Hospitality Sector Job Growth Points to Economic Recovery in 2012

Another strong indicator of recovery in the hospitality sector is the increase in requests to recruiting firms for candidates to fill top positions. For Dennis P. Rizzo, President/CEO of Bentley Price Associates Inc, a hospitality executive search firm that has placed leaders in the gaming and hospitality industry for over 35 years, 2012 is already beginning to look as though it is going to be a great year.

"The hospitality industry is showing an increased demand for the skilled, higher-paying executive positions," says Rizzo. "Hotels, resorts, casinos and luxury assisted living facilities are looking for qualified executives."

Many economists regard the return of hospitality and service sector jobs as an indicator that we've turned the corner, and while that remains to be seen, there is no denying that there are positive signs of recovery in this field.

PKF-HR, a travel research firm, is forecasting that hotel room revenue will grow by 10.5 percent on a per-available-room basis (RevPAR) in 2012. PKF-HR notes that the U.S. lodging industry has not seen double-digit growth in RevPAR since the days of double-digit inflation during the late 1970s and early 1980s.

Economists look for a rise in demand for service, as we are seeing in the hospitality industry, because that is naturally followed by a demand for jobs. Moody's Analytics, a leading independent provider of economic data and prediction, expects hotel income to grow at a 4.4 percent pace, something not seen since 2006. Their 3.2 percent forecast growth for employment in 2012 is at its highest since 1988.

Executive search firms are already seeing an increased demand for candidates for hotels, casinos, resorts and high-end assisted living facilities, both at home and abroad. People like Rizzo will be helping those interested in executive positions in the hospitality industry take advantage of this upswing in 2012.