Summer Travel Might Provide Additional Economic Boost
- Vaccination rates and lifted restrictions could bring a wave of pent-up summer travel and spending
- Daily air travel in June is already 3 times higher than it was in the same period last year; only 24% below 2019 peak
- Increased travel would benefit hard-hit cities and property types that rely on tourism
Travel and Tourism are Major Economic Drivers
- Nearly 16 million jobs were supported by travel industry in 2019; pandemic layoffs severely impacted travel industry
- Employers are aggressively hiring to meet summer demand, will boost household formation and spending
Hotels and Retail Biggest Winners, But All Sectors Benefit
- Hotel occupancy levels in June were only 10% below same period in 2019, summer could further narrow gap
- Increased summer spending not only supports travel and entertainment, but also Retail and Industrial properties
- The job recovery will support the creation of new households, benefiting Apartment demand
*Through June 29, Trailing 7-day Average
Sources: Marcus & Millichap Research Services, Transportation Security Administration