The International Franchise Association projects Arizona as the eighth-best state for franchise growth this year in its annual Franchising Economic Outlook report.

Despite economic uncertainty gaining some steam across all industries, Arizona is expected to add 421 new franchised businesses in 2023, creating 6,610 new jobs. Nationally, franchise establishments will increase by almost 15,000 units in 2023, or 1.9%, to 805,000 units and is expected to add 254,000 jobs in 2023, according to the recently released report.

“Even with today’s economic headwinds, franchises in Arizona continue to grow, provide career-building jobs for their employees, and give back to their local communities,” IFA President and CEO Matt Haller said in a statement. “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.”

To continue reading, click here 

By James Cannon and Jeff Gifford - Phoenix Business Journal