When COVID struck, restaurants and bars were forced to curb operations. They've rallied, but Next Insurance finds they're still facing a tight labor market.
The restaurant industry was hit hard by the coronavirus pandemic. In the spring of 2021, the National Restaurant Association estimated
But the picture is changing. The industry adapted during the pandemic, shifting to outdoor dining and focusing on food deliveries. Still, almost three years later, afrom November 2022 found that only 16% of the country's restaurants anticipated their 2023 profits would rise over 2022. Half expected to make less because their expenses were growing. Chief among the costs? Labor, food, and energy.
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