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.

ask for help

(Photo by Justin Sullivan/Getty Images)

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”.

Minnesota Hospitality

Minnesota Hospitality

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.

Rochester area sets new records for number of workers and jobs

Rochester area sets new records for number of workers and jobs

Test Your Bravery By Staying At One Of These 8 Haunted Minnesota Hotels

If you’re looking for a real scare, check out one of these haunted hotels in Minnesota. I wish you luck and suggest you bring a buddy as I’ll be too scared to save you.

Comments are closed.