Franchising Continues Growth
The Franchise Business Economic Outlook for 2016 report from IHS Economics for the International Franchise Association (IFA) found that economic growth among the franchise sector surpassed the rate of growth for non-franchise businesses among the entire economy. The improvement for the franchise industry is in part thanks to consumer spending and employment expansion. According to No Limit Agency Chief Brand Strategist Nick Powills, the unique approach franchises take to business has been one of the keys to their success.
Here are some other highlights from the report:
Franchise business conditions in 2015 were good and according to the report will continue in 2016. The franchise sector is expected to continue to grow at a pace that exceed the economy-wide growth of industries where franchises are concentrated:
- Number of franchise establishments increased by 1.7% in 2015, and expect this pace of establishment growth to be maintained in 2016.
- Output growth of franchise businesses in will accelerate from an estimated 5.6% in 2015 to 5.8% in 2016.
About IHS Economics
IHS Economics is one of the leading economic analysis and forecasting firms in the world. With over 600 economists and industry specialists in 25 offices worldwide, IHS Economics offers market intelligence for over 200 countries and coverage of over 170 industries that helps more than 3,800 clients to monitor, analyze, and interpret conditions affecting their business. IHS Economics has an established track record for providing rigorous, objective forecast analysis and data to businesses, governments, and industry associations around the world.