| North Carolina’s lodging industry posted positive growth and hit record levels in all six major indicators in 2014.
For the third year in a row, North Carolina room demand for accommodations was at an all-time high. Recent data released by Smith Travel Research (STR) shows that 2014 room demand was up more than 5 percent from 2013 with nearly 33 million room nights sold in the state. In the last ten years, room demand has grown more than 18 percent. Nationally, room demand was up 4.5 percent in 2014; in the South Atlantic region, demand increased 5.4 percent. Room demand is defined as the number of rooms sold, excluding complimentary rooms. |
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| North Carolina hotel/motel room revenues were up 10 percent in 2014 from 2013, reaching nearly $3 billion and topping the previous high set just last year. Statewide room revenues have increased 59 percent in the last decade and 45 percent in the last five years. This is due to both an increase in demand and ADR throughout the state. Nationally, room revenues were up 9.2 percent; in the South Atlantic states, room revenues increased 9.9 percent from 2013 to 2014. |
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| Regionally within North Carolina, the lodging sector continues to perform well. Each region of the state saw increased demand and revenues compared to 2013. The Southwest Region, in particular, had an 8.6 percent increase in room nights sold and a 13 percent increase in revenues. Demand in the North Central Region was up 6.4 percent from 2013 to 2014, and room revenues were up 12 percent.
In 2014, the U.S. lodging industry had the most ever rooms available (1.8 billion), rooms sold (1.1 billion) and room revenues ($133 billion). Going into 2015, the outlook for lodging continues to be positive, according STR, which forecasts that demand will grow 2.4 percent and ADR will grow 5.2 percent nationally in 2015. To view more trend data for the North Carolina lodging industry, click here. For more information, contact Director of Research Marlise Taylor at (919) 447-7748. |