TL;DR
The International Franchise Association predicts 2021 will see 26,000 franchise units sold, a gain of more than 3.5% of total units. The industry is expected to see a 10% increase in workers and a 16.4% increase in franchise business output.
The International Franchise Association’s annual economic outlook predicts 2021 will see 26,000 franchise units sold, or a gain of more than 3.5% of total units, according to a report from CNBC.
The IFA partnered with FRANdata to forecast that the industry will see a 10% increase in workers, bringing the industry’s total to 8.3 million workers, mostly across the food, retail and services sectors.
The sector “will increase by 7% to $477.4 billion and franchise business output will jump 16.4% to $780 billion” CNBC reported the IFA as projecting. Last year, the franchising industry lost about 20,000 units and saw its employment level drop by 11.2%, according to the report.
1851 Franchise previously reported that conditions look extremely favorable for franchise sales in 2021 and beyond.
While the U.S. entered a recession following the COVID-19 pandemic, asset and home values stayed high. Simultaneously, many professionals in corporate America lost jobs. As a result, a surge of individuals with a decent sum of money to invest and time on their hands have been unleashed on the marketplace.
In this story
This story was originally published in 1851 Franchise on February 18, 2021. Burnaze summarizes and links to the original reporting.
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