The restaurant industry is having another great year. Restaurant-industry sales are expected to hit a record high of $683.4 billion this year, the fifth consecutive year of real growth in restaurant sales, according to the National Restaurant Association.
On the whole, restaurant operators remain optimistic about the business environment the rest of the year. Many restaurant chains, such as Costa Vida and Five Guys Burgers and Fries, are expanding, and the interest in restaurant franchises remains high. In the NRA’s March 2014 Restaurant Industry Tracking Survey, 40 percent of restaurant operators are confident that they will have higher sales this year compared with 2013. Here is a snapshot of how the industry as a whole is expected to grow and impact the U.S. economy this year:
- 3.6%: Expected restaurant industry sales increase for all of 2014.
- 990,000: Year-end number of restaurant locations in the United States.
- 13.5 million: Year-end restaurant industry employees. The industry is expected to remain the nation’s second-largest private sector employer!
- 10%: Restaurant workforce as part of the overall U.S. workforce.
- 47%: Restaurant industry share of the food dollar.