Report: Franchise Sector to Outpace Overall Economy in ‘18
Catherine Monson, CEO of Fastsigns and an IFA board member, gave highlights of the franchise sector at the Washington Post State of the Union Preview Monday.
The franchise sector is expected to grow faster than the rest of the U.S. economy, according to a new report from the International Franchise Association, which was unveiled Monday at the Washington Post’s State of the Union Preview and delivered by Fastsign’s CEO Catherine Monson.
Among the key findings:
-Franchises are expected to grow 1.9 percent in 2018 to 759,000.
-Franchise employment is projected to grow 3.7 percent, outpacing the rest of the economy.
-The gross domestic product of the franchise sector is forecast to exceed U.S. GPD growth and increase by 6.1 percent to $451 billion. The franchise sector will contribute about 3 percent of U.S. GDP in nominal dollars, the report said.
-Franchise business output is expected to increase by 6.2 percent to $757 billion.
-Franchise personal services experienced strong growth over the past year and is expected to rank first in growth of the number of establishments and in employment in 2018.
All are findings in the IFA’s 2018 Franchise Business Outlook.