In February, Horizon Business Funding Blog loans space to restaurants and more
Since mid-January, cities around the country have been celebrating “Restaurant Week.” New York Cityâ€” where foods tends to dominate talk anyway â€” has been buzzing over where to go for the three-course $38 dinner or $25 lunch deals (prices vary from metropolitan area to metropolitan area). While the last of the restaurant weeks wrap up in the next few days, that doesn’t mean we need to stop talking about food, how people are making money Â at it and the advances the industry is making.
Check out a few fun facts to get our conversation going:
- In 2007 there were 220,089 full-service restaurants in the United States which brought in $192 billion according to the U.S. Census Bureau, this data is collected every five years so expect updated figures soon.
- That year the industry employed 4.6 million people and paid them $63 billion, also according to the Census Bureau
- Franchise sales complete 19% of restaurant industry sales that year
- The National Restaurant Association expects combined sales for full and limited service restaurants to reachÂ $660.5 billion this year
- Tourists account for roughly 15% to 29% of restaurants’ sales each year
- The entire industry employees 10% of Americans
Check back atÂ The Horizon Business Funding BlogÂ soon for more information on the restaurant business. Have a story you would like to see here? Loan us a tip in our new comments section below.