US Military Heroes: Get Info on Special Tuition Benefits >

An Industry Focused on Growth: The National Restaurant Association Drops 2023 Report

Annual State of the Industry report shows projected sales of $997B for 2023

This year's National Restaurant Association State of the Industry report painted a particularly rosy picture.

Hillery Wheeler Hargadine has been with ICE since 2009 and is a graduate of ICE’s Restaurant and Culinary Management program. After over a decade with the Admissions team helping students to fulfill their dreams of enrolling in culinary school, she now enjoys profiling those same students in their new careers as Notable Alumni. In addition to alumni outreach, Hillery works on prospective student messaging and content. She currently lives in Toyko, Japan with her husband and son, and eats as much sushi and ramen as possible.

March 7, 2023

The National Restaurant Association, known to many as “the other NRA,” is a 100-year-old business association that represents more than 380,000 restaurants across the US. While they have a variety of goals and programs that touch many facets of the industry, their annual State of the Restaurant Industry report never fails to spark conversation among chefs, restaurateurs and anyone else associated with the food and beverage world.

After years of rebuilding from sweeping COVID closures that upended food service business around the world, 2023 looks to be a year of expansion.

According to the report, the US foodservice industry is forecasted to reach $997 billion in sales this year, spurred on by a workforce that is projected to grow by an estimated 500,000 jobs. This would bring the total industry employment to 15.5 million by the end of the year.

With stats like that, it’s unsurprising people are looking to get into the food and beverage game. Forty-seven percent of operators surveyed said they expect competition to be more intense than the previous year.

The report is not without concerns. Ninety-two percent of foodservice operators reported that the rising cost of food is a significant issue for their businesses.

If the idea of more options when it comes to eating out has you excited to plan your social calendar for the remainder of 2023, you’re not alone. When it comes to the consumers surveyed for the report a whopping 84% said going to a restaurant is a better use of their leisure time than cooking and cleaning up after themselves. While the days of everyone trying their hand in the kitchen may have burnt out many folks, they were also the catalyst for many to finally take the leap and follow their passion into a career in culinary and pastry arts.

All signs point to 2023 being a year for good eating!

More Hospitality Business Stories:How to Design a Restaurant