Dennis Jansen and Andrew Rettenmaier Discuss Leisure and Hospitality, Housing in The Eagle
Jul 16, 2021
Summary: Dennis Jansen and Andrew Rettenmaier were interviewed for the top story in The Eagle that ran on Friday, July 16, 2021. The article discussed data from the July issue of Economic Indicators,
including recent changes in local employment and unemployment, as well as record-hitting gains in the housing market.
Although the local unemployment rate fell to 5.2% in May and employment in most industries has largely recovered, employment in the Leisure and Hospitality industry was only 78.3% of its pre-pandemic level.
“It’s pretty amazing — between 1 of 4 and 1 of 5 jobs in that industry haven’t come back yet,” said Dennis Jansen, PERC’s executive director. Jansen’s colleague, executive associate director Andy Rettenmaier, said the hospitality field suffered the biggest initial drop and had the steepest hole to dig out of.”
Better days may be on the horizon, however. “If I were to venture a prediction — and partly a hope — I think we will see some big changes here in the fall,” Jansen said. “The hospitality industry will see employment rising when A&M returns to business and students are all or almost all on campus. With 100% occupancy at Kyle Field, all of that will show up in the hotels and the restaurants.”
Single family housing permits and values have recently climbed to their highest levels in 15 years. The article also describes the high demand for land and housing both locally and in Texas.
Read the full article
at The Eagle.
For more information on the local economy and the housing market, read the July issue of Economic Indicators.