According to the Texas Restaurant Association, the new 2023 data shows resiliency but it also shows businesses aren't out of the woods yetannounced this week that the Texas food service industry has crossed the $100 billion yearly sales threshold for the first time, with 56,739 restaurant locations driving $106.8 billion in annual sales in 2023.
“The resiliency of Texas restaurants in the face of strong economic headwinds is a direct reflection of the growth mindset that we’ve successfully championed at the Texas Restaurant Association.” Emily Williams Knight, Ed.D., president and CEO of the TRA said.
At the same time, small businesses continue to lead the industry with 91% of Texas restaurants employing fewer than 50 people.Restaurants are an economic engine. For every dollar spent in a Texas restaurant, $2.35 is contributed to the state’s economy. Still, a recent survey conducted by the Texas Restaurant Association underscores that restaurants are making gains despite inflation and worker shortages. In January:Despite 64% experiencing food cost increases and 58% experiencing labor cost increases, 55% were able to keep their menu prices about the same.