At our recent client conference, I gave a talk about the implications of big data on commercial real estate (CRE). In CRE, big data will not be long. It will be wide, and it will not be based on the digital exhaust of human activity. I've summarized my thoughts on EA's blog.
How much do U.S. hotels depend on international guest stays?
International occupancy is an important component of U.S. hotel demand, but exactly how important has not been well-established by data from trusted industry sources. Here, we used U.S. government statistics, city travel and tourism reports, and a set of assumptions to estimate international guest stays' demand contribution, for selected large cities and the nation. We found that international visitors consume a greater share of hotel room nights than you might expect.
Hurricanes contribute to decline in September employment
U.S. employment fell by 33,000 jobs in September—the first monthly loss since September 2010—ending the longest streak of monthly job gains on record. The loss was partially attributed to last month's two major hurricanes. With downward revisions to July and August, the rolling three-month average is now 91,000 jobs, down from 185,000 last month. On a positive note, wage growth improved significantly, unemployment fell from 4.4% to 4.2%, and the labor force participation rate rose from 62.9% to 63.1%.