Despite sluggish recovery by the nation’s economy, the restaurant industry is projected to expand in 2012, according to the National Restaurant Association’s 2012Restaurant Industry Forecast released today. Total restaurant industry sales are expected to reach a record high of $632 billion in 2012 – a 3.5 percent increase over 2011, marking the second consecutive year that industry sales have topped $600 billion. In addition, the restaurant industry will continue to fuel U.S. employment in the year ahead as the nation’s second largest private sector employer. Overall restaurant industry employment will reach 12.9 million in 2012, representing 10 percent of the total U.S. workforce.
In 2011, total U.S. employment grew at a rate of 1.0 percent, while restaurants added jobs at a 1.9 percent rate. In 2012, the National Restaurant Association expects the restaurant industry to add jobs at a 2.3 percent rate, a full percentage point above the projected 1.3 percent gain in total U.S. employment. The industry is expected to gain back all of the jobs lost during the recession by early 2012. The overall economy isn’t expected to be back at pre-recession employment levels until 2014. Looking ahead, the Association expects a jump in restaurant employment to 14.3 million individuals in the next decade – an increase of 1.4 million jobs.
For more information about the National Restaurant Association’s 2012 Restaurant Industry Forecast, visitwww.restaurant.org/forecast.
Posted by Aaron