In 2023, the global hospitality market reached nearly 4.7 trillion U.S. dollars and was forecast to grow to 5.8 trillion U.S. dollars in 2027 at a compound annual growth rate (CAGR) of 5.5 percent.
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Leisure and hospitality projected to mostly recover pandemic-driven employment losses. The Bureau of Labor Statistics projects the U.S. economy to add 8.3 million jobs from 2021 to 2031. Of those, 1.9 million jobs—23.1 percent of all new jobs projected—are expected to be in leisure and hospitality.
Contrasting the first half of 2023 with the same time frame 2022, the LWHA Major U.S. Hotel Sales Survey indicated a 36 percent decrease in the number of sale transactions, a 50 percent decline of total dollar volume, and a diminishment in sale price per room of 4 percent.
The busiest time in the hospitality and tourism industry usually falls between June and August, but this can vary depending on the region and attractions. For instance, New York experiences a second peak season in winter, around November to December.