1851

Location, location, location. Understanding regional financial patterns and potential economic outlooks can be crucial tools for franchise operators to optimize franchise growth strategies and anticipate franchisee success. This piece aims to spotlight the top 25 states for franchising, as deduced from&nbsp;<a href="https://www.richstatespoorstates.org/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=the-25-best-state-economies-for-franchising-in-2023-2723128" target="_blank" rel="nofollow">ALEC-Laffer's 16th annual "Rich States, Poor States" Economic Competitiveness Index</a>.Two crucial rankings are provided in ALEC-Laffer's report — Economic Performance and Economic Outlook. The former looks at a state's performance over the past decade, while the latter projects a forecast based on 15 current state-policy factors. Although a lower outlook index rank doesn't necessarily deter franchise expansion, it does indicate a need for more strategic expansion planning.Generally speaking, states that spend less (especially on income transfer programs) and states that tax less (particularly on productive activities such as working or investing in business) experience higher growth rates than states that tax and spend more.“This amazing repository of data on the competition among the states is the ultimate guide to economic growth and prosperity,” said&nbsp;<a href="https://alec.org/person/dr-arthur-b-laffer/?utm_source=1851franchise.com&utm_medium=article&utm_campaign=the-25-best-state-economies-for-franchising-in-2023-2723128" target="_blank" rel="nofollow">Dr. Arthur Laffer</a>. “‘Rich States, Poor States’ tells a clear story: states with low taxes attract more business investment and more workers. People move to where they have economic opportunities.”For example, this report shows that North Carolina has maintained its second position due to its historic 2013 tax reform while Virginia has impressively climbed from the 24th to 18th spot due to significant tax reductions and rebates enacted during its 2022 legislative session.Utah holds the prime position in economic outlook for the 16th consecutive year. Its consistent position can be attributed to a flat personal income tax rate, pension reform and innovative property tax reform strategies.Here are the top 25 states for franchising based on the Economic Competitiveness Index:<ol><li><a href="https://1851franchise.com/what-utahs-economic-outlook-means-for-franchisors-2722857">Utah</a></li><li><a href="https://1851franchise.com/what-north-carolinas-economic-outlook-means-for-franchisors-2722851">North Carolina</a></li><li><a href="https://1851franchise.com/what-arizonas-economic-outlook-means-for-franchisors-2722880">Arizona</a></li><li><a href="https://1851franchise.com/what-idahos-economic-outlook-means-for-franchisors-2722858">Idaho</a></li><li><a href="https://1851franchise.com/what-oklahomas-economic-outlook-means-for-franchisors-2722886">Oklahoma</a></li><li><a href="https://1851franchise.com/what-wyomings-economic-outlook-means-for-franchisors-2722861">Wyoming</a></li><li><a href="https://1851franchise.com/what-indiana-s-economic-outlook-means-for-franchisors-2722862">Indiana</a></li><li><a href="https://1851franchise.com/what-north-dakotas-economic-outlook-means-for-franchisors-2722863">North Dakota</a></li><li><a href="https://1851franchise.com/what-floridas-economic-outlook-means-for-franchisors-2722910">Florida</a></li><li><a href="https://1851franchise.com/what-nevadas-economic-outlook-means-for-franchisors-2722889">Nevada</a></li><li><a href="https://1851franchise.com/what-tennessees-economic-outlook-means-for-franchisors-2722926">Tennessee</a></li><li><a href="https://1851franchise.com/what-georgias-economic-outlook-means-for-franchisors-2722864">Georgia</a></li><li><a href="https://1851franchise.com/what-texas-economic-outlook-means-for-franchisors-2722957">Texas</a></li><li><a href="https://1851franchise.com/what-south-dakotas-economic-outlook-means-for-franchisors-2722923">South Dakota</a></li><li><a href="https://1851franchise.com/what-arkansas-economic-outlook-means-for-franchisors-2722915">Arkansas</a></li><li><a href="https://1851franchise.com/what-michigan-s-economic-outlook-means-for-franchisors-2722976">Michigan</a></li><li><a href="https://1851franchise.com/what-wisconsins-economic-outlook-means-for-franchisors-2722935">Wisconsin</a></li><li><a href="https://1851franchise.com/what-virginias-economic-outlook-means-for-franchisors-2722961">Virginia</a></li><li><a href="https://1851franchise.com/what-new-hampshires-economic-outlook-means-for-franchisors-2722934">New Hampshire</a></li><li><a href="https://1851franchise.com/what-ohios-economic-outlook-means-for-franchisors-2722965">Ohio</a></li><li><a href="https://1851franchise.com/what-south-carolinas-economic-outlook-means-for-franchisors-2722940">South Carolina</a></li><li><a href="https://1851franchise.com/what-mississippis-economic-outlook-means-for-franchisors-2722919">Mississippi</a></li><li><a href="https://1851franchise.com/what-alaskas-economic-outlook-means-for-franchisors-2722981">Alaska</a></li><li><a href="https://1851franchise.com/what-alabamas-economic-outlook-means-for-franchisors-2722933">Alabama</a></li><li><a href="https://1851franchise.com/what-colorados-economic-outlook-means-for-franchisors-2722982">Colorado</a></li></ol>Despite individual state rankings, prospective entrepreneurs should not be dissuaded from investing in a franchise. If the market conditions are suitable and a brand addresses a need in that market, franchisees can still expand and scale their operations. However, aspiring business owners in states with a lower outlook should consider brands with a lower entry cost.In conclusion, the findings of the ALEC-Laffer’s 16th annual “Rich States, Poor States” Economic Competitiveness Index offer invaluable insights into the financial landscape of the United States, shaping strategic plans for franchise owners and potential investors alike.

The 25 Best State Economies for Franchising in 2023

1851 Franchise

From Utah to North Carolina to Arizona to Idaho, here are some of the states that have the strongest economies capable of nurturing franchise success in the next decade.


the-25-best-state-economies-for-franchising-in-2023

Fitness Premier

Fitness Premier: A Legacy of Excellence, Built on a Foundation of Fitness

fitness-premier-a-legacy-of-excellence-built-on-a-foundation-of-fitness

Busy Bee Jumpers

From Solo Hustle to Franchise Muscle: Why Converting to a Busy Bee Franchise Just Makes Sense

busy-bee-jumpers-franchise-conversion-opportunity

Paris Baguette

Paris Baguette Franchise - Anusha Jonnala and Swapna Varala - 1851 Franchise

Blending Tech, Hospitality and Health Care: How Three Women From Different Worlds Came Together to Build a Paris Baguette Franchise

paris-baguette-franchise-flower-mound-texas

Minuteman Press International

The Brown Family and team at Minuteman Press in Rancho Cucamonga, CA.

Minuteman Press Franchise Review: 30-Year Legacy in Rancho Cucamonga

minuteman-press-franchise-review-30-year-legacy-in-rancho-cucamonga

Beansquad

BeanSquad Franchise - How BeanSquad Is Taking the Stress Out of Franchise Bookkeeping - 1851

How BeanSquad Is Taking the Stress Out of Franchise Bookkeeping

beansquad-accounting-franchise-bookkeeping

Buying a Franchise Masterclass

 Franchise Opportunities

Get Support Buying a Franchise

How to Buy a Franchise White Paper

How to Buy a Franchise

How to Sell Franchises

How to Grow a Franchise

Find a Franchise Supplier

1851 Franchise Opportunities

Franchisor News

Franchisor Power Rankings

FranCamp Mastermind Summit

Franchise Development Website Builder

Franchise Resources

What ALEC-Laffer's Report Means for Franchising

Website Awards

Power Rankings

About 1851

Advertise on 1851

Contact 1851 Editorial

Terms of Use

1851 Login

GROWTH CLUB LOGIN

facebook

instagram

twitter

linkedin

youtube

Design with person in blazer, with laptop, holding sign that reads "LOOKING FOR A JOB"

Uptick in Jobless Claims Points to Continued Instability in Labor Market

jobless-claims-franchise-growth

Extraordinary Brands Acquires CycleBar and Rumble, Shaking Up Boutique Fitness Franchising

extraordinary-brands-cyclebar-rumble-boxing-acquisition

NJCAR v. Ford - New Jersey Supreme Court Limits Standing Under Franchise Practices Act

New Jersey Supreme Court Limits Standing Under Franchise Practices Act

new-jersey-franchise-practices-act-njcar-v-ford

Planet Fitness Franchisees Donate $100K to Support Texas Flood Relief - 1851 Franchise

Planet Fitness Franchisees Donate $100K To Support Texas Flood Relief

planet-fitness-texas-flood-relief

McDonald’s Is the Latest Franchise To Bet Big on Beverages with 500-Store Premium Drink Test

mcdonalds-is-the-latest-franchise-to-bet-big-on-beverages-with-500-store-premium-drink-test

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores - Agg - 1851 Franchise

Hooters Leans Into Franchising With Closure of 30 Company-Owned Stores

hooters-franchise-model-company-owned-closures

Rising Jobless Claims Could Signal Challenges — and Opportunities — for Franchising

rising-jobless-claims-affect-franchising

"Come in, We're OPEN" sign against abstract background

Small Business Optimism Dips, Raising Concerns for Franchise Owners

small-business-optimism-dips-raising-concerns-for-franchise-owners

Wendy's CEO Kirk Tanner Steps Down - Breaking News - 1851 Franchise

Wendy’s CEO Kirk Tanner Steps Down Amid Challenges, Leaving Franchisees Facing Uncertainty

wendys-ceo-transition-kirk-tanner-franchisee-uncertainty

Hely and Hiral Patel Bring Their Longtime Dream to Life With The Brass Tap

brass-tap-franchise-pasadena-maryland-hely-hiral-patel

1851 Keyword - The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

The Secret To Succeeding With a Part-Time Franchise Is Picking the Right Model

part-time-franchises-picking-the-right-model

Why This Real Estate Broker Decided To Bring Caring Transitions to Central Texas

caring-transitions-san-marcos-kyle-chad-hardin

911 Restoration Franchise Costs, Fees, Profit and Data for 2025

The 25 Best State Economies for Franchising in 2023

MORE STORIES LIKE THIS