In a recently released report from the International Franchise Association, the past year saw franchises generate jobs, advance careers and economic output in proportions unmatched by almost any other sector in the economy.
Highlights:
-Franchises to add another 257,000 jobs to their businesses and the U.S. economy, representing 3.1 percent growth in 2022.
-In 2022, it is predicted another 17,000 new franchised businesses will open, a growth rate of 2.2 percent over 2021. The sector with the largest number of new franchised establishments this year will be in personal services — gyms, beauty salons and entertainment venues — where Americans will be spending more time this year. Pent-up demand will be the driving force behind this increase, since the personal services sector took one of the largest hits at the height of the pandemic. This year, it is projected a growth rate of 3.1 percent, nearly as high as 2021’s growth rate of 3.6 percent.
-Many Americans have seized the opportunity brought by the recovery to become owners and operators themselves. Behind the Great Resignation is a Great Re-imagining of what Americans want their careers and lives to look like.
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