Friday, June 2, 2023

Virginia Hotel Industry Bouncing Back From Pandemic Despite Worker Shortage

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America’s hotel industry appears to be on the rebound following the covid-19 pandemic, according to a report from The American Hotel and Lodging Association and Oxford Economics about the economic impact of the industry in 2022.

The report, which was released earlier this month, indicated that the nation’s hotels supported 8.3 million employees in 2022, which is equivalent to nearly one in every 25 jobs in the U.S.

On a national level, hotels generated $72.4 billion in federal, state, and local tax revenue and supported nearly $211.2 billion in total tax revenue across the board. Additionally, visitor spending generated by the hotel industry contributed more than $759 billion to the country’s gross domestic product (GDP).

In Virginia, the trend seems to be on par with the country.

In 2022, Virginia’s hotel industry saw: 158,230 hotel guestrooms booked across 1,639 properties in the commonwealth; $29.8 billion in business sales across the state; the payout of $9.1 billion in wages and salaries to 174,867 employees; $4.1 billion generated in total taxes, including $1.9 billion in state and local taxes; and $15.2 billion generated in GDP for Virginia.

The Virginia Restaurant, Lodging, and Travel Association (VRLTA) is optimistic about the findings, despite an ongoing labor shortage in the hotel industry, an issue that will continue for awhile.

“This report provides a comprehensive look at how hotels are contributing to communities across the nation,” said Eric Terry, president of the VRLTA, in a release issued May 18. “We’re very encouraged by the progress the Virginia hotel industry has [made] post-pandemic. While [we] look forward to seeing that continue in the years to come, our ongoing workforce challenges will impact future growth.”

To view the complete report, click here.

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