Hospitality and tourism industries lag behind as native financial system reveals indicators of restoration

SAVANNAH, Ga. (WSAV) – Savannah’s economy is showing strong signs of recovery, particularly in terms of employment. While some industries are doing fine, others are still struggling to recover.

The hotel and tourism industry focuses on close contact. This is one of the reasons they have been hit so badly during the pandemic.

Business is pulling for many Savannah restaurants thanks to the weather, but it’s bittersweet for many employees.

“We are very grateful. I’m also very grateful to employees who don’t mind risking their lives to serve people, ”said Andrew Williams, operations manager, Southern Cross Hospitality.

The interpersonal character of gastronomy and hospitality means that economic recovery is slow.

According to Mike Toma, an economics professor at Georgia Southern University, a complete recovery depends on how quickly we can achieve herd immunity, likely through vaccinations.

“There are still around 4,000 people employed in this sector,” said Toma.

“Our further recovery is hindered by the relatively low position we have in these rankings for the percentage of the population vaccinated,” he added.

The Centers for Disease Control and Prevention report Georgia ranks last nationwide when it comes to the percentage of people who received their first dose of vaccine.

According to Georgia Southern Economic Monitor reportGeneral employment in the Savannah metropolitan area is only one percent less than before the pandemic.

Consumer spending is also receiving an urgently needed boost thanks to the stimulus relief.

“The economy is structured in such a way that around two-thirds of all spending, two-thirds of all economic activity in the economy, is driven by household and consumer spending,” said Toma.

Toma says Hostess City performed better than other parts of the state in many ways because it is considered a “drive-in destination”. It is estimated that around 85% of visitors go here.

The economic report shows that hotel room rents rose 8.4% in the last quarter of 2020, but are still down 34% from the same period last year.

According to Toma, the hotel and aviation industries expect it to return to pre-pandemic levels by the end of 2023.