The Restaurant Industry is Booming!
According to the National Restaurant Association (NRA), driven by an improving economy, restaurant industry sales are expected to hit a record high of over $750 billion in 2020. Although this will represent the seventh consecutive year of real growth in restaurant sales, the gains remain below what would be expected during a normal post-recession period due to a range of challenges. The restaurant industry will remain the nation’s second-largest private sector employer with a workforce of 14 million.
Sales of full service or table-service restaurants are forecasted to reach $250 billion in 2020. Full service restaurants are defined as establishments which provide complete and varied breakfast, lunch and dinner menus with a wide selection of food and beverages.