The number of employees in the US accommodation sector saw a growth trend from 1.86 million jobs in 2013 to 2.07 million in 2019, before a significant drop to 1.53 million jobs in both 2020 and 2021, due to the COVID-19 pandemic. The sector began a recovery in 2022 with a 16.55% year-on-year increase to 1.78 million jobs. By 2023, the number of jobs stood at 1.85 million, marking a 3.7% rise from the previous year. However, the compound annual growth rate (CAGR) over the last five years was -1.81%, reflecting the pandemic's impact.
Forecasts predict stabilization, with the number of jobs holding constant at 1.85 million through 2027 and a slight rise to 1.86 million in 2028. The forecasted five-year CAGR is 0.08%, indicating minimal growth.
Future trends to watch for include:
- Technological integration in the accommodation sector could affect job numbers and types.
- Economic conditions and potential recessions could impact growth rates.
- Changes in consumer behavior and travel preferences post-pandemic.
- Labor market shifts, including wage trends and immigration policies.