• Contact
Saturday, December 9, 2023
  • Login
Oklahoma Business Voice
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Online car sales scam grow, Oklahoma Attorney General warns consumers to beware

    Online car sales scam grow, Oklahoma Attorney General warns consumers to beware

    LiDAR image from U.S. Geological Survey.

    TIME honors Earth observation technology company founded by Oklahomans for best invention of 2023

    INTEGRIS Health

    State-of-the-art surgical robot revolutionizing orthopedic surgery at INTEGRIS Health Edmond

    Production on The Jewel documentary. Photo from Prairie Surf Creative.

    Prairie Surf Creative charts bold course with documentaries on Oklahoma icons Clara Luper and Jewel Theatre

  • Sign UpNEW
  • About
  • Contact
No Result
View All Result
  • Home
  • News
    • All
    • Aerospace
    • Childcare
    • Education
    • Energy & Environment
    • Federal
    • Finance
    • Health Care
    • Innovation
    • Issues Affecting Oklahomans
    • Opinion
    • Politics & Elections
    • Taxes & Budget
    • Tribal
    • Workforce Development
    Online car sales scam grow, Oklahoma Attorney General warns consumers to beware

    Online car sales scam grow, Oklahoma Attorney General warns consumers to beware

    LiDAR image from U.S. Geological Survey.

    TIME honors Earth observation technology company founded by Oklahomans for best invention of 2023

    INTEGRIS Health

    State-of-the-art surgical robot revolutionizing orthopedic surgery at INTEGRIS Health Edmond

    Production on The Jewel documentary. Photo from Prairie Surf Creative.

    Prairie Surf Creative charts bold course with documentaries on Oklahoma icons Clara Luper and Jewel Theatre

  • Sign UpNEW
  • About
  • Contact
No Result
View All Result
Oklahoma Business Voice
No Result
View All Result
Home News
Franchise business growth expected to continue in Oklahoma

Franchise business growth expected to continue in Oklahoma

Hicham Raache by Hicham Raache
April 10, 2023
in News, Workforce Development
Reading Time: 3 mins read
Share on FacebookShare on Twitter

OKLAHOMA (OBV) – Oklahoma has seen continuous growth in franchise establishments over the past few years and that growth is expected to continue this year.

The International Franchise Association recently released its 2023 Franchising Economic Outlook.

The report shows that Oklahoma had an estimated 10,291 franchise establishments in 2022 and is projected to have 10,445 in 2023. The state had 9,923 franchises in 2020 and 10,139 in 2021, according to the report.

Franchise establishments are defined as businesses that are owned and operated by a franchisee, the term for an individual who buys the right to operate a business under a franchisor’s brand name and system. McDonald’s, Whataburger, Burger King, Pizza Hut and Taco Bell are some of the many popular franchises in Oklahoma.

Oklahoma’s franchise growth expanded the state’s workforce. The state is estimated to have had 109,863 franchise employees in 2022 and is projected to have 112,727 franchise employees in 2023. Oklahoma had 99,162 franchise employees in 2020 and 107,182 such workers in 2021.

The growing number of franchises in the state has resulted in greater and greater economic output, from $8,916,000 in 2020 to $10,306,000 in 2021 to an estimated $10,745,000 in 2022 to a projected $11,155,000 in 2023.

Franchises saw remarkable growth and recovery across the nation in 2021 but experienced a period of moderation in 2022. Franchise establishments faced economic challenges in 2022, including high inflation, labor shortages and supply chain issues. Moderation is carrying over into 2023, according to Franchising Economic Outlook.

The franchise business model was able to withstand economic uncertainty initiated by the COVID-19 pandemic. Fifty percent of franchisees who responded to the IFA/FRANdata 2022 Franchisee Inflation Survey said their franchise network’s support helped them navigate inflationary pressures and other business challenges during the pandemic.

Key franchise forecasts for 2023 are as follows:

  • Franchise establishments will increase by almost 15,000 units, or 1.9 percent, to 805,000 units overall.
  • Franchising will add approximately 254,000 jobs in 2023. Total franchise employment is forecasted to grow 3 percent, reaching 8.7 million.
  • Total franchise output will increase by 4.2 percent, from $825.4 billion in 2022 to $860.1 billion in 2023.
  • Franchises’ GDP will grow at a 4.2 percent pace to $521.3 billion.
  • Franchises’ GDP share of the overall economy will remain stable at 3 percent.
  • Service-based industries and quick service restaurants (QSRs) will see higher growth than other industries.
  • Texas is expected to see the most franchise activity growth in 2023. Growth in the Southern U.S. will outpace the rest of the U.S. franchise market.

Each state’s franchising growth in 2023 will remain varied based on labor availability, infrastructure investments and business climate. The expected 2023 growth in the Southeast and Southwest regions – which saw positive migration trends, large industry investments and strong labor markets – will outpace the rest of the U.S. Each region is expected to grow in 2023, but Northeast region growth will be muted at approximately 0.8 percent, according to the report.

Click here for more information about the full 2023 Franchising Economic Outlook.

Tags: BusinessFranchiseFranchising Economic OutlookFRANdataInternational Franchise AssociationOklahoma
ShareTweetShare
Previous Post

Connections made at the state capitol for Oklahoma businesses

Next Post

Oklahoma Senate Finance Committee passes crucial tax bills

Related Posts

Online car sales scam grow, Oklahoma Attorney General warns consumers to beware
News

Online car sales scam grow, Oklahoma Attorney General warns consumers to beware

December 8, 2023
LiDAR image from U.S. Geological Survey.
Innovation

TIME honors Earth observation technology company founded by Oklahomans for best invention of 2023

December 6, 2023
INTEGRIS Health
Health Care

State-of-the-art surgical robot revolutionizing orthopedic surgery at INTEGRIS Health Edmond

December 4, 2023
Production on The Jewel documentary. Photo from Prairie Surf Creative.
News

Prairie Surf Creative charts bold course with documentaries on Oklahoma icons Clara Luper and Jewel Theatre

December 1, 2023
Jerome Redmond shares stories of trucking school students with members of Congress.
News

Oklahoma trucking industry leader discusses his remarks to Congress on expanding 529 plan to vocational education

November 29, 2023
United Petroleum Transports
Energy & Environment

Oklahoma City-based petroleum transport company acquires premier bulk tank carrier

November 27, 2023
Next Post
Oklahoma State Capitol

Oklahoma Senate Finance Committee passes crucial tax bills

Oklahoma Business Voice

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Navigate Site

  • Home
  • News
  • Sign Up
  • About
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News
  • Sign Up
  • About
  • Contact

© 2023 Oklahoma State Chamber.
Powered by High Five Media.
Privacy Policy

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.