Projo Biz Blog

By Lisa Vernon-Sparks
Journal Staff Writer

WARWICK, R.I. -- Rhode Island's hospitality industry has sustained some serious blows during the economic downturn, but experts say it can expect a slow but steady ride toward recovery.

The forecast, a mixed bag of data complied by three independent consultants, was unveiled Wednesday to representatives of some 65 hotels, restaurants and travel businesses who attended the latest installment in the Economic Outlook series at the Radisson Hotel, hosted by the Rhode Island Hospitality Association.

The sector includes restaurants, accommodations and the travel and tourism industries. The reports looked at industry trends until roughly 2011, through the lenses of jobs, profitability, consumer habits and impact on other industries.

For the restaurant industry, much of the recovery hinges on how much money Rhode Islanders are willing to spend, said B. Hudson Riehle, senior vice president at the National Restaurant Association.

For restaurants, the "2008-2009 time frames have been the most challenging in several decades," Riehle said. He said the good news is that the recession is over for the industry, and there is a "pent-up" desire to go out.

But, he said, "until employment gets better and consumer confidence comes back up, it's only then the purse strings will loosen up."

 Tags  economy National Restaurant Association Rhode Island Hospitality Association

Comments

BackInRI said:

Yeah, sure. My wife and I have a "pent up" desire to go out, but we also have no income. Taco Bell is a big night. I'm sure I'm not alone.

If "the recovery hinges on how much money Rhode Islanders are willing to spend", then it's easy to predict the outcome.

Where does this National Restaurant Association guy live? I want to move there.

Link | October 16, 2009 9:53 AM
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