IFA Opens Another Scholarship to DECA Members
Did you know that franchise businesses continue to grow at a faster pace than the rest of the economy?
According to the International Franchise Association Educational Foundation (IFA), a long-time partner of DECA, and IHS Economics, franchising remains on track to outperform the U.S. economy for the fifth consecutive year.
While the forecast of U.S. GDP has been revised downward and now shows growth of only 3.4 percent increase in nominal dollars in 2015 for the overall economy, IHS expects the Gross Domestic Product of the franchise sector in nominal dollars to increase by 5.2 percent to $521 billion in 2015.
Have you ever considered franchising as entrepreneurship? Would you like to pursue the opportunity as you continue your career path education in college? The IFA would like to help you!
In addition to sponsoring DECA’s Entrepreneurship Franchising Competitive Event and the Don DeBolt Scholarship, IFA also offers college scholarships through the IFA Educational Foundation. For more information on those scholarships, please visit the IFA Educational Foundation web site.
Key findings from the business outlook released by IFA and HIS Economics include:
- Franchise businesses will add 248,000 new direct jobs this year, a 2.9 percent increase to 8.8 million direct jobs, over last year. That is on top of the 239,000 franchise jobs that were added in 2014 and is faster than this year’s projected 2.4 percent growth in overall private nonfarm employment.
- The number of franchise establishments will grow this year by 12,209, or 1.6 percent, to 781,991.
- Economic output from franchise businesses is estimated to increase by 5.4 percent over last year to $890 billion. Last year’s gain was 5.0 percent.
- The forecast of U.S. GDP has been revised downward and now shows growth of only 3.4 percent increase in nominal dollars in 2015 for the overall economy, IHS expects the Gross Domestic Product of the franchise sector in nominal dollars to increase by 5.2 percent to $521 billion in 2015. The franchise sector will contribute about 3 percent of the U.S. GDP in 2015.
- The IFA Franchise Business Index – which is a mixture of employment, sales and credit conditions – also rose. In April, the index was up 2.6 percent compared to April 2014.
- The outlook for growth among the different types of franchises will differ, with retail businesses ranking first and quick service restaurants ranking second in terms of increased employment.
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