Franchise Sector Adds 15,000 Jobs as Growth Continues to Outpace Broader Market (Infographic)
Learn how to invest your IRA or 401k into a franchise penalty-free. ($50k min)
The U.S. franchise industry created 15,040 new jobs in September powered by continued growth in the restaurant sector, according to data from the ADP's National Franchise Report.
Restaurants accounted for the most new jobs, representing 9,190 new hires. “As has been the case throughout the past year, job gains among restaurants were the primary driver of monthly franchise industry employment growth during the month of September,” said Ahu Yildirmaz, senior director of the ADP Research Institute, in a statement.
Leisure, professional and personal services and real estate industries also contributed to job growth.
While the numbers are down slightly from the 16,160 new jobs created last month, the International Franchise Association reports that this level of growth is consistent with growth over the past 12 months. Additionally, growth in the franchise industry still outpaces the wider job market.
“On a year over year basis, franchise employment growth continues to outpace the broader private sector job market by a measure of 2.5 percent versus 1.9 percent," says Yildirmaz. "Franchise industry sectors showing an annual growth rate greater than 2.5 percent include restaurants, leisure, food retailers, business services and personal care services.”
Check out the infographic below for more information and a breakdown of key franchise industries to see where the greatest employment changes are happening.