Hotel construction across the globe shows a slight uptick from one year ago, according to the recent Global Construction Pipeline Trend Report from Lodging Econometrics (LE). LE tabulates the construction pipeline for 182 countries around the world.
The report shows a total of 11,260 projects and 1,919,370 rooms either currently under construction or in some form of planning. This is a 3% year-over-year increase for both projects and rooms.
Breaking down the total number of projects and rooms further, the report shows 5,232 projects and 986,995 rooms that are currently under construction. This is down 2% year-over-year in terms of projects, but a 1% increase in rooms.
There are 3,396 projects and 489,503 rooms scheduled to start construction within the next 12 months, a 19% increase for projects and a 17% increase for rooms. Finally, the number of projects in early planning is down 2% at 2,632 while the number of rooms in early planning is down 4% at 442,872.