While new construction in housing is still hit-and-miss depending on the market, there is one area of construction that has put its head down and is moving forward. According to a recent report from CNBC, the hotel industry is “go, go, go!â€
At the start of the year there were almost 3,000 hotel projects actively under construction in the U.S. Compared to a year ago, that is over a 16% increase. When you realize January 2013 showed an almost 50% increase over 2012, you get a sense of the magnitude of this recent boom in hotel construction. When you look at total rooms, which is about 360,000 individual rooms presently being constructed.
The reason for the “boom'? Well many believe there was never a decrease in demand for new hotel construction, it was just that loans had become so difficult to acquire, and many builders were left idle. It now seems the banks are recognizing the demand and construction is now moving ahead at a rapid pace in the sector.
Properties under construction aren't “cheap†properties either. Developers are however, are building in quality and value.
If you need help in the Western US with your hospitality project, please contact Ed LaCivita or Craig Sullivan at Parkwest General Contractors.
