13
Food and
Beverage
Services
As one can see from the graph below, Miami is outperforming the rest of
Florida in food service earnings with a growth rate of 6.3% CAGR from 2010
to 2014.
1
The accompanying graph also indicates that the number of small and
medium firms (defined as having 1-499 employees) in the accommodation and
food services sector in South Florida has increased since 2009. Employment
growth in South Florida's food preparation and serving space is expected to
increase at market levels from 2014 to 2022 (around 1% CAGR vs. average
South Florida growth rate of approximately 1.2% CAGR), with the number of
food services outpacing all other food preparation and serving related jobs at
a rate of 1.7% CAGR during the same period.
2
The trends in South Florida for innovation and entrepreneurship activity in the
food and beverage services sector appear to be driven by consumer demand.
These trends include: healthy menu options; eco-friendly products; innovative
and adventurous food products; convenience; technology for better and faster
services; and loyalty programs.
3
CAGR
(08-12) ~ 1.2%
Accommodation and food services
Industry earnings ($M)
# Of firms in Florida ('000s, size 1-499 emp.)
latest census data
2008
2009
2010
2011
25.8
2011
0
10
20
2012 2013 2014
CAGR
(09-14) ~ 6.3%
Endeavor Miami
supports 3
companies in
this sector.
1
U.S. Bureau of Economic Analysis.
2
Small Business Administration.
3
Fastcasual.com and National Restaurant Association.
REST
OF
FL
2012
26.0 27.2
0
26.6
26.4 26.8
26.2 27.0
27.4
25.6 27.6
