Washington, DC (August 19, 2019)—The National Parking Association (NPA) has launched a first-ever comprehensive study of the economic impact created by the commercial parking industry in North America, to be conducted by Ernst & Young. The results will serve as the definitive resource for industry scale parking and related economic data in the top 25 U.S. markets along with the top five markets in Canada, by population.
Study findings to include:
- Quantifying the scale of the parking industry, parking facility and space inventory, and usage.
- Jobs supported both directly and indirectly by the parking industry, and businesses where employees spend their paychecks
- Direct contributions of the parking industry to wages, taxes, regulatory fees and economic output.
NPA President Christine Banning, IOM, CAE said, “The parking industry is a vital component to the economic success of our communities. It not only creates and supports jobs, it helps people get to new opportunities. It allows businesses to flourish and communities to grow. It helps reduce congestion and is quickly becoming a key driver for mobility innovation. This report will provide the data points to show parking’s true impact.”
Andrew D. Phillips, Principal, Quantitative, Economics and Statistics practice at Ernst & Young said, “This research will document, for the first time, critical data points that illustrate the economic impact of the parking industry. Results will not only shed light on the immediate economic benefits created by the presence of parking facilities, but on the greater economic footprint in the communities where parking operates.”
Preliminary data points are expected in early 2020 with the full report due by spring 2020. Report results will be designed to be a tool for governments, policy makers, city planners, the parking industry, the real estate industry, media, the public, and more.
Parking is a multi-billion-dollar industry vital to the life and livelihood of communities across North America. The National Parking Association is North America’s leading parking trade organization. Our mission is to serve as the market leader in parking industry research, education, and advocacy that advance the industry, and its leaders and parking professionals. We provide training, certification, and access to leading-edge parking technology across the private and public sectors. Founded in 1951, NPA represents over 100,000 parking professionals in more than 2,500 commercial operations and public organizations. Learn more at WeAreParking.org.