WASHINGTON—The Americas is the only world region that showed a year-over-year increase in pipeline activity at the end of the first quarter, according to March 2024 data from CoStar.
March 2024 (Percentage change in comparison with March 2023):
Europe
- In construction: 172,499 rooms (down 6.8 percent)
- Final Planning: 99,744 rooms (down 25.3 percent)
- Planning: 160,404 rooms (up 3.1 percent)
- Total Under Contract: 432,647 rooms (down 8.8 percent)
Among countries in the region, Germany (28,500) led in construction activity, closely followed by the United Kingdom (28,423).
Asia Pacific
- In construction: 502,610 rooms (up 5.6 percent)
- Final Planning: 109,926 rooms (up 5.6 percent)
- Planning: 289,041 rooms (down 11.0 percent)
- Total Under Contract: 901,577 rooms (down 0.4 percent)
China leads the Asia Pacific region in total rooms in construction (315,145), followed by Vietnam (37,113).
Middle East & Africa
In construction: 110,783 rooms (down 7.3 percent)
Final Planning: 36,173 rooms (down. 20.9 percent)
Planning: 81,316 rooms (down 3.3 percent)
Total Under Contract: 228,272 rooms (down 8.5 percent)
Most of the region’s pipeline activity is focused on the Middle East. Saudi Arabia (42,464) and the United Arab Emirates (19,046) have the most rooms in construction.
Americas
In construction: 205,998 rooms (up 4.1 percent)
Final Planning: 296,374 rooms (up 6.8 percent)
Planning: 378,628 rooms (up 36.0 percent)
Total Under Contract: 881,000 rooms (up 16.9 percent)
The United States (156,525) holds the majority of rooms in construction in the region. After the United States, Mexico (13,335), Canada (7,603), and Brazil (5,799) show the highest number of rooms in construction.
