Bedel: Hospitality Sector on the Way Back
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAfter more than a year of devastating impact from the COVID-19 pandemic, the Indiana tourism and hospitality sector is in recovery mode, but the head of the Indiana Destination Development Corp. says much work remains before the industry is back on its feet. IDDC Chief Executive Officer Elaine Bedel says her organization began measuring the recovery one year ago, using an index created by Maryland-based Rockport Analytics.
In May of last year, the index showed the industry had lost nearly half of its activity, compared to a baseline year of 2017, but has now recovered about 79% of pre-COVID activity. “So, we’re still about 21% below total activities, but we’re making progress coming back, and consumer confidence is building,” said Bedel, who adds employment in the sector is still 24% below where it was four years ago.
Bedel talked about the state of tourism and a “bucket list” initiative on this weekend’s edition of Inside INdiana Business with Gerry Dick.
Bedel says the tracking index looks at four variables: epidemiology or the pandemic; business and labor stress; consumer sentiment; and high frequency travel.
The index reached a low of 55% of business activity in May of last year.
The leisure and hospitality sector is a significant piece of the Indiana economy. It’s estimated the industry generates $37 billion annually, or more than 10% of the state’s Gross Domestic Product.