Restaurant Industry Enters Fifth Consecutive Year of Sales Growth

The National Restaurant Association’s 2014 Restaurant Industry Forecast predicts sales will exceed $683 billion this year.

February 07, 2014

WASHINGTON – This year will mark the fifth consecutive year of restaurant industry sales growth despite a continued challenging economic landscape, according to the National Restaurant Association’s 2014 Restaurant Industry Forecast. Industry sales are projected to exceed $683 billion in 2014, up 3.6% from 2013’s sales volume of $659 billion.

“As our nation continues its road to recovery, the restaurant industry will remain a key driver of economic growth and a leading jobs creator,” said Dawn Sweeney, president and CEO of the association, in a press release. “Restaurants touch every community across the U.S., and 2014 will be a year of growth and innovation as the industry focuses on inspired new ways to meet consumer demand while providing valuable careers to millions of Americans.”

2014 also will mark the 15th straight year in which restaurant industry employment growth will outpace overall employment growth. The industry will continue to be the nation’s second-largest private employer with 990,000 restaurants employing 13.5 million individuals, or about 10% of the total U.S. workforce.

The association expects eating-and-drinking places to add jobs at a solid 2.8 percent rate in 2014, a full percentage point above the projected 1.8 percent gain in total U.S. employment. While the restaurant industry is expected to grow in 2014, operators will continue to face a range of challenges. The top challenges cited by restaurateurs include food costs, labor costs, and the economy. After increasing steadily in the last four years, wholesale food costs will continue to be elevated through 2014, putting significant pressure on restaurants’ bottom lines as about one-third of sales in a restaurant goes to food and beverage purchases.

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