2018 Tourism Adds $8.7B to Austin Economy

Austin’s tourism industry was lucrative to the metro’s economy in 2018. According to Red Awning Group, visitors to Texas’ capital city generated $8.7 billion in revenue during 2018, making Austin “one of the most profitable U.S. cities for vacation rental managers,” according to the research company’s report. Furthermore, the industry created 70,000 jobs.

When it came to vacation rentals, “Airbnb alone reported 482,000 guest arrivals in 2018, an impressive 48% growth rate since 2016,” Red Awning Group noted. Furthermore, occupancy rates, average daily rate and RevPar also continued to see growth, creating a market in which demand exceeded supply.

The report pointed to Austin’s event focus and growing business climate as sources for continued strength in the hotel and Airbnb sectors.

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