2022 state of the restaurant industry report available

Rising labor and food costs are chipping away at the restaurant industry's hard-won gains and delaying recovery, according to the findings of a new 2022 report.

The following article was posted by: By Kate Rogers on CNBC Website
Titled: Restaurant recovery is hampered by higher costs, Covid surges as 2022 gets off to a 'pretty sober start'
URL: https://www.cnbc.com/2022/02/01/restaurant-recovery-is-being-slowed-by-labor-supply-costs-.html
Article Posted: March 6, 2022

The key take-aways from the article are as follows:

• The National Restaurant Association released its 2022 State of the Restaurant Industry report
• The foodservice industry is forecast to reach $898B in sales in 2022.
• The foodservice industry workforce is projected to grow by 400,000 jobs, for total industry employment of 14.9M by the end of 2022.
• More than half of restaurant operators said it would be a year or more before businesses conditions return to normal. Food, labor, and occupancy costs are expected to remain elevated, and continue to impact restaurant profit margins in 2022.
• 96% of operators experienced supply delays or shortages of key food or beverage items in 2021 - and these challenges will likely continue in 2022.
• 51% of adults say they aren't eating at restaurants as often as they would like, which is an increase of six percentage points from before the pandemic.
• Some 90,000 restaurants have shuttered, some permanently, as a result of the pandemic, the association reported.

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It's time to technical with food costs data.

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