The employment in Food and Beverage Service Activities in the US has shown steady growth from 2013 to 2023, increasing from 8.14 million to 10.3 million full-time equivalent (FTE) jobs. Year-on-year changes indicate variability, with the highest growth rate of 4.83% in 2015 and a dip to around 1.48% in recent years. The compounded annual growth rate (CAGR) also reflected a decline from 3.78% in 2015 to 1.63% by 2023. Future forecasts predict moderate growth, with employment reaching 11.01 million FTE jobs by 2028, reflecting a forecast 5-year CAGR of 1.05%.
Future trends to watch for:
- Impact of technological advancements and automation on workforce demand.
- Shifts in consumer dining preferences, such as increased demand for delivery and takeout.
- Regulatory changes affecting the industry, including wage and labor laws.
- Economic factors, including inflation and recession risks, which may affect discretionary spending on dining out.
- Post-pandemic recovery and potential changes in tourism and travel, influencing restaurant patronage and subsequent employment.
