Growth in Restaurant Spending Slows in 2017

Data from the Florida Department of Revenue shows that the growth in restaurant spending in Leon County in 2017 is slowing when compared to previous years.

Using Florida sales tax data, the chart below compares growth in restaurant spending in Leon County from January through September for each year since 2013. The data shows that after 5.3% growth in 2013, the growth in restaurant spending slowed to 2.6% in 2014. However, the 2015 and 2016 growth rates increased to 3.6% and 4.6%, respectively.

In 2017, the growth rate for spending from January through September is 3.0%.

The slowdown in spending growth in Leon County appears to be consistent with state-wide numbers.

At the state-level, the growth in restaurant spending has declined in each of the last two years. In 2015 spending increased by 8.1%. However, the growth rate slowed to 5.9% in 2016 and declined again in 2017 to 3.5%

A little over a year ago we reported how the growth in restaurant spending in Leon County was out pacing overall spending growth from 2013 through 2015. That trend appears to be coming to an end.

 

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