The number of brands entering franchising has been steadily increasing in recent years. In 2022, there were 414 new brands entering franchising, and 2023 is expected to finish at a similarly high number. This represents a significant growth compared to the pre-pandemic average of 322 new brands per year. The surge in new business applications in December 2023, as reported by the U.S. Census Bureau, indicates a strong interest in entrepreneurship and franchising. This surge is supported by changing attitudes toward work and the availability of cash from Covid relief and assistance programs. The fastest-growing sectors in franchising are personal services, residential services, and quick-service restaurants (QSRs). Around 20% of new brands have initial backing, either as part of an existing system or with investment from private equity firms or angels. Additionally, over 30 brands from outside the United States launched in 2022-2023, highlighting the continued interest in the U.S. market. The rise in new business applications and franchising reflects a shift in the economic landscape of the United States, with increased support for entrepreneurship and changing attitudes toward work and consumer behavior [ea16e137].