As of 2019, there were an estimated 7,832 franchise companies in the United States. This is a significant increase from the 5,829 companies that were in operation in 2014. The franchising industry has been growing steadily for many years and shows no signs of slowing down. The majority of franchise companies are small businesses, with only a handful of large franchisors such as McDonald's, Subway, and 7-Eleven accounting for the majority of franchises. In terms of location, most franchise companies are concentrated in urban areas. California, Texas, and Florida are home to the largest number of franchises. The franchising industry is a major contributor to the US economy. Franchises accounted for $513 billion in economic activity in 2018 and created jobs for more than 8 million people. The industry is also responsible for $37 billion in tax revenue for federal, state, and local governments.