NRA study predicts industry sales of $537 B in '07

 
Dec. 12, 2006
WASHINGTON D.C. — The restaurant industry will enter its 16th consecutive year of real growth in 2007, according to the National Restaurant Association's (NRA) 2007 Restaurant Industry Forecast.
 
According to a news release, the association predicts industry sales growth will continue to be strongest in the western and the southern United States and be driven by growth in local economies, disposable income and population. With expected national sales of $537 billion (a 5 percent increase over 2006), a total economic impact of more than $1.3 trillion and 12.8 million employees in 2007, the nation's 935,000 restaurants will remain a driving force in national and state economies and jobs creation.
 
"We're looking at another solid year for restaurant industry growth in 2007, boosted by a stable economy, increasing personal disposable income and Americans' hunger for the flavors, experiences and convenience that restaurants provide," said Hudson Riehle, senior vice president of research and information services for the NRA. "Nationwide, sales are expected to reach a record $537 billion, and the industry will add another 2 million jobs in the next 10 years, underscoring the industry's role as the cornerstone of the nation's economy. On the state level, the restaurant industry is a similar powerhouse that will feed local economies."
 
Among growth states, Nevada is expected to lead the nation with a 8.1 percent sales increase. Arizona follows with 7.6 percent, Florida with 7.1 percent, Texas with 6.9 percent and Idaho with 6.5 percent. The highest restaurant-sales volume producer is expected to be California, where sales could reach $54.2 billion. Texas comes in second at $32 billion, New York at $27 billion, Florida at $25.7 billion and Illinois at $17.8 billion. 
 
With the number of restaurant locations in the United States growing to 935,000 in 2007, restaurant jobs also will increase. Arizona is expected to show the highest restaurant job growth by the year 2017 at 25.9 percent, followed by Nevada at 25 percent, South Carolina at 23.9 percent, Utah at 23.1 percent and Florida at 23 percent.
 
In 2007, California will have the largest number of restaurant-industry employees (1,416,100), followed by Texas (939,800), Florida (864,500), New York (650,900) and Ohio (553,100).
 
To order the Forecast ($35 for Association members and $70 for non-members), visit NRA's online store or call 800-482-9122.

Topics: Associations , Operations Management


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