Restaurants made record investments in structures and equipment in 2022

Capital expenditures for structures and equipment in the restaurant industry rose to record levels in 2022, according to newly released data from the U.S. Census Bureau’s Annual Capital Expenditures Survey (ACES).

The recent surge in capital investment is indicative of the expanding points of access that restaurants are offering consumers, and it sets the stage for continued industry growth in the years ahead.

Eating and drinking place companies* invested $30.0 billion in new and used structures and equipment in 2022, according to the ACES survey. That was up 30% – or $7 billion – from 2021 and represented a new record high. Prior to 2022, the previous annual high for capital spending on structures and equipment was $23.9 billion in 2013.

Eating and drinking place firms invested a total of $15.9 billion in structures in 2022. That was up more than 40% (or $4.6 billion) from 2021’s level and represented the largest amount on record. Of this amount, $13.5 billion was spent for new structures, while $2.4 billion went to used structures. Both were all-time highs.

Capital spending for equipment by eating and drinking place companies totaled $14.2 billion in 2022, up 21% from 2021 and the highest reading on record. Prior to 2022, the largest annual equipment investment was $13.8 billion in 2013.

Eating and drinking place firms spent $12.1 billion on new equipment in 2022, up 14% (or $1.5 billion) from 2021. Despite the strong increase, it was slightly below the record of $12.3 billion in 2013. Expenditures for used equipment totaled $2.1 billion in 2022, up 85% (or $1 billion) from 2021. The highest amount spent for used equipment was $2.3 billion in 2020.

*Data is only available for companies with employees because companies without employees are not asked to report capital expenditures by sector or industry.

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