Restaurant Construction in the US - Industry Market Research Report

Restaurant Construction in the US - Industry Market Research Report

Restaurant Construction in the US

In recent years, demand for the Restaurant Construction industry has fluctuated. Industry operators engage in new work, additions and reconstruction projects for commercial construction projects for food service establishments, including fast food restaurants, single-location restaurants and bars with full food services. In 2018, falling unemployment and improved disposable income resulted in heightened consumer spending. With increased consumer spending and moderately looser credit conditions, restaurants could address their previously deferred expansion and remodeling. However, industry demand began to fall in 2019 as nonresidential construction activity slowed down. In 2020, amid the COVID-19 pandemic, industry revenue plummeted 18.2% as the food service sector was decimated by restaurant closures. However, as pandemic restrictions eased and people chose to dine in, industry revenue decline slowed then reversed in 2021 and 2022. Still, industry revenue is expected to have declined at a CAGR of 0.5% to reach $7.1 billion in 2023, when industry revenue is set to decline 0.3% as high interest rates stifle investment.

This industry includes operators that engage in new work, additions and reconstruction projects for food service establishments. These include commercial construction projects for fast food restaurants, single-location restaurants, chain restaurants and bars with full food services.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.