AUSTIN (KXAN) — The National Restaurant Association released its annual State of the Restaurant Industry Report that highlights new data, trends and expectations for 2024.
According to the report, the restaurant industry will continue to grow this year.
The National Restaurant Association estimated that restaurant sales would hit a historic $1.1 trillion by the end of 2024.
Key findings include:
- 200,000 additional restaurant jobs expected in 2024
- Nearly 8 in 10 restaurant operators predict sales to increase or hold steady
- 45% of operators expect competition to be more intense this year
When it comes to Texas in particular, the report said restaurant jobs are expected to exceed 1.66 million by 2030.
According to the findings, dining outside of restaurants continues to be popular. 67% of millennials and 63% of Gen Z adults reported that ordering takeout was important to their lifestyle.
More restaurants are expected to turn to technology this year.
The report said 60% of restaurant operators nationwide plan to make technology investments to enhance the customer experience.
That follows a growing trend of more businesses turning to technology and artificial intelligence.
According to the U.S. Chamber of Commerce, about 25% of small businesses said they are using or testing AI so they can outpace competitors.
What are some expected challenges?
The report said that economic challenges will continue to impact Texas restaurants this year.
Specifically in Texas, the report found that increased food, labor, credit card processing and other costs continue to strain a restaurant’s profits.
Along with higher operating costs, restaurants are experiencing nationwide supply delays or shortages of items.
KXAN’s Sarah Al-Shaikh will have more on this story. You can watch at 10 p.m.