{"id":5543,"date":"2013-10-23T11:00:18","date_gmt":"2013-10-23T15:00:18","guid":{"rendered":"https:\/\/www.myparkingsign.com\/blog\/?p=5543"},"modified":"2024-05-28T00:37:47","modified_gmt":"2024-05-28T04:37:47","slug":"national-parking-association-forecast-accurate","status":"publish","type":"post","link":"https:\/\/www.myparkingsign.com/blog\/national-parking-association-forecast-accurate\/","title":{"rendered":"The National Parking Association forecast: accurate?"},"content":{"rendered":"

The National Parking Association (NPA) has predicted that parking revenue will grow from $18 million to $22.25 billion<\/a> by 2015 on the back of U.S. population growth, more vehicle owners, and a steady trend of a preference for driving.<\/p>\n

These results surprised us, to say the least. First of all, according to the Census Bureau, the U.S. population is growing by a mere 0.72%<\/a> annually – so population growth isn’t exactly robust. And although urbanization is increasing, the population shift toward urban environments has diminished the desire for vehicle ownership. Nearly 30% of households in high population density areas do not have cars, says another report.<\/p>\n

Vehicle ownership peaked in 2008<\/a> and has not reached the same level since that year, according to Michael Sivak, author of \u201cHas Motorization in the US Peaked?\u201d, a report published by the University of Michigan Transportation Institute.<\/p>\n

The traditional American preference for driving may be changing, too. Another recent report found that total miles driven have not changed since 2004<\/a>. Millennials are driving less, preferring alternative means of transportation (biking, buses, subways) and walkable neighborhoods.<\/p>\n

\"Stack

Stack parking helps cope with parking demand. Image by The Tire Zoo<\/a>.<\/p><\/div>\n

Factors influencing parking demand<\/h2>\n

The NPA report says that there are eight factors influencing demand for parking – population growth, improving employment, stable commuter demand, more demand for leisure travel, baby boomers using healthcare facilities, greater number of students, municipality parking facility development, and dynamic pricing.<\/p>\n

\u201cThe recovery in the labor market<\/a> is robust, broad-based, and likely to continue, if not accelerate, over the coming months,” according to researchers at the San Francisco Federal Reserve Bank.<\/p>\n

On the other hand, while commuter demand may be stable, shifts are happening<\/a> in favor of walking, biking, and mass transit at the expense of driving to work. Leisure travel also saw eight in ten<\/a> vacationers opting for driving, according to the US Travel Association.<\/p>\n

Baby boomers are set to use healthcare facilities more, as they account for 40 percent<\/a> of doctor visits. First time graduate student enrollment<\/a> is also on the rise, up for the first time since 2009. An earlier NPA report estimates that 40% of students park on campus, so parking demand from students should increase slightly.<\/p>\n

Some areas – notably San Francisco – have introduced\u00a0dynamic pricing<\/a>, but it’s by no means clear that dynamic pricing increases demand for parking, and it’s only been implemented in very small areas in the U.S.<\/p>\n","protected":false},"excerpt":{"rendered":"

The National Parking Association (NPA) has predicted that parking revenue will grow from $18 million to $22.25 billion by 2015 on the back of U.S. population growth, more vehicle owners, and a steady trend of a preference for driving. These results surprised us, to say the least. First of all, according to the Census Bureau, […]<\/p>\n","protected":false},"author":20,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[271,166],"class_list":["post-5543","post","type-post","status-publish","format-standard","hentry","category-news","tag-national-parking-association","tag-parking-demand"],"yoast_head":"\nThe National Parking Association forecast: accurate? - MyParkingSign Blog<\/title>\n<meta name=\"description\" content=\"The National Parking Association says parking demand will grow due to increasing population, urbanization, preference for driving. 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