New York’s hospitality industry seems to be heading towards recovery. Tourists seem to be eager to return to their normal travel routines and visitors to NY are expected to pickup over the coming weeks and months.
New York’s tourism industry supports around 400,000 jobs and $70 billion in annual economic activity. The industry had taken a big hit due to the Covid-19 pandemic. However the good news is that there are some unmistable signs towards recovery. Though it is too early to expect anything much, but there are some subtle and small indicators that things seem geared up towards a positive direction.
According to hospitality data company STR, the hotel occupancy rate has ticked up six percentage points, to 35%, since January of 2021. However the city’s travel industry may take another 2-3 years to recover 100%, with nearly 69 million visitors expected in 2025. For a full revival the city will need the return of normal international and business travel, conferences and conventions.
Inspite of the pandemic induced business crisis, the citys hotel industry is geared to experience a construction surge – 116 properties are under development with 110,000 rooms to be available by the end of 2021.
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