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2013-2015 Parking Demand Research Report
Fundamental Economic & Market Indicators

A Denison Parking and NPA Research Partnership

2013-2015 Parking Demand ReportIntroduction

The National Parking Association (NPA), in cooperation with sponsor Denison Parking, has undertaken a major research study to analyze the diverse fundamental economic and demographic factors underpinning parking demand.

This study is the first of its kind to assemble substantive research data, analyze the data and draw correlations between market conditions and their relationship to the parking industry. The study analyzes private sector, municipal, college/university and hospital/medical center trends in detail, identifying market size, changes in the marketplace and factors impacting demand.

Based on the interaction of a number of factors data suggests that the demand for parking will continue to expand. These drivers of parking should continue to exert upward pressure on the industry and supports the position that fundamental factors are in place for continued demand and revenue growth.

Factors Driving Parking Demand

Parking demand is a function of a number of factors, all working in tandem to affect demand and usage. When looking at macroeconomic, demographic, employment, and industry statistics, we see a picture of patterns that influence parking demand in North America.

  1. Population: Fundamental population growth of 9.6% from the 2000 U.S. Census to the 2010 U.S. Census is expected to continue into the future.
  2. Employment: In the U.S., 92% employment provides sustained parking demand, despite persistent high unemployment at 7.6% as of June 2013.
  3. Baby Boomers: The Baby Boomer population will increase to 63 million by 2025, an 80% increase over 2000 levels.
  4. Colleges/Universities: College/university enrollment increased 30% from 2000-2009, from 15.3 million to 20.4 million.
  5. Municipalities: Public sector parking is beset by financial pressures; this pressure will accelerate automation and rate increases that will drive revenue.
  6. Pricing: Demand will be affected by demand pricing, mobile rate promotions, pre-paid parking and price increases, both public/private, as well as price rates for peak parking periods.

However, while data suggests positive events on the horizon for the parking industry, there are a number of threats that have the potential to negatively affect the parking industry. These risk factors include higher than normal unemployment, decreased consumer confidence, increased taxes and increased government regulation. 

Denison Parking

Full Report:

Order #: PDR-01
NPA member price: $399.00
Non-member price: $599.00

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