"The economic impact from tourism in Kentucky has increased by more than $2.2 billion and 13,000 jobs over the last five years," Beshear said. "That translates to more spending and jobs in small and large communities across the state. I'm proud that our work with the tourism industry has been so successful."
The release of the figures coincides with National Travel and Tourism Week, celebrated May 2-10 this year. This is the first time the tourism impact figure has exceeded $13 billion.
The annual survey also showed that tourism supported 179,963 jobs in Kentucky in 2014 - an increase of 4,217 jobs from the previous year. These jobs generated more than $2.9 billion in wages for Kentucky workers, an increase of nearly $123 million from the previous year.
Tourism generated $1.37 billion in tax revenues for local and state governments in 2014, an increase from $1.31 billion in 2013. The report was produced by Certec Inc., of Versailles. For more details about the economic impact study, including county-level expenditures, visit www.kentuckytourism.com/industry and look under recent reports.
KH&LA is working with a coalition of industry organizations to have the state's Tourism Marketing Incentive Program funds reinstated. Read the full position statement here.
US General Services Administration has established per diem rates for 2015. Click here for details.
By Dan Fay
2015 has been a pretty good year for Kentucky hotels. The economy has been good, with good GDP growth in the early part of the year. The forecasters are predicting a slowdown in the second quarter, but I do not believe most Kentucky hotels have seen this yet.
We are hopeful for a good summer season. We have already seen more days of sunshine, and schools are counting the days till summer. Hopefully we will have a good summer travel season.
Smith Travel originally forecasted an Occupancy increase of 1.2% and an ADR increase of 5.2% for 2015, resulting in a 6.4% increase in RevPar. Many hotels around the state are exceeding these numbers as of this writing. We hope this trend continues. Longer term, forecasters see hotel growth may slow in 2016 to 5.9% RevPar growth.
If these forecasts are true, we may be approaching the peak of the curve. We will all continue to work on growth in revenue, and prudent hoteliers will look at the cost side in order to maintain their profitability, as we move thru the cycle.
The Primary Elections will set the stage for the next Governor's election. Soon we should know who the candidates will be. At that time, we will assess our position for the lodging industry and make plans accordingly.
I hope you are having a good start to the summer travel season, and continue to prosper throughout the year.
A prestigious honor for Beaumont Inn, A Spirit of Hampton Award for a Cincinnati team member and changes at Commonwealth Hotels. Details.
Economic Impact of Hotels