Between 2013 and 2019, the employees in the Food Services and Beverage Services sector in the US experienced a steady year-on-year growth, averaging around 2-3%. In 2020, a significant drop of 10.95% in employment was observed, directly attributable to the COVID-19 pandemic, which caused severe disruptions in the sector. The employment level remained unchanged in 2021, reflecting the prolonged impact of the pandemic. However, 2022 marked a recovery with a 9.27% increase in employment, albeit slightly lower growth rate in 2023 at 1.28%, standing at 11.89 million jobs.
Looking forward from 2024, the forecasted data suggests a consistent yet modest growth rate, averaging a 0.97% CAGR over the next five years and culminating in around 12.64 million jobs by 2028. The overall 5-year forecast growth rate stands at 4.96%, indicating slow but steady recovery and expansion in the sector.
Future trends to watch for include potential automation and digitization within service operations, changes in consumer behavior post-pandemic, increasing demand for delivery services, and the impact of potential labor shortages and cost fluctuations due to economic shifts. Monitoring these factors will be crucial for predicting longer-term employment trends in this sector.
