Summer Tourism Projected to Increase

This summer is expected to be a big one for the tourism industry

This past Memorial Day weekend was the unofficial kickoff of summer, and was one of the busiest Memorial Days of the past decade, with more than 30 million people traveling. This summer looks to be just as busy in terms of travel. Weary from the record-breaking winter, one-fourth of all consumers say that they expect to spend more money this summer, especially on travel. This projection is great news for the hotel industry. Hotel research company Smith Travel Research predicts that this summer will be a boom for the hospitality industry in the United States, with occupancy in hotels for the summer rising to 71.2 percent and revenue per room going up to $82.90.

Many cities in the United States rely on tourism as a major part of their economy, especially during the summer. Maryland’s Ocean City gets about 8 million visitors a year, with the majority visiting during the summertime. In Long Island, New York, more than 4 percent of the state’s gross product comes from tourism, and more than 51,000 people work in the tourism industry on Long Island.

Taking advantage of favorable market conditions like this summer’s projection is crucial to the success of a small business. Businesses that get the most out of their potential are those that adjust and seize the most opportune moments. It can be nearly impossible to get the most out of your business without the proper financing. Silver Rock Funding can help get your small business the business loans it needs in order to rise as high as possible. Whether you’re a bed and breakfast hoping to take advantage of increased travel projections or a restaurant in a tourism hotspot, Silver Rock Funding can help get your business a merchant cash advance of anywhere between $5,000 and $500,000 for its business needs.