US Hotel Construction Pipeline Continued Its Year-over-year Growth In Q2
August 6, 2019Analysts reported for the second quarter of 2019, the total US construction pipeline climbed to 5,653 projects/693,207 rooms, up 6% by projects and 9% by rooms year-over-year.
Pipeline totals are just 230 projects shy of the all-time high of 5,883 projects/785,547 rooms reached in the second quarter of 2008.
Projects currently under construction stand at 1,727 projects/233,600 rooms with projects scheduled to start construction in the next 12 months at 2,552 projects/295,989 rooms. Both are at the highest levels since early 2008. Projects in the early planning stage stand at 1,374 projects/163,618 rooms.
In the first half of 2019, the industry opened 456 new hotels with 53,427 rooms. An additional 599 projects/66,300 rooms are expected to open by year-end. In 2020, the LE forecasts for new hotel openings continues to rise with 1,161 new hotels/129,531 rooms scheduled to open.