In the recent U.S. Construction Pipeline Trend Report released by Lodging Econometrics (LE), at the close of Q1‘21, New York City continues to hold the lead amongst U.S. markets for the most projects in the U.S. construction pipeline with 145 projects/24,762 rooms. Other U.S. markets that follow are Los Angeles with 144 projects/23,994 rooms, Dallas with 135 projects/16,260 rooms, Atlanta with 132 projects/18,264 rooms, and Orlando with 98 projects/17,536 rooms.
New York City has the greatest number of projects under construction with 110 projects/19,457 rooms. Following New York City with the highest number of projects under construction is Los Angeles with 39 projects/6,657 rooms, and then Atlanta with 39 projects/5,500 rooms, Dallas with 32 projects/3,795 rooms, and Orlando with 27 projects/4,693 rooms.
The top 50 markets in the U.S. announced a total of 74 new projects, accounting for 10,219 rooms, during Q1 ’21. The leading markets for new project announcements include Riverside-San Bernardino, CA with 6 projects/633 rooms, Los Angeles with 5 projects accounting for 768 rooms, Phoenix with 5 projects/402 rooms, Nashville with 4 projects/692 rooms, and San Diego with 4 projects/474 rooms. New project announcements have been slow in the wake of the pandemic, due in part to the inability to conduct business in the traditional pre-COVID way, but developers are increasingly optimistic and anxious to move forward with new projects as the country fully reopens.
Experts at LE are seeing an increase in renovation and brand conversion activity throughout the top 50 markets. During Q1, 1,198 projects/190,475 rooms were in the renovation/conversion pipeline. There are over ten markets in the U.S. that currently have more than 15 substantial renovation and conversion projects underway. This group is led by Houston with 27 projects, Los Angeles, and New York, each with 22 projects, followed by Chicago, Miami, Phoenix, Washington DC, Atlanta, Dallas, Orlando, and Philadelphia.
In the first quarter of 2021, the top 50 markets saw 128 hotels/17,636 rooms open. LE is forecasting these same 50 markets to open another 367 projects/47,592 rooms over the next three quarters, for a total of 495 projects/65,228 rooms in 2021.
Related Stories
Market Data | Aug 2, 2017
Nonresidential Construction Spending falls in June, driven by public sector
June’s weak construction spending report can be largely attributed to the public sector.
Market Data | Jul 31, 2017
U.S. economic growth accelerates in second quarter; Nonresidential fixed investment maintains momentum
Nonresidential fixed investment, a category of GDP embodying nonresidential construction activity, expanded at a 5.2% seasonally adjusted annual rate.
Multifamily Housing | Jul 27, 2017
Apartment market index: Business conditions soften, but still solid
Despite some softness at the high end of the apartment market, demand for apartments will continue to be substantial for years to come, according to the National Multifamily Housing Council.
Market Data | Jul 25, 2017
What's your employer value proposition?
Hiring and retaining talent is one of the top challenges faced by most professional services firms.
Market Data | Jul 25, 2017
Moderating economic growth triggers construction forecast downgrade for 2017 and 2018
Prospects for the construction industry have weakened with developments over the first half of the year.
Industry Research | Jul 6, 2017
The four types of strategic real estate amenities
From swimming pools to pirate ships, amenities (even crazy ones) aren’t just perks, but assets to enhance performance.
Market Data | Jun 29, 2017
Silicon Valley, Long Island among the priciest places for office fitouts
Coming out on top as the most expensive market to build out an office is Silicon Valley, Calif., with an out-of-pocket cost of $199.22.
Market Data | Jun 26, 2017
Construction disputes were slightly less contentious last year
But poorly written and administered contracts are still problems, says latest Arcadis report.
Industry Research | Jun 26, 2017
Time to earn an architecture license continues to drop
This trend is driven by candidates completing the experience and examination programs concurrently and more quickly.
Industry Research | Jun 22, 2017
ABC's Construction Backlog Indicator rebounds in 2017
The first quarter showed gains in all categories.
