Oklahoma City’s restaurant industry demonstrating promise for a full recovery

It’s not a secret that the restaurant industry was hit hard by the pandemic. With social distancing measures, an emphasis on staying at home, and difficulty in maintaining staff members, there were many factors which made running a restaurant a challenge over the past year and a half.

Despite the hardship faced by restaurants on a national and international scale, LendingTree has promising news for Oklahoma City. Among the 50 largest metros across the nation, our city has ranked at the top for restaurant industries most likely to experience a full recovery in 2021.

To determine this ranking, LendingTree compared five metrics:

• Consumer spending at restaurants and hotels. This is the percentage change between January 2020 and June 2021. Opportunity Insights Economic Tracker.
• Job postings in leisure and hospitality. This is the percentage change between January 2020 and June 2021. Opportunity Insights Economic Tracker.
• This is the percentage change between January 2020 and June 2021. Opportunity Insights Economic Tracker. Industry-specific data was unavailable at the metro level.
• Time spent away from home at retail and restaurants. This is the percentage change between January 2020 and June 2021. Opportunity Insights Economic Tracker.
• Density of restaurant workers. This compares the number of restaurant workers in a local area relative to the national average. S. Bureau of Labor Statistics, May 2020.

Oklahoma City’s restaurant industry experienced a 22% increase in leisure and hospitality job postings from January 2020 and June 2021. We also experienced an 11% increase in consumer spending at restaurants and hotels.

Cities that don’t fall far behind us in the ranking include Boise, ID; Tampa, FL; Omaha, NE; Tulsa, OK; El Paso, TX; San Diego, CA; Fresno, CA; Jacksonville, FL; and Detroit, MI.

Washington, D.C. ranks lowest in the likelihood of recovery, marked with a 24% decrease in consumer spending at restaurants and hotels and a 33% loss in time spent away from home at restaurants and hotels.

LendingTree encourages those interested in opening a restaurant to consider the risks and benefits associated with our current economy. Location is crucially important in the decision-making for any business owner. Choosing a place like Oklahoma City may offer lower barriers to entry and a greater chance for success due to a more affordable base for rent, utilities, and overall production.

Read the original LendingTree story here.