Franchise Start Ups 2018
Franchise start-ups were a big part of the latest employment report for December 2018 which exceeded expectations with a whopping 310,000 new jobs for the month. This includes franchises, which added 29K jobs to the tally.
Growth in franchise hiring is an important indicator for local economies because of the job creation and tax revenue this segment provides. The vast majority of franchises are essentially small businesses if they are not owned by headquarters. And individual owners make up the lion’s share of the more than 750,000 franchises currently operating in the US.
The International Franchise Association (IFA) says the national economic impact of franchises has been growing in terms of establishments, jobs, payroll, output and GDP with a bright forecast for the future.
The franchise report provides a detailed view into monthly private sector franchise market data and trends. It is compiled in collaboration with Moody’s Analytics and published by the ADP Research Institute.
The information is derived from ADP payroll data representing 15,000 franchisors and franchisees which employ around 1 million workers in the US. This includes the industries mentioned above as well as personal services, manufacturing, professional services, education, and others.
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