Each year an economic report is published on the franchise industry. The report contains both historical data and future projections.
Key highlights from this year’s report include:
- The overall number of franchise establishments will increase by more than 15,000 units, or 1.9%, to 821,000 units in the U.S.
- Franchising will add approximately 221,000 jobs, growing at 3.0%.
- Franchises’ GDP will continue to grow, increasing at a pace of 4.3% to $545.8 billion.
- Child services and commercial and residential services are expected to be the fastest growing industries.
- Since the pandemic, rising awareness of preventive healthcare has propelled the sector to become the third-largest franchised industry.
- Growth in the Southeast and Southwest will outpace the rest of the U.S. franchise market. The top ten states for franchise growth include: Texas, Florida, Georgia, North Carolina, South Carolina, Tennessee, Maryland, Arizona, Colorado, and Virginia. California and Washington are forecast to be the slowest-growing states for franchising at – 4.2% and -2.3%, respectively.
My own experience helping people find the right franchise for them reflects the increased interest in personal services especially in the wellness/healthcare space and in residential services.
Here is a link to a One Page Summary of the findings, and here is a link to the entire report.
Email me back if you are interested in discussing what’s in the report, and we’ll set up a time to chat.
May you be wildly wealthy in all areas of your life,
