U.S. parking industry generated about $25 billion in revenue
The 2nd edition of the NPA Parking Demand Report analyzes the diverse fundamental economic and demographic factors underpinning parking demand.
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. ■