2023 IFA Franchise Economic Report
The International Franchise Association, in partnership with FRANdata, recently released its annual Franchising Economic Outlook Report. This 2023 report, which analyzes franchise performance over the previous year and forecasts the year ahead, predicts moderate growth for franchising this year. Despite current economic challenges over the last few years, franchising continues to grow, showing the power of the business model to help business owners navigate challenges ahead and continue driving economic growth.
In 2023, it is predicted that the number of franchise units will increase by 15,000 units, reaching 805,000 franchised businesses in the U.S. Franchising will add 254,000 jobs to the U.S. economy, employing approximately 8.7 million people in 2023, and generate $860.1 billion in economic output. Service-based industries and quick-service restaurants are expected to see the biggest growth among industries, with Texas, Illinois, and Florida as the top states for franchise growth.
Read more findings in the Franchise Economic report, including industry and state-by-state breakdowns here.