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
Contractors | Feb 14, 2023
The average U.S. contractor has nine months worth of construction work in the pipeline
Associated Builders and Contractors reports today that its Construction Backlog Indicator declined 0.2 months to 9.0 in January, according to an ABC member survey conducted Jan. 20 to Feb. 3. The reading is 1.0 month higher than in January 2022.
Office Buildings | Feb 9, 2023
Post-Covid Manhattan office market rebound gaining momentum
Office workers in Manhattan continue to return to their workplaces in sufficient numbers for many of their employers to maintain or expand their footprint in the city, according to a survey of more than 140 major Manhattan office employers conducted in January by The Partnership for New York City.
Giants 400 | Feb 9, 2023
New Giants 400 download: Get the complete at-a-glance 2022 Giants 400 rankings in Excel
See how your architecture, engineering, or construction firm stacks up against the nation's AEC Giants. For more than 45 years, the editors of Building Design+Construction have surveyed the largest AEC firms in the U.S./Canada to create the annual Giants 400 report. This year, a record 519 firms participated in the Giants 400 report. The final report includes 137 rankings across 25 building sectors and specialty categories.
Multifamily Housing | Feb 7, 2023
Multifamily housing rents flat in January, developers remain optimistic
Multifamily rents were flat in January 2023 as a strong jobs report indicated that fears of a significant economic recession may be overblown. U.S. asking rents averaged $1,701, unchanged from the prior month, according to the latest Yardi Matrix National Multifamily Report.
Market Data | Feb 6, 2023
Nonresidential construction spending dips 0.5% in December 2022
National nonresidential construction spending decreased by 0.5% in December, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $943.5 billion for the month.
Architects | Jan 23, 2023
PSMJ report: The fed’s wrecking ball is hitting the private construction sector
Inflation may be starting to show some signs of cooling, but the Fed isn’t backing down anytime soon and the impact is becoming more noticeable in the architecture, engineering, and construction (A/E/C) space. The overall A/E/C outlook continues a downward trend and this is driven largely by the freefall happening in key private-sector markets.
Hotel Facilities | Jan 23, 2023
U.S. hotel construction pipeline up 14% to close out 2022
At the end of 2022’s fourth quarter, the U.S. construction pipeline was up 14% by projects and 12% by rooms year-over-year, according to Lodging Econometrics.
Products and Materials | Jan 18, 2023
Is inflation easing? Construction input prices drop 2.7% in December 2022
Softwood lumber and steel mill products saw the biggest decline among building construction materials, according to the latest U.S. Bureau of Labor Statistics’ Producer Price Index.
Market Data | Jan 10, 2023
Construction backlogs at highest level since Q2 2019, says ABC
Associated Builders and Contractors reports today that its Construction Backlog Indicator remained unchanged at 9.2 months in December 2022, according to an ABC member survey conducted Dec. 20, 2022, to Jan. 5, 2023. The reading is one month higher than in December 2021.
Market Data | Jan 6, 2023
Nonresidential construction spending rises in November 2022
Spending on nonresidential construction work in the U.S. was up 0.9% in November versus the previous month, and 11.8% versus the previous year, according to the U.S. Census Bureau.
