Jackson Hole Tourism Forecast
Forecasting for Business Success / Measuring Performance
EXCERPT FROM EXECUTIVE SUMMARY | Market Overview: The month of July further supported our prior two months’ assessments of increasing economic stability and growth. Though summer seems to need no help in recent years, the positive economic mood is reflected in the destination data. Based on an aggregate data from all DestiMetrics destinations, occupancy for June is up 3.4 percent versus the same time last year, while rate is up 5.4 percent for the month. Bookings taken in July for arrival in July was down -1.5 percent (not shown). Locally, Jackson Hole occupancy was up a moderate 2.8 percent in July versus 2013, accompanied by an increase in rate of 3.1 percent. Jackson Hole occupancy for the past six months (February - July) increased 6.4 percent compared to the same period in 2013, while rate also increased 8.1 percent. Bookings taken in July for arrival in July were up 29.5 percent compared to July 2013 (not shown).
How to Read the DestiMetrics 45-Day Retail Report
January 14, 2014 - Lodging Barometer / 45 Day Retail Report
About the Jackson Hole Chamber of Commerce & DestiMetrics
The Jackson Hole Chamber of Commerce is pleased to work with DestiMetrics, the premier provider of lodging performance benchmarking tools to mountain resorts throughout the western United States. DestiMetrics provides numbers on a 45-day forward looking basis that identifies occupancy strengths and opportunities which enable lodging properties and destination marketers to more efficiently manage rates and target promotions. The reports are published monthly throughout the year and twice each month during the winter ski season.
Chamber President/CEO Jeff Golightly commented, "DestiMetrics will provide a practical benefit to our Chamber members and to the entire community of Jackson Hole. The information will be an invaluable tool for local government, businesses, and nonprofit organizations to assist with strategic programming, staffing, purchasing, event planning, and more."
The Chamber would like to recognize community partners who helped to make this tool available: Jackson Hole Central Reservations, and Jackson Hole
Mountain Resort, Jackson Hole Travel & Tourism Joint Powers Board,
and JH AIR.
For information about the DestiMetrics Jackson Hole report, please contact the Chamber at 307.733.3316 or firstname.lastname@example.org.
An Eye on the Economy
The Jackson Hole Economic Dashboard is compiled by the Jackson Hole Chamber of Commerce each month so that our Members can be aware of the numbers that effect business in Jackson Hole.
A Note from Jackson Hole Chamber of Commerce President/CEO Jeff Golightly
May 8, 2014
Dear Chamber Members,
The Jackson Hole Chamber of Commerce is transitioning the way that we report lodging tax revenues in order to provide more relevant tools for our members.
The historic way of reporting was purely by distribution date. The state provided the town and county tax reporting based on the date the checks were received by the Department of Revenue rather than the date taxes were assessed. That report is extremely useful for city, county, and state government to understand their cash flow and their needs for budgeting purposes.
However, the historic method of lodging tax collection reporting does not give insight into economic activity that occurs inside of a given month. For example, in 2012 less than 30% of December’s distribution was assessed in November compared to more than 50% in 2013. These large swings have made some months look stronger than they were while others were made to look weaker from an economic activity standpoint. Again, this data reporting format is highly useful for understanding government cash flow, but not very useful for understanding economic activity.
As such, we asked the state to provide data based on the month in which lodging taxes are assessed. The state has provided this data and, after compiling it, we have created a new reporting tool so that we can have a better understanding of the economic activity inside of given months. We will be able to see the impacts of promotions, events, natural disasters, PR, and many other potentially causal activities that impact our tourism economy. This data will also be useful in benchmarking the new tool we rolled out two months ago: DestiMetrics. Finally, businesses will be able to use the data to determine if their business growth or contraction is in-line with, ahead of, or behind their competitive set.
We are working with the state to get all other sales tax data in the same assessment format so that we can have a greater understanding of economic activity across taxable sectors beyond lodging.
If you have any questions regarding this please contact us here at the Chamber.
CEO / President
Main: 307.733.3316 x 105
Direct Line: 307.201.2305
Jackson Hole Chamber of Commerce
Respecting the Power of Place
Jackson Hole Economic Dashboard
- Teton County Lodging Tax for April 2014 was up by 8% as compared to 2013 and up 3% as compared to 2012. Teton County Lodging Tax for July through April 2014 was up by 10% as compared to 2013 and up 19% as compared to 2012.
- Sales & Use Tax Income for Teton County for May 2014 was up by 12% as compared to 2013 and up 35% as compared to May 2012. Sales & Use Tax Income for Teton County for July through May 2014 was up by 7% and up 11% as compared to the same time periods in 2013 and 2012, respectively. (Note: these figures come from the following Wyoming Department of Revenue webpage:
- Unemployment rate for May 2014 was down by 0.90% as compared to May 2013 and down 4% as compared to May 2012.
- Visitor Inquiries were up by 4% for June 2014 as compared to June 2013 and up 11% as compared to June 2012. Visitor Inquiries for January through June 2014 were up by 4% and up 9% as compared to the same time periods in 2013 and 2012, respectively.
- Visitation at Grand Teton National Park (GTNP) was up by 2% for June 2014 as compared to June 2013 and up 7% as compared to June 2012. GTNP visitation for January through June 2014 was up by 3% and up 10% as compared to the same time periods in 2013 and 2012, respectively.
- Visitation at Yellowstone National Park (YNP) was up by 7% for June 2014 as compared to June 2013 and down .32% as compared to June 2012. YNP visitation for January through June 2014 was up by 7% and up 4% as compared to the same time periods in 2013 and 2012, respectively.
- Visitation at the Jackson Hole & Greater Yellowstone Visitor Center (JH & GY VC) for June 2014 was down by 5% as compared to June 2013 and down 8% as compared to June 2012. JH & GY VC visitation for January through June 2014 was down by 3% and up .11% as compared to the same time periods in 2013 and 2012, respectively.
- Jackson Hole Airport Enplanements for June 2014 were up by 8% as compared to June 2013 and up 18% as compared to June 2012. Jackson Hole Airport Enplanements for January through June 2014 were up by 9% and up 23% as compared to the same time periods in 2013 and 2012, respectively.
- DestiMetrics Occupancy for June 2014 is unavailable at this time.
- Business Licenses Issued for June 2014 were down by 5% as compared to June 2013 and June 2012. Business Licenses Issued for January through June 2014 were down by 13% and up 4% as compared to the same time periods in 2013 and 2012, respectively.
- Real Estate sales were down by 3% (# of sales) and down 14% ($ volume) for the 1st quarter of 2014 as compared to the 1st quarter of 2013, and up by 26% (# of sales) and up 29% ($ volume) as compared to the 1st quarter of 2012.
- Construction Statistics for June 2014 were unavailable at this time.
Other Helpful Resources
Tourism News February 12, 2014: Visitors Coming to "Roam Free" in Wyoming Surges to Record Highs in 2013
Wyoming's tourism economy continues to grow. A preliminary assessment of Wyoming's travel and tourism impact shows a 4.6% growth in visitors to the state in 2013. Visitors to Wyoming increased from 8.67 million people in 2012 to 9.07 million people in 2013. This follows strong growth in the past three years, with total visitor volume increasing over 20% since 2009, which is twice that of the national average. 00 The reports prepared for the Wyoming Office of Tourism by Dean Runyan & Associates and Strategic Marketing and Research Inc. indicate that the local and state tax revenues generated from travel rose 11.4% in 2013, reaching $143 million compared to $128 million in 2012.
"We strongly support tourism and the growth in this industry shows Wyoming is taking the right approach. It is heartening to know so many people around the country and the world want to visit our state and enjoy its wonders. I look forward to a successful 2014," Governor Matt Mead said.
The Wyoming Office of Tourism's Executive Director Diane Shober says that the 2013 numbers are a positive sign for our state. "With the economy improving, people are starting to travel again and our research is showing that more people are making Wyoming their destination of choice. Our indications also show that our strategic marketing efforts continue to produce positive results," Shober said. Even with the overall per trip expenditures slightly down from last year, the increase in visitor volume has resulted in a 3% increase in total spending. According to the report, travel spending in the state surpassed the previous record of $3.1 billion in 2012, by climbing to nearly $3.2 billion in 2013. "The increases in spending are modest, but continue to trend in the right direction," said Shober.
The Wyoming Office of Tourism will continue to reach into major markets such as Chicago, Portland, Minneapolis, Kansas City, Denver and Salt Lake City this year through a series of print, TV, out of home, and digital media ads. "We have long deployed a strategy that includes traditional advertising and public relations. The addition of social media and a comprehensive digital strategy in recent years continues to yield impressive results. We are confident that 2014 will be another record year for visitation and generated revenue," Shober added. The hospitality and tourism industry accounts for nearly 31,000 full and part time jobs in Wyoming. In 2013, 240 jobs were created by the industry and returned overall job numbers close to pre-recession levels. The leisure and hospitality industry now provides 12% of all jobs in Wyoming. "Job creation is vital to Wyoming's economy so any jobs that can be added are greatly beneficial," Shober said.
For more information, please contact Chris Mickey, Wyoming Office of Tourism Media and PR Manager, 307.777.2831 or email@example.com
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