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In a news release from the National Restaurant Association, Chief Economist Bruce Grindy offers his insights into 2013 job growth and his projections for 2014. Grindy noted that the last two years saw employment gains in the restaurant industry stay above 3 percent, and forecasts that pace of job creation to continue throughout this year.
The following are Grindy's statements from the news release:
Job growth within the restaurant industry was broad-based in 2013, with several of the major segments registering strong gains. Snack and nonalcoholic beverage bars – including coffee, donut and ice cream shops – set the pace with a robust 5.8 percent employment gain. Quick service restaurants (4.5 percent), table service restaurants (3.4 percent) and foodservice contractors (3.3 percent) also added jobs at rates well above the overall economy in 2013.
Looking ahead to 2014, job growth in the restaurant industry is projected to remain strong, albeit somewhat slower than the torrid pace registered in 2013. The National Restaurant Association expects restaurants to add jobs at a 2.8 percent rate in 2014, a full percentage-point above the projected 1.8 percent gain in total U.S. employment.
The projected 2014 gain will represent fourth consecutive year in which the industry registered job growth in excess of 2.5 percent. Meanwhile, the overall economy hasn't posted job growth above 2.5 percent since 1998.
Read more about growth.