The US hospitality employment has shown notable fluctuations over the past decade. From 2013 to 2019, employment in the sector expanded steadily, achieving a compound annual growth rate (CAGR) around 1.82% by 2019. The dramatic impact of the COVID-19 pandemic caused employment to plummet by 30.8% in 2020. However, the industry demonstrated resilience, rebounding with an impressive recovery rate of 20.28% in 2021 and continuing this trend with 12.23% growth in 2022. As of 2023, the hospitality sector employed approximately 1.576 million people, reflecting a 7.79% year-on-year increase.
Looking ahead, from 2024 to 2028, the projected CAGR is 0.86%, indicating a moderate but stable recovery. Employment is expected to maintain a gradual upward trajectory, with a forecasted total employment of 1.6631 million by 2028, representing an overall growth of 4.35% over this period.
Future trends to watch for include the continued adoption of technology enhancing customer experience and operational efficiency, a potential surge in domestic tourism, and an increased focus on sustainability practices. The sector's flexibility in adapting to these trends will be crucial for sustained growth.
