The Texas Food Service Industry Surpasses $100 Billion In Sales for the First Time as State’s Largest Private Sector Employer
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Introduction:
The foodservice industry in Texas has achieved a significant milestone, surpassing $100 billion in sales for the first time. According to the latest data from the U.S. Bureau of Labor Statistics, this industry has also become the largest private sector employer in the state, surpassing the healthcare industry. These milestones reflect the resilience of the Texas foodservice industry, which has been navigating the challenges brought forth by the COVID-19 pandemic.
Industry Growth and Employment:
The National Restaurant Association analyzed the preliminary 2023 figures from the U.S. Bureau of Labor Statistics and discovered that foodservice businesses employ approximately 1,461,800 Texans, accounting for 11% of the state's total employment. Over 1.2 million Texans work in restaurants alone. It is worth noting that small businesses continue to thrive in this industry, with 91% of Texas restaurants employing fewer than 50 people.
Restaurant Landscape:
Texas boasts an impressive number of restaurant locations, with a total of 56,739 establishments contributing to the industry's annual sales of $106.8 billion. These figures highlight the significant economic impact of restaurants in the state. For every dollar spent in a Texas restaurant, $2.35 is contributed to the state's economy.
Resilience Amid Challenges:
Despite facing challenges such as inflation and worker shortages, Texas restaurants have managed to make substantial gains. A recent survey conducted by the Texas Restaurant Association revealed that in January, only 48% of restaurants had enough employees to support existing demand. However, despite food and labor cost increases, 55% of restaurants were able to maintain their menu prices.
Opportunities for Growth:
If you are a restaurant or food service business owner in Texas looking to expand or grow, Marksmen Capital offers business financing solutions. Marksmen Capital can provide up to $10 million in funding for equipment upgrades, inventory management, marketing and advertising, working capital, or hiring more employees. Take advantage of a free consultation to explore how Marksmen Capital can support your business goals.
Conclusion:
The Texas foodservice industry's achievement of surpassing $100 billion in sales and becoming the largest private sector employer in the state demonstrates its resilience and importance to the Texas economy. Despite challenges, such as inflation and labor shortages, restaurants continue to thrive and contribute significantly to the state's economic growth. With opportunities for growth and support from organizations like Marksmen Capital, Texas restaurant and food service businesses can further expand their operations and contribute to the state's thriving foodservice industry.
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