The hotel occupancy rate in 2019 is expected to reach new records in the Southeastern Untied States. The occupancy rate is expected to rise to 66.2 percent, according to the latest research, while the occupancy levels continue to remain high.
While the hospitality industry remains a strong investment, but the cost of construction is also on the rise. A few creative solutions to very critical components, materials and labor, can help any construction or renovation project stay within budget.
Today’s hospitality consumers demand a meaningful experience, high service expectations, and innovative technology.
It’s not just materials, such as lumber and wallboard, that are on the rise, equipment costs are also increasing. Necessary steel related equipment, forklifts, nails and wire fencing, all impacting construction costs.
Shortages in other materials, gypsum, cement, and aluminum, are further exasperating the situation, according to the Bureau of Labor and Statistics. Combined with a shortage of skilled labor has caused a strain on the industry.
“Over the decades as we’ve gone through different rounds of infrastructure development, building the nation’s suburbs, the highways, and the rest, those construction jobs have been a critical part of building a middle class,” said Robert Dietz, chief economist for the National Association of Homebuilders. “The challenge right now is that we simply do not have enough people who are ready and willing and able to join the construction industry.”
SWET Construction Group has found creative ways to overcome these issues to create a quality project and a sound investment. We encourage you to contact us and discuss how we can help your next construction or renovation.
SWET Construction Group has a successful track record of developing premium independent and branded resorts and hospitality assets. From renovations of existing properties to new development, we offer a blend of development services to enhance the value and maximize your return for your project.