ATLANTA—There are over 1 million restaurant locations in the United States, according to the National Restaurant Association's latest report. Is the restaurant category overcrowded and ailing? That depends, at least in part, on whom you ask.

Some are pointing to a “restaurant revival” on the investment front. Driven by improvements in the current situation indicators, the Restaurant Performance Index registered a moderate increase in May. The RPI stood at 100.9 in May, up 0.6 percent from a level of 100.3 in April.

“America's appetite, no pun intended, for dining out is not going away,” Nick Garzia, director of leasing for Atlantic Station, tells GlobeSt.com. “People don't have the amount of time that they used to. Also, Millennials are prioritizing experiences, including dining out, over other tangible goods.”