Minnesota hospitality industry revenue plummeted $15 billion
Minneapolis, MN (KROC-AM News) – A new report released by an organization representing Minnesota’s hospitality industry highlights the immense negative economic impact of the COVID-19 pandemic.
The Minnesota Hospitality Association estimates that foodservice and other hospitality businesses in the state have seen revenue decline by more than $15 billion over the past two years, which equates to nearly 250 days of revenue. The report also notes that these companies’ bills for “rent, mortgage, insurance, utilities, taxes and other costs have continued unabated, leaving many in debt.” At the same time, the hospitality industry’s workforce has shrunk by about 32,000 employees since the start of the pandemic.
According to the association, more than half of restaurants and hotels in Minnesota do not expect their revenues to return to normal levels until next year or later. A survey conducted in late February by Hospitality Minnesota, the Federal Reserve Bank of Minneapolis and Explore Minnesota found that “economic headwinds continue to be tied to lower-than-normal incomes, high inflation, supply-side shift issues and to a historical labor shortage”.
The association’s report included what it called a “bright spot.” He revealed that the resort and campground sector performed better than other hotel businesses. 96% of Minnesota resorts and campgrounds described their financial health as growing or stable, and nearly half expected above-normal revenue in the coming months.
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