We're just days away from Formula 1 weekend in Austin and one sector of the local economy is looking forward to the shot in the arm this event will provide. You may already be seeing more people on the sidewalks downtown and on South Congress. And while you may see pedestrians, the tourism industry is seeing lifelines.
When you're in the business of gathering people in large numbers, the coronavirus pandemic has been bad news all the way around. The American Hotel and Lodging Association reports Texas hotel business travel revenue is down 60% compared to pre-pandemic levels and Texas hotels have sustained losses of more than $4 billion. The pandemic has also cost 26,000 Texas hotel employees their jobs.
That's why foot traffic like what we're seeing days ahead of the Formula 1 weekend in Austin is such a welcome sign and not just for hotels.
"Sure. Absolutely. I'm very excited about seeing visitors back." Those words come from Jesse Thibodeaux, a fixture at Third and Congress. He's hoping the races bring some well-heeled foot traffic to his shoe shine business. "Please bring all the owners because y'all have extra money," he says, "You make millions and I'd like to have some of that."
Meanwhile, hotels are supporting the "Save Hotel Jobs" act in Congress which would include direct payroll grants to support hotel workers. And of course every dollar spent by visitors to Austin is always welcome.
"They pay the taxes and that's what they're really here for," says Thibodeaux.