This summer, members of the Vertical IQ team are hitting the road for lots of fun adventures, and you’re invited — well, virtually at least! The Vertical IQ Summer Road Trip Blog Series will give you the 411 on all of the cool places our Vertical IQers are exploring … while also sharing ways to get the most out of Industry Intelligence. Here’s to making summer memories!
For the past 18 years, summer has been the best time for us to take a family vacation due to our kids’ school and sport schedules. However, with my daughter in college, my son having just graduated from high school, and my wife and I on the cusp of being empty nesters, that may soon change. That’s why we recently took the opportunity to take a summertime family vacation out west.
The four Buffaloes flew from Raleigh to Montana, then rented a car and hit the road! We enjoyed some time in Bozeman and Big Sky before driving on to beautiful Yellowstone National Park. In addition to the hot springs, waterfalls, and Old Faithful, our Yellowstone must-see list of course included some of our buffalo relatives — the bison — and the park did not disappoint!
Our trip included not only beautiful scenery but also all of the fun activities you might expect on a trip out west. In the greater Yellowstone area, we enjoyed a horseback riding tour and a fireside cowboy dinner. We then went to the Grand Tetons and Jackson, Wyoming, where we did an amazing bicycle tour and even went to a rodeo!
Hotel, motel, whatcha gonna do today?
We stayed at various hotels, motels, and lodges during our time in Montana and Wyoming (though no Holiday Inns, for you Sugarhill Gang fans). The areas we visited are of course major tourist destinations during the summer as people enjoy the national parks and mountains, as well as during the winter for skiers. It made me wonder how the hotel and motel industry might differ between two towns like Bozeman, Montana, and Jackson, Wyoming. Enter Localized Industry Data from Vertical IQ!
Covering 300 metropolitan statistical areas (MSAs) plus more than 3,100 counties across the US, Localized Industry Data provides information on a particular industry at the local level. You’ll find sections on the density, number of locations, and employment and wage trends for an industry within a specific geographic area. You’ll also get population, income, and wage trends for the MSA or county.
If a business is considering an expansion or a downsize, this type of highly focused Industry Intelligence can be useful for comparing the economic landscape of different locations. It can also be helpful to benchmark how an industry is doing in one area as compared to another so you can ascertain the best targeted prospecting or marketing strategy.
Here’s what you would learn about the differences between the hotel/motel industry in Bozeman versus Jackson using our Localized Industry Data …
Hotels and motels in Bozeman, Montana (Gallatin County)
- Industry growth: There are 94 hotels and motels in Gallatin County, an increase of 1.1% from the previous year, while the local population changed by 2.5% from the previous year.
- Industry density: The most recent Bureau of Labor Statistics data shows 75.8 hotels and motels per 100,000 people in Gallatin County, higher than the US average of 18.3. The density of hotels and motels has changed -9.0% over the past three years of reported data, indicating decreased competition in the Gallatin County market.
- Industry employment: In Q4 2023, hotels and motels in Gallatin County totaled 2,961 employees, a 37.6% change from the previous year.
- Local population: Demand for hotels and motels is driven by population growth. The population of Gallatin County changed 2.5% according to the most recent Census Bureau data, higher than the national growth of 0.4%.
- Local economy: The local economy grew 5.3% last year, compared to the national average of 1.9%. The strong local economy should boost demand for hotels and motels.
- Local real GDP growth: Demand for hotels and motels is also affected by the strength of the local economy. Real GDP in Gallatin County changed 5.3% in per the latest data from the Bureau of Economic Analysis, higher than the U.S. average of 1.9%.
- Per capita personal income growth: Per capita personal income changed 6.5% in Gallatin County, higher than the national rate of 1.6%, recent Bureau of Economic Analysis data shows. Stronger personal income could increase demand for hotels and motels.
Hotels and motels in Jackson, Wyoming (Teton County)
- Industry growth: There are 54 hotels and motels in Teton County, an increase of 3.8% from the previous year, while the local population changed by 0.1% from the previous year.
- Industry density: There were 225.9 hotels and motels per 100,000 people in Teton County according to most recent Bureau of Labor Statistics data, higher than the U.S. average of 18.3. The density of hotels and motels has changed -1.2% over the past three years of reported data, indicating decreased competition in the Teton County market.
- Industry employment: In Q4 2023, hotels and motels in Teton County employed 4,099 people, a 6.6% increase from the previous year.
- Local population: Demand for hotels and motels is driven by population growth. The latest census data shows that the population of Teton County has changed 0.1%, lower than the national growth of 0.4%.
- Local economy: The local economy shrank -2.3% last year, compared to the national average of 1.9%. The slower local economic growth could impact hotels and motels demand.
- Local real GDP growth: Demand for hotels and motels is also affected by the strength of the local economy. Based on the most current Bureau of Economic Analysis data, real GDP in Teton County has changed -2.3%, lower than the U.S. average of 1.9%.
- Per capita personal income growth: Recent Bureau of Economic Analysis data also shows that per capita personal income has changed 12.0% in Teton County, higher than the national rate of 1.6%. Stronger personal income could increase demand for hotels and motels.
As you can see, competition in the hotel/motel industry has decreased while employment in that industry has increased in both the Bozeman and Jackson areas. Personal income has also exceeded the national average in both of these geographies. The local economy and real GDP have been stronger in Bozeman than in Jackson, however. Since both areas are heavily dependent on tourism, this might be a sign of a shift in demand.
Check out Vertical IQ’s Localized Industry Data to learn more about the nuances of an industry within a particular geographic area, and whether it might be a vertical you’d like to target.
Leave the “rest” to Vertical IQ’s Localized Industry Data
My family and I had a ton of fun and enjoyed a great time together in this beautiful part of the country. My advice is to take time away from work and take advantage of the time you have with your family and friends while you can. And if you’re calling on hotels and motels, don’t rest on your laurels. Learn more about this industry using Industry Intelligence like Localized Industry Data from Vertical IQ!
If you want to learn more about how to build stronger relationships and sales through actionable, convenient, and focused Industry Intelligence that covers more than 97% of the US economy and Canada, contact us today.