When looking at the 2017 hospitality industry forecast, we see that performance growth is expected to rise throughout the year. According to STR and Tourism Economics’ final forecast of 2016, performance is expected to slightly decline this year, but demand and RevPAR will continue to set records. A 0.5% decline in the U.S. hotel industry is projected this year, along with supply outpacing demand for the first time since 2009.
Regardless, business is anticipated to be strong in the top 25 markets during 2017, with RevPAR hovering between 0% and 5%. The only exceptions to this prediction are Houston, New York City and the Miami area, which are expected to realize respective RevPars ranging from 0% to 5%.
The 2017 Hospitality Industry Forecast and Its Impact on Workers
If you’re hoping to join the hospitality industry workforce in 2017, STR and Tourism Economics’ forecast should make you feel optimistic. While the industry likely will not see as much growth this year as in 2016, it’s still on the rise in most major cities.
At the end of 2016, the number of professionals working in the leisure and hospitality industry was on the rise, according to the Bureau of Labor Statistics (BLS). In Sept. 2016, the seasonally adjusted workforce totaled 15,556, compared with 15,637 in Dec. 2016.
Of course, certain occupations with the industry will realize higher levels of growth than others. For example, the demand for food and beverage serving workers is expected to increase 8% through 2014, while the need for waiters and waitresses is predicted to rise by just 3% — compared with 7% for all occupations, according to the BLS.
Essentially, 2017 is a great year to get your start in the hospitality industry. Whether you’re hoping to become a hotel housekeeper or a banquet server, it’s never too early to start searching for the right fit.
Whether you’re a job seeker looking for opportunities in the hospitality or tourism industry or an employer in need of high-quality staffers, LGC Hospitality is here to assist. With more than 25 locations nationwide and around the clock hours, feel confident we’ll make your goals a reality. Contact us today to discuss your needs.