According to the National Restaurant Association (NRA), the U.S. restaurant industry will have its best year since before the economic downturn, with real sales growth turning positive and job growth accelerating.
Released on Tuesday, the NRA’s 2011 Restaurant Industry Forecast predicted that U.S. restaurant industry sales are expected to reach a record USD 6 billion this year, a 3.6 percent increase over 2010.
The economic recession has created a substantial pent-up demand for restaurant services, with more than two out of five consumers saying they are not dining out or using takeout as often as they would like, positioning the restaurant industry for growth in 2011.
According to the report, the restaurant industry will employ 12.8 million people this year, adding jobs at a rate of 2.4 percent. In the next decade, restaurants will add 1.3 million positions. The United State’s 960,000 restaurants will continue to be strong contributors to the recovery of the nation’s economy, with a total economic impact exceeding USD 1.7 trillion; every dollar spent in restaurants generates USD 2.5 spent in the overall economy.
“As the national economy is slowly improving, the restaurant industry is climbing out of its most challenging period in decades to post positive real sales growth in 2011,” said Hudson Riehle, senior VP of the NRA research and knowledge group. “As in 2010, restaurant industry job growth is expected to outpace the national economy this year, emphasizing the importance of industry to the nation’s economy.”
