Hotel Construction in the US - Industry Market Research Report

Hotel Construction in the US - Industry Market Research Report

Hotel Construction in the US

Hotel construction contractors engages 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 rising occupancy rates at hotels in the US, along with relatively low interest rates and rising consumer spending, construction projects for the accommodation sector came on line. Still, despite prosperous industry performance for most of the five-year period, the hampering economic effects of the COVID-19 pandemic significantly muted industry revenue growth. Due to this, hotel construction revenue has been inching upward at a CAGR of 0.3% over the past five years and is expected to total $26.4 billion in 2023, when revenue will jump by an estimated 1.9%. Revenue will jump 2023 as the economy continues to recover and construction projects renew. Still, industry profit will decline as labor costs have outpaced revenue.

Operators and contractors in the Hotel Construction industry engage in new construction, addition, reconstruction and maintenance projects for accommodation establishments. These establishments range in size, but largely comprise hotels, motels, resorts and related structures.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market