Strong Rebound in Retail, Restaurant, and Hotel Planning
The Construct-A-Lead Research Department detected a strong rebound in retail, restaurant, and hotel planning, as well as new construction planning in general as the country transitioned between the first to the second quarters of 2022. Between March 1 and April 25, 2021, the CAL team reported on a total of 3,451 new projects, including 768 retail, 305 restaurant, and 111 hotel projects, however between March 1, 2022, and April 25, 2022, it uncovered 5,322 new projects, of which 1,191 were retail, 470 restaurants, and 187 hotel.
Increase in Project Value
The value of projects also went up during this period in comparison to the same timespan in 2021. Between March 1, 2021, and April 25, 2021, the CAL team documented 642 projects with an estimated value between $25 and $100 million and 129 projects over $100 million. In contrast, between March 1, 2022, and April 25, 2022, it added 1,298 projects between $25 and $100 million and 290 projects over $100 million to the CAL database.
The number of high-value hotels also rose during this period in comparison to last year, although the increase in these high-value projects was not as dramatic as the spike in high-value projects in general. Between March 1, 2021, and April 25, 2021, the CAL team reported 37 new hotel projects between $25 and $100 million and 11 new hotel projects over $100 million, however during the same period in 2022 it detected 57 new hotel projects between $25 and $100 million and 18 new hotel projects over $100 million.
Otherwise, new residential construction project planning continues to lead planning for all other new construction projects in the CAL database. Between January 1, 2022, and April 25, 2022, the CAL team uncovered a combined total of 4,408 residential projects, including 3,521 multifamily residential projects. For the same time period in 2021, it detected 2,934 combined residential projects, of which 2,528 were multifamily.
The distribution of new projects by state has also shifted since 2021. While Texas, with over 3,300 new projects, continues to lead all other states in new project planning within the CAL database in 2022, Florida has overtaken California as the state with the second-highest number of new planned projects. As of April 25, 2022, there are over 950 new planned Sunshine State projects in the CAL database for 2022, while California currently sits at just over 900. Both states, however, are performing better than they did in 2021, as 674 new projects were logged in California and 648 in Florida between January 1st and April 25th last year.
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Sources: 2021 and 2022 Construct-A-Lead data
James P. Dinnerville
Director of Research
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