Revenue Increases With Full Recovery Predicted in 2023, Spurred by a Rebound in Airport and Event Parking
WASHINGTON, Feb. 6, 2023 /PRNewswire/ — The National Parking Association (NPA), the leading authority on parking research, released findings from its fourth Road to Recovery Index that indicates a very strong rebound nationally. Americans are driving at levels greater than in 2019, in turn, parking operator revenue is projected to recover fully between August and December of 2023.
“The parking industry continues to rebound post-pandemic and projects $580 billion* in revenue by the end of 2023, outpacing the 2019 baseline by 2% and 2022 revenue growth by 10%,” said NPA President Christine Banning, IOM, CAE. “A focus on consumer experience, automation, and diversifying services has fueled a rebound across sectors.”
Banning added, “Airport and event parking were the fastest areas to rebound due to consumer demand. As a result, airport parking revenue increased by 26% in the first half of 2022 from 2019 levels, while event parking revenue increased 16% during the same period. Consumer demand for leisure travel and event venues signals continued strength in those parking segments in 2023.”
Top findings from the latest Road to Recovery Index include:
- In 2022, 50% of parking operators achieved pre-pandemic revenue.
- In 2023, parking operators project up to 15% growth, with highest growth in Atlanta, Miami, and New York City.
- 100% of respondents stated that adopting new technologies is critical for growth in 2023.
- 80% of respondents reported that sustainability efforts, in connection with increased use of electric vehicle charging technology in parking facilities, are in their 2023 growth plans.
According to the Road to Recovery Index, the most important issues for continued parking rebound are supported by increased travel and tourism, return to in-person work across the country, and greater industry automation.
The study goes on to share that most major parking operators plan to increase their workforce, ranging from an increase of less than 10% to more than 30%, and all report plans to increase the number of parking spaces in 2023.
“The Road to Recovery Index provided the parking industry with important economic guideposts as the sector recovered, providing a first-of-its-kind industry benchmarking. By looking at the industry both at a national and regional level, this study helped the industry adapt, evolve, and return to a firm footing,” said Juan Rodriguez, chief innovation officer and co-founder of FLASH. “We are proud to support this study and the parking industry in its efforts to gather strategic insights and navigate change.”
*Source: NPA Economic Impact Study by EY
This four-part market study was made possible with direct support from FLASH. In-depth economic data and the full results of the fourth Road to Recovery Index are available online – complimentary for members, at WeAreParking.org/Research and at FLASHOS.com.
About The National Parking Association
Parking is a multi-billion-dollar industry vital to the life and livelihood of communities across North America. The National Parking Association (NPA) 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 580,000 parking professionals. Learn more at www.WeAreParking.org.
FLASH is the only global platform connecting cloud parking software to electric vehicle charging and mobility transformation. Our award-winning cloud-born platform is custom configurable, secure, reliable, and grows alongside you as business or consumer demands evolve. Visit www.FLASHOS.com to learn more.
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Senior Vice President, Automotive & Transportation Strategist
Senior Director of Corporate Communications
SOURCE National Parking Association