Why the Hospitality Industry?
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According to Hospitality Technology, the restaurant industry will experience its fifth consecutive year of sales growth in 2014, highlighting the resiliency and creativity of the sector.
Data from the National Restaurant Association revealed that industry sales are projected to exceed $683 billion this year, an increase of 3.6 percent from 2013′s figures of $659 billion.
- In addition to the robust predictions for sales in the restaurant industry, 2014 will also mark the 5th straight year in which employment within the sector has outpaced overall employment trends.
- The restaurant industry is the nation’s second-largest private-sector area of employment, with approximately 990,000 establishments employing a total of more than 13.5 million workers – almost one-tenth of the nation’s workforce.
- Restaurant Industry’s share of the food dollar per household is 47%
- Total economic impact of the Restaurant Industry is estimated at $1.8 trillion
- Restaurant Sales constitute 4% of the entire US GDP
- The restaurant industry has a high turnover ratio of over 75% resulting in constant recruiting opportunities
Feeding the US Economy
With restaurants on every street of our towns and cities and along vast stretches of America’s roads and highways, restaurant industry activity has become a huge component of the U.S. economy. The industry’s economic health is now a leading indicator of the nation’s economic health, and industry growth is a significant factor in the nation’s economic outlook.