Travel And Hospitality Locations: Travel And Tourism On The Rise

By Kyle Peschler
From the November/December 2024 Issue

During and after the pandemic, many industries experienced downturns but have moved toward continued recovery in recent years. Tourism and hospitality are among the industries seeing a significant increase in activity. People around the world have the urge to travel and explore now more than ever.

According to the World Travel & Tourism Council (WTTC) “2024 Economic Impact Research,” the U.S. travel and tourism sector has contributed more to the economy than ever before. In 2023, the sector’s GDP contribution rose by 7% to reach a total of $2.36 trillion, which exceeded the previous record by $100 billion. Sector jobs rose by 656,000, reaching 18 million across the country, which broke the previous record of 17.4 million. Domestic visitors spent a total of $1.3 trillion, more than 9% from its previous peak in 2019.

The U.S. travel and tourism sector was forecasted to increase its GDP contribution more than $2.5 trillion this year, which would represent 9% of the U.S. economy. The sector was also projected to employ 18.8 million people nationwide, with one in nine Americans working in the industry. Visitor spending is expected to grow, reaching $1.4 trillion, surpassing the 2019 record by 14%.

In Canada, according to WTTC, the travel and tourism sector’s GDP contribution grew almost 25% yearly to reach $172 billion, representing 6% of the nation’s total economic output. The sector created 85,000 new jobs, adding to the total of 1.7 million. International spending increased by 42% to reach $41.3 billion.

Marble Falls, TX: A Premier Welcoming Destination

Like most communities, Marble Falls, Texas has commercial and industrial land available for development. The town of just over 7,500 also has reasonably good transportation infrastructure, and proximity to large urban centers like Austin (60 minutes away) and San Antonio (75 minutes away).

The area can start claiming some advantages as a scenic lake town in the Texas Hill Country, popular for retirees and tourists alike, with recent growth creating new opportunities in the healthcare, light manufacturing, and professional office sectors. Being a regional shopping hub for more than 121,000 people gives Marble Falls an energetic vibe unrivaled by communities of similar size.

What sets Marble Falls apart, however, now more than ever, is the community’s small-town values coupled with its welcoming attitude toward newcomers. In the last few years, new residents from over 100 counties in 43 states have fueled steady growth and development across the region. From 2020 to 2021, household income grew more in Burnet County than in any other county in Texas. People are realizing that, if they can work from anywhere, they want to work from the Marble Falls area.

Downtown Marble Falls in particular has both contributed to and benefited from that growth. Professional offices and small headquarter facilities are well-situated with proximity to quaint shops, great restaurants, and amazing park space.

After years of planning, a new anchor development is underway—the Ophelia Hotel & Conference Center, part of the Tapestry Collection by Hilton. The project will feature 127 guestrooms, approximately 10,000 square feet of meeting space, and unique food and beverage offerings.

While the emergence of Marble Falls as the retail and entertainment hub of the Highland Lakes area is a relatively recent development, the community’s draw for generations has been its connection to the outdoors. Beautiful Lake Marble Falls is ideal for skiing, kayaking, canoeing, and paddleboarding, and the Downtown parks along the waterfront are continually enhanced by a $25 million improvement plan that began in 2019.

Marble Falls is already a special place, and community leaders are focused on making incremental improvements to a few areas while maintaining momentum in others. When it comes to new businesses, size and fit are critical considerations. Small- to medium-sized companies will likely have an easier time with real estate and employment than very large firms—and the community likes it that way. If the prospects of a charming small town with steady, manageable growth and a surprising set of amenities sound appealing, give Marble Falls a shot. Whether your interests lead to a greenfield development in the Business and Technology Park or the restoration of an historic downtown structure into a live/work/shop space, opportunities abound in Marble Falls.

Visit marblefallseconomy.com for more information.

Read more economic development and site selection news about the tourism, recreation and hospitality industries from Business Facilities.