WASHINGTON, Dec. 27, 2016 /PRNewswire-USNewswire/ -- The parking industry generated about $25 billion in revenue with more than 140,000 employees according to a new study by the National Parking Association (NPA) released today. The 2nd edition of the NPA Parking Demand Report analyzes the diverse fundamental economic and demographic factors underpinning parking demand.
"The purpose of this study is to understand the long-term parking demand potential and the trends that are shaping the future of the parking industry," said Christine Banning, MA, CAE, President, NPA.
Other key study findings include:
- Parking revenue is projected to grow from just under $25 billion in 2015 to nearly $29 billion by 2018.
- The #1 reason for parking growth is population expansion projected to increase from 320M in 2015, to 400M by 2050.
- 15 year trend continues, 86 percent of U.S. commuters' say driving and parking their vehicle is their dominant mode of transportation.
- Approximately 119.9M Americans drive to work (2013 U.S. Census).
- New York, Los Angeles, Chicago, Houston and Phoenix highlight urbanization and density and have the most parking growth potential.
- The top two states in terms of parking revenue are California ($1.4 billion), and New York ($1.2 billion).
- By region, population density leads to parking growth in the New York/Northeast corridor. The West Coast, anchored by California, continues to be a parking powerhouse. And Florida as 3rd most populous state, presents future revenue growth opportunities.
In addition to population growth, other factors increasing the parking demand include high employment, more commuters, more people driving for vacations, a rise in Baby Boomers driving to seek healthcare services, more students at colleges and universities driving to or on campus, municipalities increasing parking development, and positive changes to parking pricing methods.
The five factors that could negatively affect parking demand include unemployment, decreasing GDP, lower consumer confidence, zoning laws that limit parking lot construction, and punitive taxes and/or rising fuel costs.
The 47-page Parking Demand Report, sponsored by Denison Parking, Inc., Indianapolis, and conducted by the Parking Market Research Company, assembles substantive research data, analyzes the data and draws correlations between market conditions and their relationship to the parking industry.
"When NPA decided to embark upon a major research agenda, Denison Parking joined forces with NPA to develop a national research committee, build relationships with leading researchers, and bring peer review to the research process," said Mark Pratt, CEO and President of Denison Parking; and Chair of NPA's National Research Committee.
The complete 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.
For a copy of the study, https://weareparking.org/?page=Parking_Demand
About NPA: The National Parking Association, established in 1951, is the voice of the $28 billion parking industry composed of private parking owners and public parking operators that together employ more than 143,000 people. NPA is the premier association for parking owners & leaders—providing research, advocacy, professional development and credentialing. Visit NPA at WeAreParking.org.
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SOURCE National Parking Association