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FOR IMMEDIATE RELEASE Monday, December 16, 2002 |
CONTACT:
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Erica Bohm (858) 541-2049 Sue Hensley (703) 582-8679 media@restaurant.org |
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West South Central Region Restaurants Remain Resilient
(Washington, DC) Entering its 12th consecutive year of real growth, the restaurant industry remains strong despite the softer economy, and sales in the West South Central region are projected to increase to $37 billion in 2003. This is a 5.1 percent increase over 2002, according to the National Restaurant Association's Restaurant Industry Forecast for 2003.
National Restaurant Association's 2003 Restaurant Industry Forecast predicts restaurant sales in West South Central states to grow 5.1 percent next year "Even against our nation's economic challenges, the restaurant-and-foodservice industry remains resilient and is expected to post over $426 billion in sales for 2003," said Steven C. Anderson, president and chief executive officer of the National Restaurant Association. "As restaurants continue to grow in their role as an important and essential component of the American lifestyle, the industry further demonstrates why it is the cornerstone of the nation's economy, employment opportunities and communities." During the last several years, regional growth in the restaurant industry overall has been strongest in the regions of the country with the fastest-growing economies – specifically the South and the West. Fueled by steady growth in employment, population and disposable personal income, most states in these regions consistently registered sales growth above the national average. Of the nine Census regions, the Mountain region is expected to post the strongest eating place sales growth in 2003&emdash;a 6.6 percent increase from 2002. The lowest growth is expected in the East North Central region at 4.0 percent. Specifically, in 2003, Arkansas restaurants are expected to post sales of $2.2 billion (4.7 percent increase from 2002); Louisiana, $4.8 billion (4.8 percent increase); Oklahoma, $3.5 billion (5.0 percent increase); and Texas, $26.2 billion (5.2 percent increase). "An improving economy and continued growth in disposable personal income continue to be catalysts that will drive up overall sales by a sizeable $18.3 billion and propel the restaurant industry into another year of real growth," said Hudson Riehle, senior vice president of the Association's Research and Information Services Division. "On a typical day in 2003, the restaurant industry will post average sales of nearly $1.2 billion." In its 33rd year, the National Restaurant Association Restaurant Industry Forecast – 2003 provides an annual projection for the restaurant-and-foodservice industry as a whole and a variety of industry segments. The Association defines the restaurant-and-foodservice industry as that which includes all meals and snacks freshly prepared away from home, including takeout meals and beverages. Additionally, the industry will remain the nation's largest private-sector employer with more than 11.7 million employees. For additional local perspective, contact the appropriate state restaurant association. A complete list of state associations and contact information is available at www.restaurant.org. Projected 2003 Restaurant Sales Growth
 Source: National Restaurant Association For more information about regional forecasts and to view an executive summary of the Forecast, visit www.restaurant.org. Also, visit the web site or call 1-800-482-9122, to preorder a copy of the Forecast, which will be available early next year. ### Founded in 1919, the National Restaurant Association is the leading business association for the restaurant industry, which is comprised of 945,000 restaurant and foodservice outlets and a work force of 13 million employees. Together with the National Restaurant Association Educational Foundation, the Association works to lead America’s restaurant industry into a new era of prosperity, prominence, and participation, enhancing the quality of life for all we serve. For more information, visit our Web site at www.restaurant.org. |
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