NTI Emerges from Covid-19... a stronger company
As 2022 arrives, it’s no secret that most of our businesses have been hit hard by the pandemic. And NTI was no exception. For 15 months from mid-2020 to mid-2021, NTI was peppered with frustration over Covid-19. NTI's senior management team made the decision to face COVID-19 head-on and go on the offensive.
NTI intentionally spread our wings.
For perspective, 2019 was NTI's most successful year gauged by new revenue growth. It was our 6th successive year of record-setting growth after having endured The Great Recession, a decade ago. For the year we booked a record number of projects, 72% percent of which are in the hospitality field.
NTI has earned its way into hospitality projects, a sojourn 20 years in the making led by Jeff Cook, Scott Dupuis, and a team of designers who have collectively worked on over 1,000 hotels. But as we all know, the hospitality industry was hit extremely hard during the pandemic.
The American Hotel and Lodging Association (AHLA) reports that hotel occupancy was estimated at 66% in 2019 and fell to just 24.5% in April 2020. Four million jobs were lost in the broader hospitality industry due to COVID 19, and it set the industry’s job growth back over 10 years.
As the pandemic's effect on hospitality arrived at NTI, senior management became proactive with efforts to expand our portfolios for markets other than Hospitality. It was clear that hospitality was going to struggle for a while, how long was the question. Better penetration into existing markets and growth into new ones became the focus for 2020 continuing throughout 2021.
We ended 2021 far more diverse than we had entered 2019, and to our great joy saw the return of hospitality projects after a 15-month drought. We ended the year with our best Q4 ever and with a stronger company for having spread our wings. In 2021, Hospitality accounted for 43% of projects (down from 72% just two years earlier). Our MDU project portfolio jumped from less than 3% in 2019 to 11.3% in 2021. Senior Living rose from less than 2% to 8.4%. Mixed-use rose from 2.3% to 10.4%. And NTI entered a new industry -Industrial, which emerged from nothing in 2019 to 5.4% of 2021's total business.
NTI's senior team has an average of over 15 years at our company and averages more than 25 years of career experience. They are collectively optimistic about 2022's business forecast for NTI, based on how 2021 finished and 2022 has begun.
Please also know that we are grateful to our clients, so many of whom have returned with 2 or 22 subsequent projects, and who have referred us into countless projects over the years. NTI's clients are the reason we are beginning our 24th year in business so optimistic about our future.