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Survey: Local Hospitality Businesses Feel Improvement In Economic Recovery

Courtesy of Pixabay

A new survey on business activity in New York, northern New Jersey and southwestern Connecticut shows that restaurant and hospitality business owners are feeling better about where the economic recovery is headed.

Rich Deitz is senior economist at the Federal Reserve Bank of New York. He said the respondents to their survey indicated that business activity has been growing at a fast pace.

“They’re seeing the business environment improving; there’s also been some significant increases in employment, even in the retail sector, and in leisure and hospitality, sectors that have been extremely hard during the pandemic," Deitz said.

Deitz said the service industry has also seen an increase in jobs and wage growth expected over the next six months.