Swyft Filings just released its fourth annual , which examines data from more than 63,000 new business applications to understand how industries are faring nationwide. The report shows the accommodations industry, which includes businesses like hotels, hostels, and vacation rental property management, saw a 15.21% increase in new business formations between 2020 and 2021, landing the industry the No. 5 spot in Swyft's Growth Rank index.
After seeing 96.82% year-over-year growth and ranking third in Growth Rank in 2020, the accommodations industry was a bit slower to expand in 2021 but has seen a surprisingly large boom in new business applications over the last two years. Swyft postulates the growth in new business formations may have been spurred by historical low property loans and a variety of pandemic-focused government grants given out in 2020.
Tags: Swyft
