The total global construction pipeline for hotels increased to a record high of 14,051 projects, a 9% increase year-over-year (YOY), according to a report from Lodging Econometrics (LE).
The report examined developments in 176 countries worldwide. It found that, with the exception of Latin America, all regions of the globe either continued to set record high pipeline counts or have already settled into topping-out formations amidst concerns of a worldwide economic slowdown.
The fallout from the on-going trade dispute between the US and China continues to be the leading contributor.
However, low-interest rates and accommodative lending terms are the primary catalysts behind pipeline growth. The report suggests that the global pipeline should continue to grow for the foreseeable future, albeit at a much slower pace.
There is a record high 6,565 projects currently under construction worldwide.
The top countries by project count are the US with 5,653 projects and China with a current pipeline of 2,991 projects.
The US accounts for 40% of projects in the total global construction pipeline while China has 21%, resulting in 61% of all global projects being concentrated in these two countries. Distantly following in third place is Indonesia with 378 projects, then comes Germany with 320 projects, and the United Kingdom with 280 projects.
The cities with the largest pipelines by project counts are Dubai with 173 projects, New York City with 166 projects and Dallas, Texas with 162 projects.