1、Economic Impact of the US Hotel IndustryUS reportIn association withMay 20232AHLA|Oxford EconomicsTABLE OF CONTENTS1 12 23 34 4Executive summaryMethodsUS economic impact results in detailSelected graphs and mapsExecutive Summary14AHLA|Oxford EconomicsOverviewExecutive SummaryThe US hotel industry is

2、 a critically important part of the US economy.Hotels generate billions in wages,salaries and taxes,employ millions of workers,and hotel guests bring billions in spending to local economies.To quantify these important impacts,the American Hotel&Lodging Association(AHLA)engaged Oxford Economics(Oxfor

3、d or we)to conduct a comprehensive economic impact analysis.Oxford analyzed information from a variety of sources and prepared an updated view of industry impacts in recent years.As part of this research,Oxford analyzed:hotel operations by gathering and integrating information on the size and perfor

4、mance of hotels and motels,casino hotels,and bed and breakfast inns by state(hotels);hotel guest ancillary spending based on consumer survey data by state;capital investment in hotels based on data on new hotel construction and renovations;and,indirect and induced impacts supported by the hotel indu

5、stry in other parts of the US economy.The results show the US hotel industry supports a total economic impact(2022)of:$1.5 trillion of business sales(representing revenue plus certain taxes,also referred to as output);8.3 million jobs with$463 billion of wages,salaries and other compensation;$760 bi

6、llion of GDP,representing contribution to US gross domestic product;and,$211 billion of federal,state and local taxes.The hotel industry consists of almost 62,500 properties,with 5.6 million guestrooms.The sector sells almost 1.3 billion room nights annually.The hotel sector has recovered solidly fr

7、om the Covid-19 pandemic.In nominal terms,many key metrics are ahead of pre-pandemic levels,such as total business sales(+7.6%),total wages and salaries(+6.1%)and total federal,state and local taxes(+7.0%).Employment impacts have been somewhat slower to recover.The hotel industry supports 1-in-25 US

8、 jobs,but this is 5.6%fewer than in 2019,and the number of direct hotel operations jobs remains 15.9%lower.A representative hotel with 100 occupied rooms supports 239 total jobs,including 135 direct jobs and 104 indirect and induced jobs.This impact includes 57 direct jobs at the hotel,with$3.0 mill

9、ion of wages,salaries and other labor income.This representative property supports$6.1 million of total tax revenue,including$2.1 million of direct taxes generated at the hotel.This document presents key elements of the research and findings.5AHLA|Oxford EconomicsSummary impactsHotel industry econom

10、ic impacts in the US in 2022:Almost 62,500 hotels5.6 million hotel guest roomsAlmost 1.3 billion room nights sold8.3 million total impact jobs,which is equivalent to 1-in-25 US jobs$1.5 trillion of sales supported at US business$759.9 billion contributed to US GDP4.7 million direct impact jobsAdditi

11、onal facts for 2022:Hotel sales of$323.7 billion(revenue,plus certain taxes)Hotels support$463.2 billion of wages,salaries and other compensation,including$104.7 billion at hotel operations.Hotels support$211.2 billion of federal,state and local taxes.This is equivalent to$1,656 per US household ann

12、ually.Hotel guests spent$691.2 billion at hotels and local businesses,and on transportation.Hotels purchased$119.2 billion in inputs from other US businesses.Hotel industry impacts:USAmounts in billions of dollars,unless otherwise noted2022Business sales(output)$1,463.3Wages,salaries and other compe

13、nsation$463.2Employment(number of jobs,in millions)8.3 GDP$759.9Total taxes$211.2State and local taxes$106.6Federal taxes$104.6Business sales(output)$723.3Wages,salaries and other compensation$223.3Employment(number of jobs,in millions)4.7 GDP$352.5Total taxes$123.1State and local taxes$72.4Federal

14、taxes$50.7Direct impact:hotel operationsHotel sales(output)$323.7Wages,salaries and other compensation$104.7Employment(number of jobs,in millions)2.0 GDP$189.3Total taxes$72.4State and local taxes$47.5Taxes on lodging$23.9Federal taxes$24.9Hotel guest spending(on-site and ancillary)$691.2Hotel purch

15、ases of inputs from other businesses$119.2Properties(number of hotels,motels,and B&Bs)62,479 Guest rooms(year-end,in millions)5.6 Total taxes per household($per household)$1,656State and local taxes per household($per household)$836Source:Bureau of Economic Analysis;Census Bureau;Oxford EconomicsMet

16、ricsTotal impactDirect impact:hotel operations,guest ancillary spending,capital investment6AHLA|Oxford EconomicsFiscal impactsHotels supported$211.2 billion of total taxes in 2022.The total tax impact per household was$1,656.This tax offset represents the federal,state and local taxes that would oth

17、erwise need to be paid per US household to compensate for the absence of hotel guest activity.The state and local tax impact per household was$836.The total tax impact per hotel guest room was$37,636,of which$19,001 represented state and local taxes.Tax impacts of hotels include$23.9 billion of stat

18、e and local taxes on lodging.In addition,the total impacts of hotels supported$26.0 billion of state and local sales taxes,and$31.0 billion of property taxes.Hotel industry fiscal impacts:Operations,guest spending,and capital investment(2022)Amounts in billions of dollarsTotalDirectIndirect and indu

19、cedTotal taxes$211.2$123.1$88.1State and local taxes$106.6$72.4$34.2Taxes on lodging23.923.90.0Sales26.013.212.8Gaming6.36.30.0Personal income8.33.84.5Corporate2.20.91.4Unemp.ins.and other social0.70.30.4Excise taxes and fees8.14.63.5Property taxes31.019.411.6Federal taxes$104.6$50.7$53.9Personal in

20、come35.317.118.1Corporate14.96.08.9Excise and customs7.94.63.3Social Security46.522.923.6Source:Oxford Economics7AHLA|Oxford EconomicsRelative to 2019The impact of US hotels has expanded to ahead of pre-pandemic levels.Total business sales supported by hotels increased to$1.5 trillion in 2022,repres

21、enting a 29.9%gain compared to 2021,and 7.6%above pre-pandemic levels(2019).Employment at hotels is still 15.9%below pre-pandemic levels(2019),though aggregate wages and salaries at hotels recovered to approximately level with 2019 levels,representing an increase of 21.7%per job.Growth in impacts re

22、lative to 2019Percent change 2019 to 2022Note:As part of this analysis,Oxford prepared updated estimates of impacts in previous years.These updated estimates reflect the latest available data,including updated and revised government statistical agency data and STR data.Business sales supported by ho

23、tel industryTotal US output(business sales),in billionsSource:Oxford Economics$1,360$800$1,127$1,463$0$200$400$600$800$1,000$1,200$1,400$1,6002019202020212022Pre-pandemic-41.2%40.8%29.9%Growth in hotel industry impacts relative to 20192022 relative to 2019Total impacts supported by hotel industryOut

24、put(sales)7.6%Wages,salaries and other compensation6.1%Employment(number of jobs,in millions)-5.6%GDP4.4%Total taxes7.0%State and local taxes8.3%Federal taxes5.6%Direct impact:hotel operationsOutput(sales)10.8%Wages,salaries and other compensation2.4%Employment(number of jobs)-15.9%GDP2.4%Total taxe

25、s6.9%State and local taxes9.4%Taxes on lodging11.0%Federal taxes2.3%Hotel guest spending(on-site and ancillary)12.8%Hotel purchases of inputs from other businesses10.8%Properties(annual average)2.7%Guest rooms(year-end)2.7%Total taxes per household($per household)3.8%State and local taxes per househ

26、old($per household)5.2%Source:Bureau of Economic Analysis;Census Bureau;STR;Oxford EconomicsMetricsMethods29AHLA|Oxford EconomicsOverview and direct impactsOverview of approachIn the first step,we organized information that quantified the size and scope of the US hotel industry.This analysis include

27、d:data on hotel inventory and performance,according to STR,a leading provider of hotel industry data;data on traveler spending provided by Longwoods International,a leading provider of traveler survey data;economic statistics on the sector published by statistical agencies;the IMPLAN economic impact

28、 modeling system;other data inputs including research on taxes on lodging and revenue at casino hotels.We then prepared estimates of the downstream impacts,including indirect and induced effects,using a customized economic impact model.Lastly,we prepared estimates of fiscal impacts using estimates o

29、f certain tax ratios,including taxes on lodging,and the economic impact model.The analysis provides a full set of estimates for 2018 to 2022,as well as certain key measures over a historical period.Main components of economic impact analysisThere are three main components of the industrys economic i

30、mpact:Direct impacts consisting of direct spending,in this case hotel operations,guest ancillary spending,and capital investment.Indirect impacts representing downstream supplier industry impacts,also referred to as supply chain impacts.For example,hotels require inputs such as energy and foodingred

31、ients.Also,many hotels contract with specialized service providers,such as for marketing,maintenance and equipment upkeep,cleaning,technology support,and accounting.Induced impacts occur as employees spend their wages in the broader economy.For example,as hotel employees spend income on rent,transpo

32、rtation,and food and beverage.We present the indirect and induced effects on a combined basis.Direct impactsThe components of direct hotel industry impacts are:Hotel operations:representing the revenue of hotels(e.g.,rooms,food and beverage,and other)plus certain taxes(taxes on lodging and other sal

33、es taxes);Ancillary hotel guest spending:representing spending by hotel guests at other businesses in the destination;Capital investment:representing the construction of new hotels,renovations,and ongoing capital spending on the upkeep of existing hotels.Our estimates of hotel operations are based p

34、rimarily on data from STR,IMPLAN,the Bureau of Economic Analysis,and the Census Bureau,supplemented by estimates of taxes.We estimated ancillary hotel guest spending based on syndicated survey results provided by Longwoods International measuring average spending patterns of hotel guests.We suppleme

35、nted these survey-based estimates with an estimate of hotel guest airfare expenditures.We estimated capital investment based on the construction of new hotels and our estimate of capital expenditures at existing hotels.Methods10AHLA|Oxford EconomicsTotal impacts and fiscal impactsTotal economic impa

36、ctsTo quantify the total economic impacts of the hotel industry in the US,including downstream effects(indirect and induced),we used a customized model based on the IMPLAN modeling system,a well-respected economic impact analysis tool,to quantify key relationships in the economy.The IMPLAN model tra

37、ces the flow of direct expenditures through the economy and the effects on employment,wages,and taxes.IMPLAN also quantifies the indirect(supplier)and induced(income)impacts.For example,when a visitor purchases a meal at a hotel restaurant,a portion of the sale supports wages for hotel employees,whi

38、le another portion of the sale may consist of locally produced food and beverages.The IMPLAN model captures these types of relationships based on a structured analysis of economic statistics.Additionally,the IMPLAN model reflects the typical levels of federal,state and local taxes generated by speci

39、fic types of economic activity.We applied an analysis-by-parts approach using the IMPLAN model.In this approach,we estimated the direct impacts of hotel operations in terms of output,employment,and labor income.We also estimated purchases from vendors.We then used the IMPLAN model to estimate the in

40、direct and induced effects associated with each key driver of downstream impacts(employment,labor income,and purchases of intermediate inputs).The IMPLAN model was customized to each state,capturing the effect of guests staying at hotels in each state.Additional indirect jobs,income and tax revenues

41、 cross state lines.These jobs were estimated at the national level and distributed to the state level based on local economic characteristics.Fiscal impactsWe analyzed fiscal impacts by applying a hybrid approach.Where appropriate,we calculated direct industry tax impacts specifically.These included

42、 the following calculations:Taxes on lodging and other sales taxes:Estimated based on room revenue and other categories of revenue,multiplied by estimated average effective tax rates.Hotel property taxes:Estimated based on averages of hotel property taxes as a ratio to revenue from the STR Host Repo

43、rt database.We then estimated other taxes based on relationships in the IMPLAN economic impact model.For example,we estimated taxes supported by hotel employee labor income by applying ratios to estimated direct labor income.Methods11AHLA|Oxford EconomicsDefinitionsMethodsDefinitionsCapital investme

44、nt:Investment in the construction of new hotels,and renovation of existing hotels.Direct effects:Also referred to as direct impacts.Includes direct spending and revenues,in this case from hotel operations,hotel guest ancillary spending,and capital investment;as well as the corresponding employment,i

45、ncome and fiscal impacts.Fiscal impacts:Tax revenue,contributions to Social Security and unemployment insurance,and government revenue from various fees.GDP:Gross domestic product,or value added.Refers to the industrys contribution to GDP.Represents gross output of the sector,less the cost of its in

46、puts.Can also be measured as the sum of compensation of employees,taxes on production and imports,and gross operating surplus(profit).Hotel guest ancillary spending:Hotel guest spending that occurs off-site(i.e.,at non-hotel businesses).Hotel industry:The sector studied in this analysis,including ho

47、tels and motels,bed and breakfast inns,and casino hotels.Hotel operations:Traditional on-site hotel revenue and associated activities,excluding guest spending occurring at ancillary businesses in the destination.Indirect impacts:Downstream supplier industry impacts,also referred to as supply chain i

48、mpacts.For example,hotels require inputs such as energy and food ingredients.Also,indirect impacts can refer to indirect and induced impacts combined.Induced impacts:Arise as employees spend their wages in the broader economy.For example,as hotel employees spend money on rent,transportation,food and

49、 beverage,and entertainment.Jobs:Also referred to as employment.Number of full-and part-time jobs,including proprietors.Labor income:Earnings of wage and salary employees and proprietors.The definition used is consistent with the Bureau of Economic Analysis(BEA)data for earnings in its regional prog

50、ram.It includes tips,commissions and bonuses.Output:Revenue,also referred to as business sales,plus certain taxes(e.g.,taxes on lodging and other sales taxes).Taxes on lodging:Sales taxes applicable to room rentals,plus hotel occupancy taxes and any other fees or taxes that apply to lodging stays(e.

51、g.,tourism improvement district fees).Total impacts:Direct,indirect and induced impacts combined.12AHLA|Oxford EconomicsDefinitionsMethodsKey data sourcesAmerican Gaming Association and Oxford Economics research on casino hotel performance by state:Data on casino hotel revenue and gaming taxes estim

52、ated by state.Bureau of Economic Analysis:National and,in some cases,state data on output,employment,income,and GDP.Bureau of Labor Statistics:Recent data on employment and wages and salaries.Census Bureau Economic Census:Revenue by industry and product line.Count of establishments and guestrooms.Ce

53、nsus Bureau Value of Construction Put in Place:Survey measure of new construction,expansions,and building renovations.IMPLAN:Economic impact modeling software and data,including the ratio of output to GDP in the accommodations sector by state.Longwoods International:Hotel guest spending estimates ba

54、sed on Longwoods Travel USA,the largest ongoing survey of US business and leisure travel.Oxford Economics research on lodging tax rates by state and major markets:Data on state and local tax rates on lodging.STR:Customized data on industry size(properties and guestrooms)and performance(room demand,r

55、oom revenue,occupancy,ADR)STR Host Report database:Hotel industry financial statement ratios based on data submitted by hotels(e.g.,ratio of property taxes to sales).Previous researchOxford previously prepared estimates of hotel industry impacts in 2018 for AHLA that were released in 2019.As part of

56、 this current research,these previous estimates of 2018 impacts were updated based on the latest source data.The updated national estimates for 2018 are largely consistent with the prior estimates.They reflect changes to underlying source data and refinements to the estimation approach.US economic i

57、mpact results in detail314AHLA|Oxford EconomicsHotels support 8.3 million US jobs and$1.5 trillion of US business salesThe results show the hotel industry supports a total economic impact(2022)of:$1.5 trillion billion of business sales(representing revenue plus certain taxes,also referred to as outp

58、ut);8.3 million jobs(1-in-25 US jobs)with$463.2 billion of wages,salaries and other compensation;$759.9 billion of GDP,representing contribution to US gross domestic product and,$211.2 billion of federal,state and local taxes.Total economic impacts:Operations,guest ancillary spending,and capital inv

59、estment(2022)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmployment(in millions)GDPTotalState and localFederalTotal$1,463.3$463.28.3$759.9$211.2$106.6$104.6Direct operations323.7104.72.0189.372.447.524.9Direct hotel guest ancillary367.5104.42.5147

60、.447.224.123.1Direct capital investment32.114.20.215.73.50.82.7Indirect and induced740.0239.93.6407.588.134.253.9Source:Oxford Economics15AHLA|Oxford EconomicsHotel operations and guest spending represent the largest categories of impactsThe two primary categories of hotel industry impact are hotel

61、operations and hotel guest spending.The direct impact of hotel operations represents the hotel sales(also referred to as output,inclusive of revenue and taxes),which totaled$323.7 billion,as well as the corresponding hotel jobs,which totaled 2.0 million.Hotel guest ancillary spending totaled$367.5 b

62、illion,this includes spending in the local area,as well as transportation to and from the destination.Combining the estimate of directoperations output and ancillary spending equates to direct output of$691.2 billion.The indirect and induced impacts of hotel operations and guest spending totaled$686

63、.7 billion of output.For example,this includes sales of businesses that provide goods and services to hotels,such as maintenance providers,and food and beverage providers.The combined total of direct,indirect and induced impacts represents a total impact of$1.4 trillion of US business sales,or outpu

64、t.Economic impacts:Operations and hotel guest spending(2022)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmployment(in millions)GDPTotalState and localFederalTotal impact of operations$1,377.9$432.37.9$715.6$201.6$103.4$98.2Hotel operations577.9187

65、.13.3331.1104.360.044.2Hotel guest spending(ancillary)800.0245.24.5384.497.343.453.9Direct impacts$691.2$209.14.5$336.7$119.6$71.6$48.0Hotel operations323.7104.72.0189.372.447.524.9Hotel guest spending(ancillary)367.5104.42.5147.447.224.123.1Indirect and induced impacts$686.7$223.23.4$378.9$82.0$31.

66、8$50.2Hotel operations254.282.41.3141.831.812.519.4Hotel guest spending(ancillary)432.5140.92.0237.050.119.330.8Source:Oxford Economics16AHLA|Oxford EconomicsFor each$100 spent on lodging,hotel guests spend another$220 during their tripUS hotel guests spend$691.2 billion annually.Of this,only$216.1

67、billion is spent on lodging(31%),while the remaining amount is spent on transportation,food and beverage,and other goods and services(69%).As a result,for each$100 of spending on lodging(room revenue plus taxes on lodging,hotel guests spend another$220 during their trip.This contributes to broader e

68、conomic impact in destinations and areas along the trip route.It is also useful to compare the amount of spending that occurs on-site at hotels($323.7 billion,or 47%of total guest spending),relative to the amount that occurs offsite($367.5 billion,or 53%of total guest spending).The off-site spending

69、 is referred to as ancillary guest spending in this analysis.Guest spending distribution:US(2022)Source:Longwoods International;Oxford Economics11%12%22%18%31%0%10%20%30%40%50%60%70%80%90%100%Total hotel guest spendingLodgingTransportationFood and beverageRecreationRetail and otherGaming(on-site)Hot

70、el guest spending(2022)Amounts in billions of dollarsAmountShareAmountShareAmountShareTotal guest spending$691.2100%$323.7100%$367.5100%Lodging216.1 31%216.1 67%-0%Food and beverage122.2 18%41.5 13%80.7 22%Transportation154.4 22%-0%154.4 42%Recreation79.8 12%14.9 5%65.0 18%Gaming(on-site)44.8 6%44.8

71、 14%-0%Retail and other73.7 11%6.4 2%67.3 18%Source:Longwoods International;Oxford EconomicsOn-site guest spending(at hotels)Total hotel guest spendingAncillary guest spending(off-site)17AHLA|Oxford EconomicsHotels generate$32.1 billion of direct capital investmentThe hotel industry generates direct

72、 capital investment through the construction of new hotels and renovation of existing hotels.In total,such direct capital investment totaled$32.1 billion in 2022.This new construction and renovation activity supported almost 210,000 direct jobs,such as construction and design jobs.The indirect and i

73、nduced effects of such activity supported an additional$53.2 billion of business sales(output),and more than 235,000 jobs.For example,this indirect and induced impact includes jobs supported as construction employees spend a portion of their wages and salaries,as well as jobs at the firms that provi

74、de goods and services to support hotel construction and renovation activities(e.g.,suppliers of construction materials,suppliers to architecture and design firms).Economic impacts:Capital investment(2022)Amounts in billions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incom

75、eEmployment(in thousands)GDPTotalState and localFederalTotal impact of capital investment$85.4$30.8446.1$44.4$9.6$3.2$6.4Direct impacts32.114.2209.615.73.50.82.7Indirect and induced impacts53.216.7236.628.66.12.43.7Source:Oxford Economics18AHLA|Oxford EconomicsHotel operations directly support$72.4

76、billion of taxes,including$23.9 billion of lodging taxesDirect taxes supported by hotel operations totaled$72.4 billion in 2022.Of this,$47.5 billion represents tax revenue to state and local governments.This includes$23.9 billion of taxes on lodging(sales taxes on room revenue,hotel occupancy taxes

77、 and tourism improvement district fees,and other taxes on room rentals).It also includes$2.2 billion of sales taxes on other sales at hotels(e.g.,food and beverage and retail).Hotels directly supported$10.6 billion in property taxes.When taxes supported by indirect and induced effects are included,t

78、he fiscal impacts of hotel operations total$104.3 billion.Fiscal impacts:Hotel operations(2022)Amounts in billions of dollarsTotalDirectIndirect and inducedTotal taxes$104.3$72.4$31.8State and local taxes$60.0$47.5$12.5Taxes on lodging23.923.90.0Sales6.92.24.7Gaming6.36.30.0Personal income3.31.71.6C

79、orporate1.10.60.5Unemp.ins.and other social0.30.20.1Excise taxes and fees3.32.11.3Property taxes14.910.64.3Federal taxes$44.2$24.9$19.4Personal income14.58.06.5Corporate7.34.23.1Excise and customs3.11.91.2Social Security19.310.88.5Source:Oxford Economics19AHLA|Oxford EconomicsHotels support$211.2 bi

80、llion of tax revenue,including$106.6 billion of state and local taxesThe total economic impact of the hotel industry supports$211.2 billion of tax revenue annually.This includes$106.6 billion in state and local taxes,such as$23.9 billion in taxes on lodging,plus$26.0 billion of sales taxes on other

81、sales,and$31.0 billion in property taxes.It also includes$104.6 billion in federal tax revenue,including Social Security taxes of$46.5 billion,and personal income taxes of$35.3 billion.Amounts in billions of dollarsTotalDirectIndirect and inducedTotal taxes$211.2$123.1$88.1State and local taxes$106.

82、6$72.4$34.2Taxes on lodging23.923.90.0Sales26.013.212.8Gaming6.36.30.0Personal income8.33.84.5Corporate2.20.91.4Unemp.ins.and other social0.70.30.4Excise taxes and fees8.14.63.5Property taxes31.019.411.6Federal taxes$104.6$50.7$53.9Personal income35.317.118.1Corporate14.96.08.9Excise and customs7.94

83、.63.3Social Security46.522.923.6Source:Oxford EconomicsHotel industry fiscal impacts:Operations,guest spending,and capital investment(2022)20AHLA|Oxford EconomicsA representative hotel with 100 occupied rooms supports 239 total jobsTo consider the impacts of an example property,we calculated the ann

84、ual impacts of a hotel with an average of 100 occupied rooms daily.To represent the full hotel life cycle,we included an allocation of capital investment activities(both new construction and ongoing capital investment).On this basis,a representative property with 100 occupied rooms supports 239 tota

85、l jobs,including 135 direct jobs and 104 indirect and induced jobs.This impact includes 57 direct jobs at the hotel,with$3.0 million of wages,salaries and other labor income.This representative property supports$6.1 million of total tax revenue,including$2.1 million of direct taxes generated at the

86、hotel.Annual impacts per 100 occupied rooms(2022)Amounts in millions of dollars,except jobsEconomic impactsFiscal impactsOutput(sales)Labor incomeEmploymentGDPTotalState and localFederalTotal operations and capital investment$42.0$13.3239$21.8$6.1$3.1$3.0Direct hotel operations9.33.0575.42.11.40.7Di

87、rect hotel guest ancillary spending10.53.0724.21.40.70.7Direct capital investment0.90.460.50.10.00.1Indirect and induced21.26.910411.72.51.01.5Source:Oxford EconomicsSelected graphs and maps422AHLA|Oxford EconomicsHotel industry sales increased to$323.7 billion in 2022Hotel industry sales increased

88、to$323.7 billion in 2022 representing a decrease of 0.9%since 2019,adjusted for inflation.Hotel industry business salesOutput(sales including taxes),in billions,2022 dollarsSource:Bureau of Economic Analysis;Oxford Economics$0$50$100$150$200$250$300$3501978198319881993199820032008201320182022:$323.7

89、 billion23AHLA|Oxford EconomicsHotel industry GDP increased to$189.3 billion in 2022Hotel industry GDP increased to$189.3 billion in 2022,representing a decrease of 8.4%relative to 2019,adjusted for inflation.Hotel industry GDPContribution to GDP,in billions,2022 dollarsSource:Bureau of Economic Ana

90、lysis;Oxford Economics$0$50$100$150$200$2501978198319881993199820032008201320182022:$189.3 billion24AHLA|Oxford EconomicsHotel industry employment increased to 2.0 million jobs in 2022Hotel industry employment increased to 2.0 million jobs in 2022,representing a decrease of 15.9%relative to 2019.Hot

91、el industry employmentIn millionsSource:Bureau of Economic Analysis;Oxford Economics1.21.41.61.82.02.22.4199820032008201320182022:2.0 million jobs25AHLA|Oxford EconomicsHotel industry compensation increased to$104.7 billion in 2022Hotel industry wages,salaries and other compensation increased to$104

92、.7 billion in 2022,representing a decrease of 8.4%relative to 2019,adjusted for inflation.Hotel industry wages,salaries and other compensationIn billions,2022 dollarsSource:Bureau of Economic Analysis;Oxford Economics$0$20$40$60$80$100$120199820032008201320182022:$104.7 billion26AHLA|Oxford Economic

93、sConsumers have prioritized travelDuring the fourth quarter of 2022,lodging accounted for 0.87%of US household spending,which is slightly higher than the average in 2019.Consumer spending on lodgingAs a share of total consumer spending,nominalNote:Measures leisure travel spending on lodging by US ho

94、useholds.Seasonally adjusted.Data through 2022 Q4.Source:Bureau of Economic Analysis;Oxford Economics0.87%0.0%0.1%0.2%0.3%0.4%0.5%0.6%0.7%0.8%0.9%1.0%198019851990199520002005201020152020Lodgings share of consumer spending27AHLA|Oxford EconomicsBusiness sales(output)impact by state28AHLA|Oxford Econo

95、micsEmployment impact by state29AHLA|Oxford EconomicsEmployment impact per 100 households30Oxford Economics is one of the worlds foremost independent global advisory firms,providing reports,forecasts and analytical tools on 200 countries,100 industrial sectors and over 3,000 cities.Our best-of-class

96、 global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic,social and business impact.Headquartered in Oxford,England,with regional centers in London,New York,and Singapore,Oxford Economics has offices across the globe in Belfast,Chicago,Dubai,Miami,Milan,Paris,Philadelphia,San Francisco and Washington DC,we employ over 400 full-time staff,including over 300 economists and analysts one of the largest teams of macroeconomists and thought leadership specialists.About Oxford Economics