March 25, 2022 (Austin, TX) – FLASH, the leader in connected mobility, has released the second installment of the “Road to Recovery Index”, continuing the partnership with the National Parking Association (NPA). This research is designed to benchmark the recovery of the parking industry following the impact of COVID-19. The two organizations continue to work together to develop this first-of-its-kind, gold-standard research to evaluate the economic health of the parking industry as classification shifts from pandemic to endemic.
The index, which was compiled by the Quantitative Economics and Statistics (QUEST) group at professional services firm EY, includes the most recent data and analysis of quantitative and qualitative surveys of NPA member organizations about parking revenue, occupancy rates, and industry sentiment. The study also reviewed external data from industry associations and government agencies that impact the parking industry, such as local/state Return to Work guidelines, air travel and driving trends, retail, hotel, restaurant, and entertainment data, population, and unemployment.
“As we continue to deepen and update the Road to Recovery index, we are eager to become the data source that parking operators and mobility leaders can refer to when making informed choices about their business,” said Sabrina Zahn, SVP of Marketing, FLASH. “The index acts not only as an indicator for how the parking industry is currently tracking, but can also be utilized to understand how the general U.S. economy is functioning as this study has revealed that parking can be a leading economic indicator.”
Among the latest findings were:
- Parking revenue is estimated to have recovered to 75% of the industry’s pre-pandemic revenue level by the end of the calendar year 2021.
- In the last six months of 2021, parking operators reported a 47% increase in parking revenue over the first half of the year.
- Airport and Event parking experienced the strongest revenue recovery in 2021 with parking Event revenue increasing by 150% in 2021 from 2020 and Airport parking revenue increasing 94% during that same time period.
- Metropolitan markets with the largest revenue gains in 2021 include the Miami and Chicago metro areas with annual revenue increases of 61% and 44% respectively.
- All major parking operator respondents report plans to increase their workforce, ranging from a 20% increase to more than 50% increase in the workforce.
- Additionally, all major parking operator respondents report plans to make parking-related capital expenditures in 2022 and increase their total number of parking spaces in 2022.
“There is no greater, more substantial way to operate a business than to monitor the data, facts, and trends in an industry,” said Juan Rodriguez, Co-Founder & Chief Innovation Officer at FLASH. “This second installment of the Road to Recovery Index will allow parking operators to benchmark their success from 2021 to the first quarter of 2022 – and also help prepare for the rest of the year. Parking was overlooked for too long, and we know now that it is a highly reliable indicator of our country’s economy as a whole. We look forward to continuing releasing subsequent studies to further encourage a holistic parking industry.”
Benchmark data in the Road to Recovery Index will continue to be updated quarterly, establishing a new metric for measuring progress and economic recovery in the parking and mobility industry. The Road to Recovery Index full report will be available for download for National Parking Association members at WeAreParking.org and FlashParking.com for non-NPA members.
Join Us for FLASHFuture 2022 — Next Wednesday
To learn more, join us on Wed., March 30th at 10:00 – 11:00 AM CST for FLASHFuture 2022, where we bring mobility, parking, and smart city leaders together to discuss the valuable role parking assets play as mobility trends change. Click here to register.
FLASH is an innovator in the urban mobility space, helping businesses rethink one of their most valuable assets: the parking garage. Our award-winning cloud-born platform is custom configurable, secure, reliable, and grows alongside you as business or consumer demands evolve. Visit www.flashparking.com to learn 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.
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