3 Things You Should Know About Small Business: March 27
NEW YORK (TheStreet) -- What's happening in small business today?
1. Franchises continue to grow faster than independent businesses. Franchised businesses will continue to grow at a slightly faster rate than other businesses in terms of job creation, new business formation, economic output and GDP contribution, according to the International Franchise Association's first-quarter update to its economic outlook for franchising.
According to the update, the outlook hasn't changed much from the IFA's initial 2013 forecast released in December.
The IFA amended its industry forecast slightly in the latest report:
- New U.S. franchised establishments will rise by 1.3% in 2013 vs. 1.4% originally predicted;
- Franchises will add 156,000 jobs this year to a total of 8.2 million, up 1.9% from 2012, but slightly lower than the 2% originally predicted;
- Output from franchises will rise 4.2% to $802 billion in 2013, down from the 4.3% initially forecast;
- The gross domestic product of the franchise sector is projected to rise 4% to $472 billion, down from the 4.1% initially forecast for 2013 and lower than the 4.6% growth in 2012. This is approximately 3.4% of U.S. GDP in nominal dollars.
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