The US Food Services and Beverage Services sector has experienced variable employment trends over the past decade. From 2013 to 2019, there was generally steady growth, reaching a peak in 2019 with a notable rise of 3.18% from the previous year. The sector faced a significant downturn in 2020, with employment plunging by 18.8% due to the COVID-19 pandemic. Recovery began in 2021, with a substantial 9.71% increase, followed by a steady rise to 2023, where employment stood at 8.85 million persons. The forecasted data from 2024 to 2028 suggests a modest growth trend with a 5-year CAGR of 0.65%, leading to a total growth of approximately 3.32% by 2028.
Future trends to watch for include:
- The impact of economic recovery post-COVID-19 on employment rates.
- Potential influences of technology and automation in the food services sector.
- Shifts in consumer behavior and dining preferences affecting employment needs.
- Changes in immigration policies that could impact labor availability.