Capital expenditures for buildings and tools within the restaurant trade rose to file ranges in 2022, in accordance with newly launched information from the U.S. Census Bureau’s Annual Capital Expenditures Survey (ACES).
The latest surge in capital funding is indicative of the increasing factors of entry that eating places are providing customers, and it units the stage for continued trade progress within the years forward.
Consuming and consuming place corporations* invested $30.0 billion in new and used buildings and tools in 2022, in accordance with the ACES survey. That was up 30% – or $7 billion – from 2021 and represented a brand new file excessive. Previous to 2022, the earlier annual excessive for capital spending on buildings and tools was $23.9 billion in 2013.
Consuming and consuming place companies invested a complete of $15.9 billion in buildings in 2022. That was up greater than 40% (or $4.6 billion) from 2021’s degree and represented the most important quantity on file. Of this quantity, $13.5 billion was spent for brand new buildings, whereas $2.4 billion went to used buildings. Each had been all-time highs.
Capital spending for tools by consuming and consuming place corporations totaled $14.2 billion in 2022, up 21% from 2021 and the best studying on file. Previous to 2022, the most important annual tools funding was $13.8 billion in 2013.
Consuming and consuming place companies spent $12.1 billion on new tools in 2022, up 14% (or $1.5 billion) from 2021. Regardless of the sturdy enhance, it was barely beneath the file of $12.3 billion in 2013. Expenditures for used tools totaled $2.1 billion in 2022, up 85% (or $1 billion) from 2021. The best quantity spent for used tools was $2.3 billion in 2020.
*Knowledge is barely accessible for corporations with staff as a result of corporations with out staff should not requested to report capital expenditures by sector or trade.
Learn extra analysis and commentary from the Affiliation’s chief economist Bruce Grindy, together with the newest outlook for consumers and the economy.
