The Canadian Industrial Outlook Service includes detailed five-year forecasts in 16 key Canadian industries. The report examines the short- and medium-term economic and profitability outlooks for these industries.
Canada’s Accommodation Industry: Industrial Outlook, Summer 2007
Canada’s Accommodation Industry: Industrial Outlook, Summer 2007
Industry Economic Analysis
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Key Issues
- Tight Labour Markets—Tight labour markets, particularly in Western Canada have led to rising wage rates. With job creation expected to stay healthy, labour costs will remain an issue for the accommodation industry.
- Weak Foreign Tourism—The number of visitors from the United States continues to fall, so foreign spending on accommodation is dropping. A significant recovery is not expected until after 2008, once travellers have adjusted to new U.S. passport rules.
- Prices—Hoteliers have been able to consistently raise prices above the rate of inflation thanks to their ability to compete on service as well as price. This is allowing them to pass their rising costs on to consumers and achieve improved profitability.
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