After years of limited growth, construction on hotels is surging.
The latest Commerce Department data on construction spending show that nonresidential lodging construction in August grew 41% from the same period of 2014. That marks the fourth consecutive month the annual pace of lodging construction has surpassed 39%.
Separate data compiled by PricewaterhouseCoopers show that the supply of rooms may rise 1.8% this year — the first growth above 1% since 2009.
Source: www.marketwatch.com
After years of limited growth, construction on hotels is surging.
The latest Commerce Department data on construction spending show that nonresidential lodging construction in August grew 41% from the same period of 2014. That marks the fourth consecutive month the annual pace of lodging construction has surpassed 39%.
Separate data compiled by PricewaterhouseCoopers show that the supply of rooms may rise 1.8% this year — the first growth above 1% since 2009.