Franchise News
The International Franchise Association’s 2018 Franchise Business Outlook anticipates growth across the industry that will contribute approximately three percent of U.S. GDP.
The International Franchise Association is expecting 2018 to be a positive year for the industry. Following the Washington Post’s State of the Union preview, the organization said in a release that according to its 2018 Franchise Business Outlook, the franchise sector is expected to grow faster than the rest of the U.S. economy this year.
In the press release, IFA President and CEO Robert Cresanti said, “Over the last year, Congress and the Administration have set their sights on removing the barriers and brakes holding out economy back and stifling job creation. Regulations have been trimmed, taxes have been cut, and, as a result, the franchise community has continued its economic momentum. As we move into 2018, we expect lawmakers will remain steadfast in their support for a strong business environment. Franchises will thrive and continue to strengthen the American economy by providing jobs in every community, playing an important role in the lives of Americans, and supporting a variety of job creating industries, from manufacturing to agriculture.”
The IFA’s Franchise Business Outlook for 2018 notes that franchise establishments are expected to grow an additional 1.9 percent to 759,000. Franchise employment is also expected to jump by 3.7 percent, with the GDP of the industry likely to exceed U.S. GDP growth and climb by 6.1 percent to $451 billion. That means that the franchising industry will contribute about 3 percent of U.S. GDP in nominal dollars.
To read the full release and learn more about key findings from the survey, click here.
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