Hospitality & tourism to witness amazing growth, says Michael Hicks

Wednesday, November 2, 2022

Fall is that time of the year when inexpensive conferences take place and parent weekends at colleges, and so, in the last month, Michael Hicks been traveling at length in the eastern half of the country. Some folks take pleasure in traveling to explore the gorgeous landscape, significant architecture and different cultural aspects. As an economist, Hicks also give importance to the local productivity differences over time as they are romantic in that way. Hicks said that what he saw provided only good long-term prognosis for the economy.

In travel, powerful interaction is the key with the hospitality and tourism sectors. These industries are sophisticated whose productivity has local impacts on business profitability and employment. Also, nationwide, this is the only sector which didn’t have a full employment recovery in the post-recession period. That’s not essentially an awful thing if it’s goes together with productivity improvements. Everywhere Hicks visited, he saw productivity improvements.

Economists calculate productivity as the cost of goods or services sold per unit of inputs. Inputs are raw materials, people or equipment. This means, the hospitality and tourism sector, mostly getting more revenue per worker. To this industry, people are a huge cost share, so making more money per worker is always the target of productivity improvements.

Also, this instance shows the significance of thinking like an economist. A more productive business needs and hires less number of workers.

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