Hospitality – the Economic Engine
- The industry’s annual sales now top $660 billion.
- Each $1 spent in restaurants generates an extra $2 in sales for other industries
- Industry’s share of the food dollar is now 47 percent
- Total economic impact of the industry is estimated at $1.8 trillion
- Sales constitute 4 percent of the U.S. GDP
Feeding the U.S. 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.
Restaurant industry sales are growing, with projected sales of $660.5 billion in 2013, up approximately 9% in two years. On a typical day, restaurant industry sales are $1.8 billion across the 980,000 restaurant locations nationwide. Today, restaurant industry sales are 4% of the U.S. GDP.