With the annual U.S. travel peak behind us, hotel demand and occupancy began to trend down – which is normal. For the week ending 30 July 2022 (week 31), however, the decrease in demand was much lower than in 2017, 2018 and 2019.
Job growth in the restaurant industry gathered some momentum in July, following a period of modest gains. Eating and drinking places added a net 74,100 jobs in July on a seasonally-adjusted basis, according to preliminary data from the Bureau of Labor Statistics.
Total nonfarm payroll employment rose by 528,000 in July, and the unemployment rate edged down to 3.5 percent. Both total nonfarm employment and the unemployment rate have returned to their February 2020 pre-pandemic levels.
Total traffic in June 2022 (measured in revenue passenger kilometers or RPKs) was up 76.2% compared to June 2021, primarily propelled by the ongoing strong recovery in international traffic. Globally, traffic is now at 70.8% of pre-crisis levels.
Among the Top 25 Markets, Nashville reported the largest occupancy increase over 2019 (+4.2% to 77.8%).
As seen in the recently released Q2 2022 Canada Construction Pipeline Trend Report from Lodging Econometrics (LE), at the close of the quarter the total construction pipeline in Canada stands at 261 projects/35,662 rooms, up 3% by projects year-over-year (YOY) and up 7% by rooms YOY.
São Paulos June GOPPAR reached US$42.78, which was 145.4% of the pre-pandemic comparable. That level was down from May, however, when the market saw GOPPAR at US$50.01, which was 160% of the comparable 2019 level.
In the recently released Q2 2022 United States Construction Pipeline Trend Report from Lodging Econometrics (LE), the franchise company leading the United States hotel construction pipeline is Marriott International with 1,355 projects/167,034 rooms, up 4% by projects year-over-year (YOY).
Aviation Fuel Cost Per Gallon Hits All Time High
Global demand, measured in cargo tonne-kilometers (CTKs), was 6.4% below June 2021 levels (-6.6% for international operations). This was an improvement on the year-on-year decline of 8.3% seen in May.