourism industry. You’ve seen the headlines: Travel is back,...
HVS Outlook Fall 2023: Discovering a New Normal
Anne R. Lloyd-Jones | September 18, 2023
By Anne R. Lloyd-Jones, McKenna Luke The strong growth that characterized the last three quarters of 2022 continued through Q1 2023 to complete a full twelve months of recovery. Despite inflation, an active Fed, and persistent recessionary concerns, the lodging industry continued to benefit from robust leisure and “bleisure” demand, supplemented by accelerating group demand. Overall, total demand exceeded 2019 levels beginning in September 2022, and this trend continued through March 2023. Trends through the middle of the year have been mixed. Occupancy levels remained relatively stable to modestly lower from April through August 2...
Amsterdam Hotel Performance Jumped During Eventful August
CoStar Group | September 18, 2023
WASHINGTON – 18 September 2023 – Amsterdam’s hotel industry showed event-driven improvement in monthly performance, according to preliminary August 2023 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information and analytics in the property markets. August 2023 (year-over-year % change): Occupancy: 80.0% (+5.2%) Average daily rate (ADR): EUR180.45 (+18.9%) Revenue per available room (RevPAR): EUR144.40 (+25.0%) The market’s hotel performance was helped by several events, including Pride Amsterdam, the 46th Congress of the European Society of Cardiology (ESC) and the Dutch Grand...
Richmond, Virginia’s RevPAR Rebound and Diverse Lodging Demand
Chelsey Leffet | September 18, 2023
By Chelsey Leffet Richmond’s economy is diverse compared to the greater region. The city has long been a hub for a number of industries, including financial, medical, biotechnology, manufacturing, and transportation. Moreover, the presence of federal and state agencies is a stabilizing factor for the area’s economy. The city’s economic base is supported by major colleges and universities, Dominion Energy, a Federal Reserve Bank, Virginia Commonwealth University Health System, and the VA Bio+Tech Park businesses, just to name a few. Local hotels benefit from the strength of these employers. The Richmond region’s lodging ...
PwC: Global Economic Growth in 2018 on Track to Be Fastest Since 2011
PwC | January 16, 2018
The main engines of the global economy - the US, emerging Asia and the Eurozone - are expected to contribute almost 70% of economic growth in 2018 compared to their post-2000 average of around 60%. Growth in the Eurozone is predicted to be above 2% in 2018, as PwC expects the peripheral economies to outpace the core for the fifth consecutive year. Of the larger Eurozone economies, the Netherlands is expected to lead the way with economic growth at around 2.5%. By contrast, uncertainty relating to Brexit is expected to drag on UK growth, which is predicted to be 1.4% in 2018. Barret Kupelian, senior economist at PwC, comments: "In 2...
