The RI Hospitality Association (RIHA) hosted its 20th annual Economic Outlook Breakfast for hospitality industry professionals at the Rhode Island Convention Center in Providence on Sept. 13. This year’s panelists included Hudson Riehle, Senior Vice President, Research & Knowledge Group, The National Restaurant Association; Rachel Roginsky, Owner and Principal, Pinnacle Advisory Group; and Heather Singleton, COO, RIHA and the RI Hospitality Education Foundation (RIHEF). Industry analysts predict that by 2024, Rhode Island’s restaurant and lodging industries will experience modest growth as inflation eases but remains elevated and as supply chain and workforce/labor shortages continue. According to Roginsky, the state’s lodging industry is projected to see a modest boost by the end of 2023. Roginsky analyzed the lodging markets in Providence, Warwick, Newport and Middletown. Singleton, who spoke on behalf of RIHA/RIHEF, discussed key statistics affecting the labor force, as well as leisure and hospitality employment on a national scale. Singleton’s findings suggest that hospitality labor shortages and rising labor costs will persist and potentially worsen due to global economic pressures in 2024. Riehle addressed the economic backdrop and performance of the restaurant and food service industry nationally. According to Riehle, the industry’s growth will likely advance at a slower pace throughout the remainder of 2023 and will continue to advance in 2024 with strong geographic variations. For full report highlights, visit rihospitality.org.
Photos courtesy of RI Hospitality Association.