The National Parking Association (NPA) announced the release of the Parking Demand Report—the parking industry’s first economic forecast. This study provides an in-depth analysis of the macroeconomic, demographic, employment, travel and industry trends shaping future parking demand. The study analyzes private sector, municipal, college/university and hospital/medical sectors and market forces.
The Parking Demand Report found that parking revenue is projected to grow from $18 billion to $22.25 billion by 2015. According to the report, the fundamental growth of U.S. population, ongoing urbanization, growth in vehicle ownership, and a steady multi-decade trend of a preference for driving and parking, all signify strong parking demand for a generation.
According to the report, there are eight factors driving parking demand – population growth, improving employment, stable commuter demand, increasing leisure travel, baby boomer use of healthcare facilities, increased college/university attendance, municipal parking facility development and dynamic pricing.
NPA National Research Chair, Mark Pratt, says, “This is a major industry undertaking that signals that NPA is focused on the knowledge, issues and business conditions that affect the parking industry.” Pratt is President & CEO of Denison Parking of Indianapolis, Ind., which sponsored The Parking Demand Report. Pratt adds, “NPA now offers 5 leading industry research reports that provide a comprehensive picture of parking as an industry’s. Denison Parking is proud to sponsor the parking industry’s first economic forecast.”
Denison Parking has made a multi-year commitment to sponsor The Parking Demand Report to provide a longitudinal look at the factors shaping parking demand and to forecast future demand. “Denison is proud to play a role in providing important research that advances our industry,” said Pratt.
"NPA is the parking industry’s leading authority and believes in the importance of authoritative, statistically valid industry data and analysis that provides the parking industry with economic, industry and trending data,” says NPA President Christine Banning, CAE. “NPA has developed the most robust research program in the parking industry to provide current, reliable and useful data on the industry, its future and impact in the marketplace."
"Mark Pratt is devoted to NPA's research program and his belief that all sectors of the industry benefit from evidence-based decision making and credible sources of research relevant to the parking industry and its unique market drivers,” said Banning. “NPA extends its thanks to Mark and Denison Parking for advancing parking industry research."
The study features a three-year industry forecast. The study is longitudinal and a second edition will be released in 2015, with a 2014 forecast update based on GDP, population and employment data. To purchase a copy of the NPA Parking Demand Report, visit http://www.npapark.org/research.
The National Parking Association is the nation's leading parking trade group advancing the interests of the private and public sector in parking technology, sustainable mobility, certification, advocacy, research and education. Founded in 1951, NPA has nearly 2,500 members and represents all segments of the parking industry. www.npapark.org