STR: Four World Regions Show Year-Over-Year Decline in Construction Activity

LONDON– Each of the 4 world areas revealed a year-over-year decrease in hotel building and construction activity. Asia Pacific is closest to its 2022 similar, according to March 2023 pipeline information from STR

March 2023 (modifications in contrast with March 2022) were as follows:

Europe

• In Construction: 184,851 spaces (down 18.2 percent)
• Final Planning: 133,580 spaces (down 15.9 percent)
• Planning: 156,095 spaces (down 5.4 percent)
• Total Under Contract: 474,526(down 13.7 percent)

Germany (34,030) and the United Kingdom (29,160) lead Europe in overall spaces in building and construction.

Asia Pacific

• In Construction: 476,993 spaces (down 0.8 percent)
• Final Planning: 105,435 spaces (down 29.6 percent)
• Planning: 322,507(up 1.9 percent)
• Total Under Contract: 904,935 spaces (down 4.4 percent)

Among nations in the area, China has the most spaces in building and construction (299,458), followed by Vietnam (36,358).

Middle East & & Africa

• In Construction: 119,505 spaces (down 5.8 percent)
• Final Planning: 45,529 spaces (up 20.4 percent)
• Planning: 84,116 spaces (up 21.2 percent)
• Total Under Contract: 249,150(up 6.4 percent)

Most of the area’s pipeline activity is focused in the Middle East. Saudi Arabia (42,033) and the United Arab Emirates (22,324) lead in building and construction activity.

Americas

• In Construction: 197,844 spaces (down 4.5 percent)
• Final Planning: 277,598 spaces (up 32.2 percent)
• Planning: 278,383 spaces (up 19.6 percent)
• Total Under Contract: 753,825(down 1.2 percent)

The United States holds most of spaces in building in the area. After the United States, Mexico (10,803), Canada (5,899), and Brazil (5,549) reveal the greatest variety of spaces in building and construction.