Indiana ranked in the top 10 according to the International Franchising Oulook Report in 2023.

News Release

According to the 2023 Franchising Economic Outlook Report in 2023, Indiana has shown to be adding 417 new franchised businesses this year, thus creating 6,573 new jobs. Even in the economic uncertainty  that the United States as a whole is facing economically, Indiana is providing jobs, as well as business opportunities for its citizens.

“Even with today’s economic headwinds, franchises in Indiana 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.”

In Indiana specifically, franchised businesses will rise by 417, by a rate of 2.4%, resulting in an overall total of 18,065 units. Because of the additional jobs added, there will now be a total 194,960 franchise employees. In doing so, this will provide economic output growth to continue growing this year, rising 4.7%, increasing output to 19.3 billion.

According to the IFA website, highlights on the National level include,

• The overall number of franchise establishments will increase by almost 15,000 units in 2023, or 1.9%, to 805,000 units.
• Franchising will add approximately 254,000 jobs in 2023. Growing at 3.0%, total franchise employment is forecasted to reach 8.7 million.
• From $825.4 billion in 2022, the total output of franchised businesses — the measure of total economic activity in nominal dollars — will increase by 4.2% to $860.1 billion in 2023.
• Franchises’ GDP share of the overall economy will remain stable at 3%. Compared with 2022, franchises’ GDP — the monetary value of all the finished goods and services produced within U.S. borders — will grow at a slightly slower pace of 4.2% to $521.3 billion.
• Service-based industries and quick-service restaurants will witness higher growth than other industries.

On the state and regional level, the report shows that states have experienced different rates of franchise business growth due to disparities in business climates, migration trends, the labor market, and major industry investments. On the state level, it is predicted that:

• States in the Southeast and Southwest will experience the fastest upward trajectory of franchise business growth in 2023.
• 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.
• The Southeast region, which has the largest franchise concentration in the U.S., will have an estimated 234,079 total establishments by 2023, employing 2.5 million workers and contributing $250 billion in output to the U.S. economy.

See Full Report Here.