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Franchising is Leading Economic Recovery

Franchising is leading the economic recovery in the United States, according to the International Franchise Association (IFA).  IFA is the world’s oldest and largest organization representing franchising.

Franchising Opportunities

Following the "Great Resignation", white collar workers and store employees are going for their dream of becoming business owners.  Franchising offers opportunities for career advancement and removes barriers for aspiring entrepreneurs.

In IFA's Franchising Economic Outlook report, exceptional job and business growth occurred across all franchising sectors in 2021.  2022 looks to be another strong year for job and wage growth.

Franchise employees earn nearly 3% higher in wages, compared to employees at similar independent businesses.  65 percent of franchises offer health insurance and this is well above the national average of 49 percent.  More than three-quarters of franchises offer vacation time, sick leave and other benefits.

Franchising 2021 Statistics and 2022 Forecasts

Key highlights in the Franchising Economic Outlook report include:

  • Following the 2020 shutdowns, the output for franchises rebounded by over 16% in 2021 and this is a result of $788 billion in output.
  • Franchise employment increased by 8.8% in 2021.  Franchise employment is predicted to have a net gain of up to 300,000 in 2022, so this will reach approximately 8.5 million U.S. workers.
  • In 2022, franchise growth is expected to expand by 2.2%.  This will reach a total of 792,014 franchise establishments and this is 17,000 more than 2021.
  • The Personal Services sector is expected to lead the growth in 2022, followed by Commercial and Residential Services.
  • The recovery rate varies by state, because of disparities in business climates and changes in consumer preferences.
  • The Southeast region of the U.S. has the largest franchise concentration.  This area will have an estimated 231,500 total establishments by the end of 2022.  This will contribute $235.9 billion in output and employ 2.6 million U.S. workers.
  • The top states for franchise growth in 2022 are expected to be Texas, Florida, Arizona, South Carolina, Idaho, Tennessee, North Carolina, Utah, Montana and Nebraska.

Click here to read the full IFA article about franchising leading the U.S. recovery.

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