The Visitor Economy: driving growth in King of Prussia
Adam Sacks President | Tourism Economics adam@tourismeconomics.com
September 2017
How visitors drive the broader economy “Every tourist that comes through here is a potential business lead.” Jeff Malehorn, President & CEO, World Business Chicago
“Economic clusters and conventions have become synergistic” Tom Clark, Metro Denver Economic Development Corp.
13% of executives state that their perceptions of an area’s business climate are influenced by leisure travel and 37% reported influence by business travel Development Counsellors International, 2014
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Montgomery County visitor economy leads the region Lodging sector employment up 60% since 2001. Compares with just 15% for Greater Philly.
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The hospitality sector is driving income growth Accommodation sector income has grown 139% since 2001. Compares with 49% for the total Montgomery County economy.
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Demand for hotels keeping pace with supply
Source: STR, 2017 based on YTD growth 7
Occupancy softening but in line with decent years
Source: STR, 2017 = July YTD 8
Hotel rates on an upward trend
Source: STR, 2017 based on YTD growth 9
Hotel revenue trends remain strong
Source: STR, 2017 based on YTD growth 10
The Visitor Economy: driving growth in King of Prussia
Adam Sacks President | Tourism Economics adam@tourismeconomics.com
September 2017