Rising Labor Costs: Drivers Include Inflation, High Minimum Wage, and More Hours Worked
Less spending on labor has been a big reason why U.S. hotel profit margins have held strong, but that spend is on the rise with labor costs growing at a compound monthly rate of 3.7 percent in 2022. Gross operating profit (GOP) came in at 42.3 percent in 2022, which was 0.6 percentage points higher than 2019. That success in maintaining profit levels can be largely attributed to more efficient operations (i.e., less frequent housekeeping, […]
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