There are an astonishing 3,566 projects in the United States, which totals to 433,589 rooms Under Contract, states the March 2015 STR Pipeline Report. This translates into a 13.7 per cent rise in the number of Under Contract rooms when compared with figures during the same month last year. This also means that there is a 22.7 per cent rise in rooms under construction in the month of March this year, compared to March 2014.
Under Contract refers to data which covers projects that are in the planning, final planning, and in construction stages of construction. This broad category does not include projects that are in the unconfirmed stage.
The number of rooms under construction in the Unites States was 126,171 in March 2015. This shows a growth of nearly 23 per cent when compared to March last year. However, this figure presents a drop of approximately 2 per cent when compared to February this year, stated senior vice president for operations at STR Bobby Bowers. Bowers also added that Upper Midscale and Upscale brands continued to dominate over construction numbers. Upper Upscale showed 14,000 rooms under construction. This is a whopping 45 per cent rise when compared to March 2014. This increase is just another sign that the appetite for risk and return is rising.
Among the 25 leading markets, New York had the highest number of rooms Under Contract with 29,928 rooms. Other markets that featured in the top five in terms of rooms Under Contract include Houston, Texas with 17,458 rooms Under Contract, Las Vegas, Nevada with 12,484 rooms Under Contract, Dallas, Texas with 11,337 rooms Under Contract, and Washington, DC and Maryland, Virginia with 10,698 rooms Under Contract.