Franchise Industry 2016 – Outlook and Report

 

Growth continues to be on the horizon for the franchise industry. After 5 consistent years of growth, it does not look like the franchise industry will slow down. The  IFA (International Franchise Association), has revealed the results of  the 2016 State of the Industry report, done by forecasting firm IHS Economics, and the report reflects a positive outlook in this industry. It showed that the franchise industry is forecasted to grow by 1.7% in 2016, increasing the overall # of franchises nationwide by almost 796,000.

 

IFA Reports Results

 

Here is some of the data that helps support the rise of the franchise industry in 2016

 

• Employment for Franchises went up 3%
• There were over 278,000 new jobs thanks to franchises
• The IHS Economics Forecast Report showed a projected output in nominal dollars of about $52 billion, bringing the total to about $994 billion.
• Based on the past 5 years data, job growth in the franchise industry was 2.6%, that is more than 20% higher than other business industries nationwide.

 

Some of the business sectors in the franchise industry that are expected to see the most growth include: health and fitness, personal services, lodging, business services, quick-service restaurants, retail products & services, and commercial and residential services.

 

The numbers speak for themselves and it is clear that the strength of the franchise business model is a very successful one. Data, reports, and consumer trends all point towards continued growth for years to come.