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Research Outline
Prepared for Brian K. | Delivered March 18, 2020
Economic Impact of Restaurant Industry
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Goals
To determine the impact of the restaurant industry on the US economy, the percentage of the US workforce employed by restaurants, and the number of family owned restaurants in the United States.
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Early Findings
According to the National Restaurant Association, restaurants account for
51%
of the food dollar in the US.
The dollar value of the economic impact of the restaurant industry on the US economy is $
2.5 trillion
.
Total sales for 2020 is projected at
$899 million
from the over
one million
restaurants in the US. This is
$36 billion
more than what was projected for 2019.
Commercial restaurant services account for $
828.8 billion
and are derived from eating places (
$617.5 billion
), bars and taverns (
$22.8 billion
), and other (
$188.7 billion
).
Non-Commercial restaurant sales will account for
$66.9 billion
, and military restaurant services will account for
$3 billion
.
The industry is projected to employ
15.6 million
persons in 2020.
Based on the figure of
157,538,000
employed persons from the US Bureau of Labour Statistics, this represents
9.9%
of the current US workforce.
Over the next decade, the industry is expected to add
1.6 million
jobs.
An initial search for data did not provide statistics on the number of family-owned restaurants in the US, however, a 2017 report from Pentallect Inc., revealed that independent restaurants rated higher than chain restaurants in
12 of the 15
survey attributes, including for offering personalized service, offering consistent quality, and for being community oriented.
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