The International Franchise Association (IFA) today released its 2023 Franchising Economic Outlook report, showing that Montana will add 7 new franchised businesses in 2023, creating 435 new jobs. These local businesses continue to deliver jobs and business ownership opportunities, despite economic uncertainty across all industries and in daily life.

“Even with today’s economic headwinds, franchises in Montana 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 Montana:

* Franchise establishments will increase by 7 units, at a rate of 0.2%, to a total of 3,073 units.

* Franchising will add approximately 435 new jobs in 2023, to a total of 33,174 franchise employees.

* Economic output by franchises increased to $3.2 billion in 2022, or 2.4%. Output growth is expected to continue into 2023 by 2.5% to $3.3 billion.

Key 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.