U.S. Restaurants Have Big Summer Hiring Expectations
As the summer months begin, more consumers may venture outside their homes in search of food and find themselves at a local outdoor cafe or patio eatery. To prepare for this likely influx of hungry customers, U.S. restaurants have signaled they are ready to hire, and hire big time, this summer – perhaps indicating small business owners will need to look for alternative financing to cover working capital and employee wages.
According to the National Restaurant Association, U.S. establishments are on track to add 448,000 jobs during the upcoming summer season, a 4.5 percent increase from domestic restaurant employment levels seen in March 2013. It would also be an increase from the 427,200 summer jobs added last year. It’s a solid figure indicating the industry is back on track post-recession: 2010 saw 427,100 jobs created, while 465,400 new positions were available in summer 2011.
“Summer is the busiest season for restaurants in most parts of the country, and the stronger business leads to additional employment opportunities at all levels of a restaurant operation,” said Bruce Grindy, chief economist for the National Restaurant Association. “The projected addition of 448,000 summer restaurant jobs will be driven by a national economy that continues to improve, as well as consumers’ pent-up demand for restaurant services that remains at historically high levels.”
The state that looks to add the most jobs is California, where restaurants plan to generate 41,700 positions in the summer. New York followed with 40,700, while Massachusetts (29,000) and Texas (22,000) also had strong hiring intentions.
For restaurateurs preparing for the summer season, if your available cash is going to cover payroll, a small business loan or merchant cash advance from National Funding could help you pursue other projects or investments. There are also opportunities to secure restaurant equipment lease financing from alternative lenders, if your cash is tied up in payroll and you’re looking to expand.