According to a press release distributed by the International Franchise Association (IFA), the U.S. Census Bureau released today comprehensive data from the 2012 Economic Census that demonstrates the notable impact franchising has on the economy. It's the first time since the 2007 census that the number of franchised businesses, jobs and payroll have been highlighted.
According to the Census Bureau report, franchising accounted for 560,086 establishments and 10.8 million jobs in 2012. These franchises recorded sales of $1.5 trillion and paid $193.3 billion in wages, salaries and benefits.
According to IFA President & CEO Robert Cresanti, the knowledge gained from understanding the statistics is an important part in continuing the education of the public and lawmakers about the significance of the franchise business model.
Cresanti went on to say that the data only further solidifies the case that locally-owned franchises continue to be a vital part of the small business backbone of the American economy.
To read the IFA's press release, please click here.