Understanding Current Business Conditions Is Crucial
Hospitality Minnesota has forged a partnership with the Federal Reserve Bank of Minneapolis and Explore Minnesota Tourism to conduct quarterly services to track changing business conditions. Hearing directly from operators about what is happening in real time produces important data and information that is put to use for your benefit.
Your input helps us tell the stories and provide documentation that impacts public policies and programs.
Your input helps us tell the stories and provide documentation that impacts public policies and programs.
Summer 2022
While the majority of operators met or surpassed pre-pandemic revenue for the summer season, the hospitality industry broadly underperformed its aggressive revenue projections from May. While disappointing, the multi-year recovery overall continues as 88% of operators indicate that conditions have been either improving or steady over the last 6-9 months.
Click through to read our summary or to watch the 9/29/22 conversation between Ron Wirtz, Director of Outreach at the Federal Reserve Bank of Minnesota; Ben Wogsland, EVP at Hospitality Minnesota; and Gretchen Nussbaum, Research Analyst at Explore Minnesota Tourism.
Click through to read our summary or to watch the 9/29/22 conversation between Ron Wirtz, Director of Outreach at the Federal Reserve Bank of Minnesota; Ben Wogsland, EVP at Hospitality Minnesota; and Gretchen Nussbaum, Research Analyst at Explore Minnesota Tourism.
Read the Summer 2022 Snapshot
Watch the virtual event recording
Spring 2022
New revenue projections for hospitality businesses are the strongest we’ve seen during the pandemic era as summer approaches. This good news comes almost exactly one year after winning the ability to re-open at full capacity through our work on the Roadmap to Recovery. Still, significant challenges around workforce shortage and inflation have become more intense, offsetting recovery gains.
Read the Spring 2022 Snapshot
Winter 2022
While the majority of businesses have so far survived economic collapse, data indicates that we face a multi-year economic recovery. According to a new hospitality survey conducted by Hospitality Minnesota, the Federal Reserve Bank of Minneapolis and Explore Minnesota Tourism from February 16-March 1, economic headwinds remain related to lower-than-normal revenue, significant inflation, supply chain challenges and a historic workforce shortage.
Read the Winter 2022 Snapshot
Fall 2021
Hospitality economic recovery is moving forward in Minnesota; workforce, debt and inflation, along with the emergence of the Delta variant, post challenges to the pace of recovery. Economic conditions for Minnesota’s hospitality industry are improving, according to the joint survey conducted by Hospitality Minnesota, the Minneapolis Federal Reserve Bank and Explore Minnesota Tourism between August 16-25, 2021. However, workforce challenges, inflation, COVID-related debt, and uneven conditions across sectors pose concerns for the pace and depth of recovery for our interdependent industry.
Read the Fall 2021 Snapshot
Summer 2021
Economic conditions for Minnesota’s hospitality industry are improving, according to the joint survey conducted by Hospitality Minnesota, the Minneapolis Federal Reserve Bank and Explore Minnesota Tourism between August 16-25, 2021. However, workforce challenges, inflation, COVID-related debt, and uneven conditions across sectors pose concerns for the pace and depth of recovery for our interdependent industry.
Read the Summer 2021 Snapshot
Spring 2021
The key finding from this quarter's survey is that two-thirds of operators (65%) say their financial health is now positive/stable or growing, up 15 points from March. Similarly, over half (52%) of operators are now no longer concerned about solvency, up 10 points from March. The results, however, point to significant concerns about the impact of workforce shortage on the pace of economic recovery with 83% describing labor as “tight” (up 22 points since March). The majority of operators are predicting a multi-year recovery.
Read the Spring 2021 Snapshot
Fall 2020
The economic impact survey conducted from September 14-15 revealed several troubling projections by operators. There is deep concern about solvency, reaching across all the sectors. Restaurants, foodservice and hotel and motel operators are projecting a high likelihood of insolvency than resort and campground operators within the next six months.
Read the Fall 2020 Snapshot
