According to a recent report by Lodging Econometrics (LE), the U.S. Construction Pipeline stands at 4,973 Projects/598,371 Rooms, with projects up 7% Year-Over-Year (YOY).
There are 1,520 Projects/198,710 Rooms Under Construction, up 10% YOY, and are the highest counts recorded this cycle. Projects Scheduled to Start Construction in the Next 12 Months, at 2,312 Projects/264,924 Rooms, are up 5% YOY. Projects in Early Planning are at 1,141 Projects/134,737 Rooms and are up 8%, YOY. However, it’s slightly down from last quarter which, so far, is the peak level this cycle.
For the economy, the rate of growth may be low but it’s running on all cylinders. So, too, with the Total Pipeline whose growth rate is also stalling.
20% increase in new supply forecast for 2017 in the U.S.
448 Hotels/50,521 Rooms have already opened in the U.S. with another 573 Projects/64,385 Rooms forecast to open by year-end according to analysts at Lodging Econometrics (LE). The Total 2017 Forecast for 1,021 Projects/114,906 Rooms, represents a 20% increase over the actual number of Hotel Openings in 2016, which stood at 849 Hotels/99,872 Rooms. 344 of the New Openings, or 34%, will be in the Top 25 Markets.
Almost half of the hotels that are expected to open this year are Upper Midscale, at 477 Projects/46,093 Rooms and another 289 Projects/37,914 Rooms are Upscale. These two chain scales represent 75% of the 1,021 projects anticipated to open through the end of 2017. 497 of the projects will be between 100 and 200 rooms, while 464 of the projects will be Suburban locations.
LE forecasts that 1,160 Projects/133,880 Rooms will open in 2018 and another 1,193 Projects/137,393 Rooms will open in 2019, still a distance from the annualized New Openings peak of 1,316 Projects/140,227 Rooms, set in 2009.
Related Stories
Market Data | May 10, 2022
Hybrid work could result in 20% less demand for office space
Global office demand could drop by between 10% and 20% as companies continue to develop policies around hybrid work arrangements, a Barclays analyst recently stated on CNBC.
Market Data | May 6, 2022
Nonresidential construction spending down 1% in March
National nonresidential construction spending was down 0.8% in March, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.
Market Data | Apr 29, 2022
Global forces push construction prices higher
Consigli’s latest forecast predicts high single-digit increases for this year.
Market Data | Apr 29, 2022
U.S. economy contracts, investment in structures down, says ABC
The U.S. economy contracted at a 1.4% annualized rate during the first quarter of 2022.
Market Data | Apr 20, 2022
Pace of demand for design services rapidly accelerates
Demand for design services in March expanded sharply from February according to a new report today from The American Institute of Architects (AIA).
Market Data | Apr 14, 2022
FMI 2022 construction spending forecast: 7% growth despite economic turmoil
Growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays, and economic turmoil caused by international events such as the Russia-Ukraine war.
Industrial Facilities | Apr 14, 2022
JLL's take on the race for industrial space
In the previous decade, the inventory of industrial space couldn’t keep up with demand that was driven by the dual surges of the coronavirus and online shopping. Vacancies declined and rents rose. JLL has just published a research report on this sector called “The Race for Industrial Space.” Mehtab Randhawa, JLL’s Americas Head of Industrial Research, shares the highlights of a new report on the industrial sector's growth.
Codes and Standards | Apr 4, 2022
Construction of industrial space continues robust growth
Construction and development of new industrial space in the U.S. remains robust, with all signs pointing to another big year in this market segment
Reconstruction & Renovation | Mar 28, 2022
Is your firm a reconstruction sector giant?
Is your firm active in the U.S. building reconstruction, renovation, historic preservation, and adaptive reuse markets? We invite you to participate in BD+C's inaugural Reconstruction Market Research Report.
Industry Research | Mar 28, 2022
ABC Construction Backlog Indicator unchanged in February
Associated Builders and Contractors reported today that its Construction Backlog Indicator remained unchanged at 8.0 months in February, according to an ABC member survey conducted Feb. 21 to March 8.
