There are 3,597 projects totaling 430,917 rooms Under Contract in the United States, according to the July 2015 STR Pipeline Report. This represents an 11.0% increase in the number of rooms Under Contract compared with July 2014 and a 19.0% year-over-year increase in rooms under construction. The Under Contract data includes projects in the In Construction, Final Planning and Planning stages but does not include projects in the Unconfirmed stage.
The Top 25 Markets reported 63,670 rooms In Construction for the month—just under half of total U.S. construction activity (129,155 rooms).
Among those Top 25 Markets, New York, New York, reported the most rooms Under Contract with 31,191 rooms. Two additional markets reported more than 10,000 rooms Under Contract for the month: Houston, Texas (18,573 rooms), and Dallas, Texas (12,285 rooms).
New York also had the largest number of rooms under construction with 14,376 rooms. Houston followed with 6,970 rooms In Construction.
Three other markets reported more than 3,000 rooms under construction: Las Vegas, Nevada (3,929 rooms); Los Angeles/Long Beach, California (3,494 rooms); and Miami/Hialeah, Florida (3,314 rooms).
“Twenty-one of the Top 25 Markets experienced higher room construction numbers when compared to July 2014,” said Bobby Bowers, STR’s senior VP of operations. “Room construction in five of those markets—New York, Houston, Las Vegas, Los Angeles/Long Beach and Miami—accounted for nearly one-quarter of all U.S. construction activity.”