The franchise sector grew faster than the overall economy in 2017 and is projected to do so again this year, due in part to an improved momentum in GDP, a boost from recent tax reform and an increased favorable regulatory environment, according to the International Franchise Association’s Franchise Business Economic Outlook for 2018.

According to the study, states in the west and south, such as Florida, will continue to lead the nation in franchise employment and output growth in 2018. Florida’s 2018 franchise forecasts include a 4.7 percent increase in franchise employment to 543,800 jobs; a 7.5 percent increase in output of franchise businesses in nominal dollars to $48.9 billion; a 2.9 percent increase in the number of franchised establishments to 48,900; and an 8.2 percent increase in the GDP of the franchise sector to $20 billion.