New economic outlook report shows Tennessee to add 524 new franchises businesses in 2023, will create 7,910 new jobs in the state
Washington – The International Franchise Association (IFA) today released its 2023 Franchising Economic Outlook report, showing that Tennessee will add 524 new franchised businesses in 2023, creating 7,910 new jobs – fifth in the nation for franchise growth. These local businesses continue to deliver jobs and business ownership opportunities, despite economic uncertainty across all industries and in daily life.
The top 10 states for franchise growth in 2023 are projected to be: Texas, Illinois, Florida, Georgia, Tennessee, North Carolina, South Carolina, Arizona, Colorado and Indiana.
“Even with today’s economic headwinds, franchises in Tennessee continue to grow, provide career-building jobs for their employees, and give back to their local communities,” said IFA President and CEO Matt Haller. “After an historic year of growth during the post-pandemic recovery, franchising is predicted to exceed pre-pandemic growth levels – showing the power of the business model and its distinct advantages for prospective business owners.”
The full report and state data is available here.
The 2023 Franchising Economic Outlook is IFA’s annual study detailing the franchise sector’s performance for the past year and projected economic outlook for the year ahead, as well as an in-depth state outlook for all 50 states and Washington, D.C.
In Tennessee:
- Franchise establishments will increase by 524 units, at a rate of 2.7%, to a total of 19,770 units.
- Franchising will add approximately 7,910 new jobs in 2023, to a total of 213,367 franchise employees.
- Economic output by franchises increased to $20.1 billion in 2022 or 5.7%. Output growth is expected to continue into 2023 by 5.1% to $21.1 billion.
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