Cincinnati’s workforce is set to return to pre-recessionary proportions by 2014, making the city’s economic recovery among the fastest in the Midwest. Cincinnati’s hotel industry has realized slower growth, though demand and ADR are trending upward.
Unemployment and office vacancy has been dropping in Columbus, the state capital and a major center for financial and healthcare services in Ohio. Hotel occupancy hit a record high in 2012, and average rates are gaining ground.
The high failure rate of new restaurants can be attributed in part to a lack of understanding of the restaurant's market. This article addresses the need for a market study prior to the commitment of a major investment in a new restaurant.