Hospitality: An $8.7 billion market
The hospitality market offers some $8.74 billion in property/casualty premiums from 755,410 enterprises, with $5.88 billion coming from 653,654 food services and drinking places and the balance coming from accommodation businesses (hotels, motels and other travel accommodations), according to data compiled by MarketStance, Middletown, Connecticut. The majority of enterprises in this niche market are small- or medium-sized accounts, ideal targets for independent agents. This is a market that continues to show strong employment and sales growth, with MarketStance projecting strong growth into the future in most states.
Based on MarketStance scoring that takes into account the total number of enterprises and total premiums plus historical and forecast growth in employment and sales, the 10 most attractive states for this market are: Georgia, Florida, North Carolina, Texas, California, Arizona, Illinois, Idaho, Washington and Connecticut. Both Idaho and Connecticut reached the top 10 thanks to extremely strong historical triple-digit sales growth in casino hotels.
In the food service area, the five states showing the fastest historical sales growth are Nevada, Arizona, Florida, North Carolina and Idaho. Connecticut, Indiana, Idaho, Kansas, and Missouri boast the top sales growth for accommodation businesses.
For additional information on this or other niche markets, contact MarketStance at (888) 777-2587 or e-mail at info@marketstance.com. *