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[1] [2] An estimated 99% of companies in the industry are family-owned small businesses with fewer than 50 employees. [3] The industry as a whole as of February 2020 employed more than 15 million people, representing 10% of the workforce directly. [1] It is the nation's second largest private employer and the third largest employer overall.
This growth in the restaurant industry isn’t projected to slow any time soon. In fact, in the next five to 10 years South Carolina could need 35,000 more workers in hospitality, according to ...
Nearly 3.5 million parents work in the restaurant industry and more than 1 million of those are single mothers, 40% of whom live in poverty, according to a 2016 report by the National Women’s ...
The job losses within drinking and eating places exceeded job gains by a wide margin, with 32 states seeing a net decline of jobs between August and September.
The restaurant industry in the United States is large and quickly growing, with 10 million workers. 1 in every 12 U.S. residents work in the business, and during the 2008 recession, the industry was an anomaly in that it continued to grow. Restaurants are known for having low wages, which they claim are due to thin profit margins of 4-5%.
In the service sector, for example, Choi and colleagues date the industry cycles of the US hotel industry and restaurant industry. [12] They establish the mean duration of the business cycle, measured with aggregate activities in absolute level, as about 7.3 years for the U.S. hotel industry; and for the U.S. restaurant industry, as about 8 years.
The restaurant industry was hit first and worst when COVID-19 closed the economy.According to the National Restaurant Association, businesses laid off or furloughed 8 million hospitality workers ...
The US restaurant industry was projected at $899 billion in sales for 2020 by the National Restaurant Association, the main trade association for the industry in the United States. [ 89 ] [ 90 ] An estimated 99% of companies in the industry are family-owned small businesses with fewer than 50 employees. [ 3 ]