There’s good new in the food and beverage and franchise industry: businesses are hiring!
Though the economy’s growth remains sluggish and less than expected, new hires are filing into rank at food franchises and establishments nationwide. The total number of hospitality and leisure related jobs reached 14.2 million in June– and all time high. The food and beverage sector accounts for 10.5 percent of the total U.S. Workforce, another record for the industry since the government began tracking jobs in the 1930s.
Sales at U.S. restaurants and bars are predicted to reach a record $461.3 billion this year, a 3.8 percent gain from 2012 the National Restaurant Association estimates.
These positive numbers alone are reason to celebrate, as they indicate an economy that’s finally eating out again and enjoying life a bit more. The pursestrings are not cinched as tightly as before and spendthrifts feel more comfortable spending on dining experiences. For some establishments, business has returned to pre-recessions levels. Casual and quick-casual dining establishments have seen the biggest increases.
The increase in spending both in terms of tabs and traffic isn’t only paying off for those searching for jobs. Investors and new franchisees are also seeing major returns on their investments. So far, shares of Starbucks stock has risen 29 percent; 30 percent at Dunkin Brands Group Inc. and 51 percent at Sonic Corp., all are good barometers for the food franchise industry. Domino’s Pizza is finalizing plans for its first-ever national hiring week.