An Industry Focused on Growth: The National Restaurant Association Drops 2023 Report
This year's National Restaurant Association State of the Industry report painted a particularly rosy picture.
The National Restaurant Association, known to many as 鈥渢he other NRA,鈥 is a 100-year-old business association that represents more than 380,000 restaurants across the US. While they have a variety of goals and programs that touch many facets of the industry, their annual never fails to spark conversation among chefs, restaurateurs and anyone else associated with the food and beverage world.
After years of rebuilding from sweeping COVID closures that upended food service business around the world, 2023 looks to be a year of expansion.
According to the report, the US foodservice industry is forecasted to reach $997 billion in sales this year, spurred on by a workforce that is projected to grow by an estimated 500,000 jobs. This would bring the total industry employment to 15.5 million by the end of the year.
With stats like that, it鈥檚 unsurprising people are looking to get into the food and beverage game. Forty-seven percent of operators surveyed said they expect competition to be more intense than the previous year.
The report is not without concerns. Ninety-two percent of foodservice operators reported that the rising cost of food is a significant issue for their businesses.
If the idea of more options when it comes to eating out has you excited to plan your social calendar for the remainder of 2023, you鈥檙e not alone. When it comes to the consumers surveyed for the report a whopping 84% said going to a restaurant is a better use of their leisure time than cooking and cleaning up after themselves. While the days of everyone trying their hand in the kitchen may have burnt out many folks, they were also the catalyst for many to finally take the leap and follow their passion into a career in culinary and pastry arts.
All signs point to 2023 being a year for good eating!
More Hospitality Business Stories:
