Want some factoids to inform your franchise growth strategy in 2014? Take a peek at these stats below to help inform your franchising decisions this year:
- Franchises are expected to add nearly 200,000 new jobs in 2014. Source
- Franchising accounts for roughly 10% of new U.S. jobs. Source
- The pace of employment gains created by franchises will continue to outpace total private sector employment growth by 0.3%. Source
- The number of franchise businesses in 2014 is expected to rise by 12,915 in 2014, bringing total establishments to 770,368. Source
- The 2014 establishment growth rate is expected to rise 1.7% from 1.4% in 2013. Source
- The output of franchise establishment, in terms of dollar revenue, is expected to increase 4.7% in 2014 – up from the 4.3% recorded in 2013. Source
- Franchise businesses are forecasted to represent 4.5% of U.S. GDP or $493 billion in 2014 – up from 3.5% of U.S. GDP or $472 billion in 2013. Source
- Within the franchising sector, business services, commercial and residential services, and quick service restaurants are expected to be the biggest drivers of job creation in 2014. Source
- Business services has the fastest growth rate and is expected to add 35,109 franchise jobs in 2014, while quick service restaurants, the largest sector in franchising, is expected to generate 75,596 new jobs. Source
- Restaurants are the largest franchisors, with roughly 155,571 quick service franchise restaurants and 36,981 full-service franchise establishments in operation in 2014. Source
- Multi-unit franchise operators control 55% of all franchised units in the U.S. Source
- At 64%, West Virginia has the highest concentration of multi-unit franchisees. All other states with high concentrations of multi-unit franchisees are southern states including: Arkansas, Mississippi, Kentucky and Alabama with 62% each. Source
- The average multi-unit franchisee owns 5 franchised locations, up from about 3.5 in 2007. Source
- The industries with the highest concentration of multi-unit franchisees are in food. Source
- The top 10 industries by multi-unit franchise control are: Source
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