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Part 5: Virginia's Hotel Industry Grows, But Change Is Coming, Dragas Center For Economic Analysis And Policy, Old Dominion University
Part 5: Virginia's Hotel Industry Grows, But Change Is Coming, Dragas Center For Economic Analysis And Policy, Old Dominion University
State of the Commonwealth Reports
This chapter assesses the performance of the hotel industry in the Commonwealth and discusses the challenges facing the hotel industry in 2024 and beyond. To understand the prospects for growth, we examine the recovery from the shock of 2020 and how different areas of the commonwealth fared with regard to hotel revenue and occupancy. We take stock of the competitive environment and how labor shortages continue to challenge hoteliers. We ask: what does the future hold for the hotel industry in Virginia?
Part 1: Virginia's Economy Grows, But Questions Linger About The Future, Dragas Center For Economic Analysis And Policy, Old Dominion University
Part 1: Virginia's Economy Grows, But Questions Linger About The Future, Dragas Center For Economic Analysis And Policy, Old Dominion University
State of the Commonwealth Reports
There is good news to report about the economy of the Commonwealth. Economic activity increased in 2022 and 2023. A record number of Virginians were at work or looking for work. Labor force participation increased above pre-pandemic levels. However, this news is tempered by the fact that Virginia grew slower than the nation and Virginians continue to migrate out of the Commonwealth. The Virginia economy should grow in 2024, but work remains to be done to match the economic performance of our peers.