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| High Springs Economic Analysis Study |
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 submitted by: Tony Boothby Economic Analysis Summary In the summer of 2006, an analyst by the name of Frank DeMarchi produced a report on the economy of High Springs, focusing on businesses in the downtown area. A summary of his findings are listed here. A target customer area was established based on local and regional customers to the Main Street area as follows: Local customer population includes incorporated and unicorporated local adult residents age 29 to 64 with annual household incomes over $25,000.
Regional customer population includes adult residents living in a roughly 22-mile radius around downtown, age 29 to 64, with annual household incomes over $35,000.
Based on the above populations, and applying the average spending habitsĀ for the area, Mr. DeMarchi calculated the potential gross regional sales of 20 different industries. The Urban Land Institute suggests downtowns target 10% of this total as a realistic sales goal. Using the 10% Dowtown Sales as a threshold, Mr. DeMarchi compared it to existing sales in 7 downtown industries. The remainder or leakage is how much of the market is still available to be captured by new businesses. Refer to the graph above for a list of available markets in Downtown, and their total potential sales that have yet to be captured by a local business. |