Employment Outlook for Those in the Hospitality Field

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There are a lot of different jobs covered under the field of hospitality, everything from chefs to hotel maids serve under the hospitality banner. As of February 2014, the unemployment rate for those in the hospitality industry was 10.4%, which is 35.5% higher than the 6.7% national unemployment rate during the same month. While it may seem that this just simply means the employment outlook is poor, it’s much more complicated than that. What’s going on with the hospitality industry?

Employment is Not Equal Among All Areas

The hospitality field is based on the amount of disposable income residents of an area have. Because unemployment is high in state like Michigan with a 7.8% unemployment rate in January and not a large amount tourism, the hospitality industry will be much weaker there then Hawaii with a 4.8% unemployment rate in January and a truly large tourism industry. As we can see, 10.4% is certainly not spread evenly and depends greatly on the region. Texas, with its growing population and low unemployment, should also be a spot of hospitality job growth.

There’s a Lot of Variety in Jobs

Hotels, casinos, and restaurants all run under the name of the hospitality industry. Jobs like waiters and bellhops and valets who appeal to those working their way through college have a truly high turnover; thus, new jobs are always popping up and being filled just as fast. More long-term careers like chefs are easily analyzed and will see a 5% growth over the next 10 years, which unfortunately is slower than average. Hotel managers will only see a 1% growth over the next ten years. How much growth you should expect to see is dependent on your particular career.

Markets Can Change Quickly

The entire hospitality field is volatile and as the employment numbers get better, so too will the number of jobs in hospitality. Likewise, if the economy decides to take a dive. When the amount of money in the hands of wage earners goes up, the hospitality industry will be the first to see it. Those with a career in this area will want to keep an even closer eye on the unemployment numbers and look for signs of potential.

In our view, the job outlook for those in the hospitality industry looks promising. If you’re living in the right area and are aiming for the right career then you may not be feeling the recession at all, while those in certain places will feel a much bigger sting. For those with aspirations in the hospitality industry, stay steady and follow your passion. However, make sure you are aiming for a big city where your gifts will be appreciated, and always remain competitive with the rest of the industry. If the economy grows faster than the expected outlook, the numbers will be impressive.

The bottom line is that this is an exciting industry and now is the best time to be an entrepreneur and an educated one at that.