Looking at Arizona Restaurants for Sale? You've chosen a great state to purchase a restaurant in. Whether you intend to move to the state for the restaurant, or you are a native Arizonian expanding your restaurant ownership portfolio, this page offers some insights into the state's restaurant industry, population, and economic outlook. All of these items are helpful to you as Read on to learn about Arizona's restaurant industry, economic overview, and population. Then, browse all Arizona Restaurants for Sale to take the next steps towards buying a restaurant.
Arizona is famously known as the Grand Canyon State. Besides being home to one of the most impressive natural formations on the continent, Arizona is home to those small town, local establishments that are famous for serving hungry trippers journeying through the state. As a travel destination, there is always a crowd of tourists to serve. In fact, Arizona was a top state for restaurant growth in 2014. Prior to the 2020, there were nearly 10,000 Arizona restaurants.
Arizona’s Economic Outlook
Arizona is one of the fastest-growing states in the U.S. Its population has increased by nearly 30% since 2000 and shows no signs of slowing down. This population growth is largely due to retirees moving to Arizona for its warm weather and low cost of living. In fact, Arizona is one of the top destination states for retirees.
Additionally, Arizona’s job market is strong and has been steadily growing. The state’s unemployment rate was 6.1% in 2021, but is forecasted to decrease through 2024. The state of Arizona was also in the top 10 list of states with the best workforce in 2021 and 2022.
What does this mean for Arizona restaurants? Arizona’s population is growing, and more people are employed and have disposable income to spend on dining out. The state expects the population to continue growing by an additional 100,000+ residents each year through 2024. This makes Arizona an ideal state to open or expand a restaurant business as more people move to the state or travel through as tourists.
Arizona’s Restaurant Industry
The restaurant industry in Arizona is booming. Arizona is home to about 12,000 restaurants, which generate nearly $11 billion in revenue each year. The state’s restaurant industry is expected to grow by about three percent in 2020.
There are several reasons why the Arizona restaurant industry is growing so rapidly. First, as mentioned before, Arizona’s population is growing. This population growth, combined with the state’s strong job market, means that more people have disposable income to spend on dining out.
Second, Arizona’s tourism industry is booming. In 2019, Arizona welcomed nearly 45 million visitors. These visitors spent an estimated $27 billion while in the state. Many of these visitors dined out while in Arizona, which helped contribute to the state’s strong restaurant industry.
If you’re thinking about buying a restaurant in Arizona, now is a great time to do so. Arizona’s population is growing, its job market is strong, and its tourism industry is booming. All of these factors are helping to drive the state’s restaurant industry.
Now that you know more about Arizona’s restaurant industry and economic outlook, you’re ready to start looking for restaurants for sale in Arizona. Here are a few resources to assist you while you browse the Arizona Restaurants for Sale on our website:
Are you looking to buy a restaurant? If so, you're in luck! In this article, we will outline the complete process in nine steps that will help make the process easier.