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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
Key Data Points for New York, New York | ||
Data | New York, NY | Nationwide |
---|---|---|
Population | 8.38 million | 333.2 million |
Proj. 5 Year Population Growth | 5.399% | 0.5% |
Median Household Income | $131,989 | $74,580 |
Median Age | 37.51 | 38.9 |
Residents per Business | 1 to 25 | 10 to 1 |
Annual Household Expenditures | $282.21 billion | $23.9 trillion |
City Data retrieved from https://sitesusa.com/Data |
Within a 5 mile radius of New York City's center, commerce is a substantial annual consumer expenditure of $118.1 billion. The retail sector stands prominent with a total expenditure of $54.24 billion, indicating a welcoming environment for retail franchises. Notably, the sectors of food and beverages with an expenditure of $16.93 billion, and apparel at $4.35 billion, signal the city's strong demand for varied retail experiences.
Read MoreThe commuting dynamics in the city open avenues for business and franchising opportunities. A significant 32.3% of individuals rely on public transportation, while 10.8% prefer walking to work. These figures highlight high foot traffic areas, presenting an advantageous scenario for franchises situated in strategic locations ready to cater to the daily commuter.
A closer look at the economic data reveals a median household income of $120,951, which is considerably higher than the nationwide median. However, it's worth noting that the higher income levels are partly attributed to the city's higher cost of living. Despite this, the higher level of disposable income amongst consumers potentially translates to greater spending power, providing a favorable environment for both businesses and franchises.
In the bustling business environment of New York, the potent blend of a substantial number of established businesses, 170,434, and a strong workforce of 2.37 million employees underscores a flourishing market for B2B franchises. The data reveals an impressive 83.2% white-collar workforce, indicating a demand for services that cater to business needs.
New York City's dynamic economic landscape, marked by a strong consumer market and a diversified occupational environment, stands as an enticing platform for prospective franchisees. Whether it's retail, food service, or business services franchises, the city’s economic and consumer dynamics present a promising landscape for a spectrum of business and franchising ventures, ready to fulfill the extensive and varied needs of this vibrant community.
Explore the franchise listings below and take the first step towards a rewarding business venture.
At Franchise Ventures, we prioritize transparency and objectivity to empower your franchise decisions. Unlike brokers or franchisors, our motivations are unclouded by financial incentives tied to your choices. We don't earn based on the franchise you opt for, instead, our mission is to present you with impartial insights. Navigate through a realm of franchising opportunities with information you can trust.
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