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Hotel Construction Projected to be Strong Through 2017

It’s all good if you’re in the hotel business.

Occupancy rates in the U.S. are expected to remain at record levels through 2017, according to PKF Hospitality Research|CBRE Hotels, which also projects room rates to increase by 5.5% and 5.8%, respectively, this year and next.

With demand exceeding supply, developers are expected to deliver 103,230 hotel rooms in 865 projects in 2016, according to the latest Comprehensive Pipeline Summary from the market research firm STR.

Through November 2015, the existing supply of hotel rooms nationwide stood at 5,031,859. A total of 457,606 rooms were under construction or in various planning stages.

For all the talk about the rise in demand and construction of luxury hotels, STR foresees the greatest number of hotel rooms—53,725 rooms—being delivered in the “upper midscale” classification, followed by 43,150 “upscale” room deliveries. Conversely, STR estimates that only 15 luxury hotels with 3,468 rooms are expected to open this year.

New York, with an existing supply of 117,367 rooms, leads the nation with 80 hotels and 13,583 rooms under construction, followed by Houston (with 79,255 existing rooms and 6,269 under construction), Dallas (79,572; 4,361), Los Angeles/Long Beach (98,186; 4,240), and Washington, D.C. (107,776; 3,949).

Jan Freitag, STR’s Senior Vice President of Lodging Insights, told USA Today that while room construction was up 21% over a year ago, the 1.5% increase in rooms opening in 2016 would still be below the longer-term annual average of 1.9%

Along from rising customer demand, hotel construction is being driven by room rate appreciation. For example, in Greater Sacramento, Calif., where hotel occupancy rates exceed 77% and where at least 19 hotels are under construction, the average room rates set a record in October at $116.67 per night, up 10.6% from a year earlier, according to PKF Consulting.

However, there’s always the concern that booms will eventually overheat some markets. In Central Dallas, where at least 14 hotels are slated to open between fall 2015 and the end of 2018, investors were bullish about their projects but wondered just how many rooms the market could absorb. 

“I can’t remember when we’ve ever had that influx of hotel rooms, certainly in recent history,” said John Crawford, who heads Downtown Dallas Inc., which advocates for downtown development. “And I’ve been in this market for the last 35 years.”

Source: BD+C Network

AEC Resources can identify, attract, evaluate and secure Designers, Architects and Project Managers for your next hotel project. We understand the hospitality market and regularly recruit for this market sector. Contact us so speak with an architecture recruiter today.

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Average Job Vacancy Reaches Another All-Time High

The average time-to-hire statistic climbed to 27.8 working days in May of 2015. This is another all-time high, and is 3.3 days above its May 2014 value, according to the July DHI Hiring Indicators recently released. 

This mean vacancy duration figure is 23% greater than in May 2007, before the onset of the recession and financial crisis. 

The duration measure reflects the vacancy concept in the Job Openings and Labor Turnover Survey. Specifically, a job order gets "filled" when a job offer for the position is accepted. So the vacancy duration statistics refer to the average length of time required to fill open positions.

Elevated levels of vacancy durations suggest that it is becoming harder to for employers to find the right person for the job. In particular, the demand for talent in professional services is increasing while the pool of available talent is shrinking, and competition for this smaller pool is intensifying. This trend is making it increasingly difficult for employers to find top talent. 

Architecture, engineering, and construction (AEC) firms are subject to the same challenging hiring conditions. The business climate is such that many firms have opportunities to capitalize on with projects underway or starting soon, however the critical issue is securing the right talent needed.

The average time-to-hire for positions AEC Resources has been engaged to fill in 2015 is 19.7 days. In many instances, this includes the two week notice. AEC Resources outperforms the national average, meaning we bring you great people - fast.

If you are struggling to fill an open position within architecture or engineering, and would like the assistance of a recruiting agency to quickly secure the perfect fit, contact AEC Resources today. AEC Resources provides temp workers for short term project assingments, and recruiting services for permanent positions.

We specialize in providing top talent for the following AEC positions: Registered Architect, Intern Architect, Project Architect, Mechanical Engineer, Electrical Engineer, Plumbing/Piping Engineer, Engineer in Training (EIT), Structural Engineer, Civil Engineer, BIM/CAD Manager, BIM/CAD Coordinator, Technician, Drafter, and many others.

 

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