February Market Report

February was a mixed bag due to the unpredictable forces of weather and the economy. On the weather front, many mountain destinations experienced warmer and drier conditions during the month, while several had more snow than they could deal with at times. Meanwhile, on the economic front, things boomed yet again during the month as the Dow Jones added a strong 948 points in February and closed at an all-time monthly record, and employers added 235,000 new jobs. Meanwhile consumers threw their hat into the ring and increased confidence to just under 115 points, the highest level since July 2001. For the most part, the strong market forces are reflected in bookings, as booking pace slows, but rate remains very strong. Based on an aggregate data from all DestiMetrics destinations, occupancy for February was up 1.2 percent versus the same time last year, while rate was up 6.0 percent for the month. Bookings taken in February for arrival in February were down – 26.8 percent. Locally, Jackson Hole occupancy was up 1.6 percent in February versus 2016, accompanied by a decrease in rate of -10.9 percent. Jackson Hole occupancy for the past six months (September – February) increased 5.3 percent compared to the same period last year, while rate also increased 7.8 percent. Bookings taken in February for arrival in February were down -75.4 percent compared to February 2016.

Some other trends of note:

  • Teton County Lodging Tax for December 2016 was up by 20% as compared to December 2015 and up 38% as compared to December 2014. Teton County Lodging Tax for July through December 2016 was up by 10% and up 24% as compared to the same time periods in 2015 and 2014, respectively.
  • Visitation at Grand Teton National Park (GTNP) for February 2017 was down by 17% as compared to February 2016 and down 14% as compared to February 2015.
  • Visitation at the Jackson Hole & Greater Yellowstone Visitor Center (JH & GY VC) for February 2017 was down by 16% as compared to February 2016 and down 7% as compared to February 2015.
  • Business Licenses Issued were up by 46% as compared to February 2016 and were up 90% as compared to February 2015.
  • Real Estate sales were down by 35% (# of sales) and down 40% ($ volume) for the 4th quarter of 2016 as compared to the 4th quarter of 2015, and down by 24% (# of sales) and down 25% ($ volume) as compared to the 4th quarter of 2015.
  • Construction permits were down by 81% as compared to February 2016 and were down 33% as compared to February 2015.
  • Residential construction total value was down by .41% as compared to February 2016 and was up 543% as compared to February 2015.
  • Commercial construction total value was up by 558% as compared to February 2016 and was up 8782% as compared to February 2015.

For a complete look at the February 2017 report, please visit the Chamber of Commerce