Dear Admin,

I hope you enjoyed the Fourth of July holiday weekend! Being from Phoenix, I was grateful to escape the record heat and spend the long weekend in San Diego. It was a perfect break filled with beach chilling, boating in the San Diego Bay, hiking, indulging in ice cream, and, of course, spectacular fireworks. I also discovered that the Caesar Salad was invented 100 years ago on July 4, 1924, in Tijuana, Mexico.

Some records are worth celebrating like the US stocks clearing all-time highs on Friday with the addition of more than 206,000 jobs in June and the expectations that the Federal Reserve will lower interest rates in September. Other records like record heat are best left unmatched. Death Valley, CA is predicted to set the hottest temperature ever reliably measured on Earth this week, nearing 130 degrees.

According to the 2024 Franchising Economic Report published by the International Franchise Association (IFA), the franchise forecast for 2024 includes a favorable record setting outlook:

• The number of franchises will increase by more than 15,000 units, or 1.9%, to 821,000 units.
• Franchising is expected to add approximately 221,000 jobs in 2024. As overall U.S. unemployment is forecast to average 4.1%, higher than 2023’s unemployment rate of 3.7%.
• Total franchise output will increase by 4.1%, from $858.5 billion in 2023 to $893.9 billion in 2024.
• Franchises’ GDP will continue to grow, increasing at a pace of 4.3% to $545.8 billion.
• Personal services and quick-service restaurants (QSRs) will experience higher growth than other industries.

As we continue through the summer, these records remind us of the incredible potential and opportunities available. Whether you're considering a new franchise venture or looking to expand your business, now is a great time to explore and seize these record-breaking moments.

Enjoy the your summer, and let's make more records together!

Best,

Laura