AUSTIN, Texas, Oct. 5, 2021 /PRNewswire/ -- FLASH, the leader in connected mobility, has partnered with the National Parking Association (NPA) to launch the "Road to Recovery Index" – a research study designed to benchmark the recovery of the parking industry following the initial impact of the COVID-19 pandemic. The two organizations are also planning subsequent quarterly research updates establishing the Road to Recovery Index as the gold standard to accurately measure and evaluate the economic health of the parking industry moving forward.
The index, which was compiled by the Quantitative Economics and Statistics (QUEST) group at professional services firm EY, included the analysis of transaction data, along with quantitative and qualitative surveys of NPA member organizations about parking revenue, occupancy rates and industry sentiment. The study also reviewed external mobility 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.
"The more we spoke with our partners in the parking industry, it was clear a gap existed about whether we are moving toward a state of recovery and how it should be definitively measured. We set out to solve that," said Sabrina Zahn, Vice President of Marketing, FLASH. "For the first time, the Road to Recovery Index can measure and provide an industry benchmark on economic recovery right now, along with insights that can help parking operators make calculated decisions about how to build their business for the future."
Among these findings were:
- Parking has recovered to above 50 percent of pre-COVID levels
- Some cities like Philadelphia saw a significant rebound in parking
- Many consumer activities like entertainment and dining are close to pre-pandemic levels
- Office, hotel and airport parking still have not recovered to pre-pandemic levels but are improving
- Interest in driving is higher in all markets with transit interest below pre-pandemic levels in all locations except Chicago and NYC
"Developing a tool to help us gauge collective progress, in an industry that was devastated by the pandemic, allows operators, mobility providers, parking asset owners – our customers – to lead with data and feel confident in the critical trends that impact their businesses and operations," said Juan Rodriguez, Co-Founder of FLASH. "We want others in the industry to know they're not alone, and we can all move together toward a shared goal of economic recovery, making decisions backed by data and insights."
Benchmark data in the Road to Recovery Index will 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 at WeAreParking.org on October 5, 2022.
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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