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June   Overview   Kansas City Urban Market Assets
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June Overview Kansas City Urban Market Assets

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KC Urban Market Assets - results for Kansas City

KC Urban Market Assets - results for Kansas City

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June Overview Kansas City Urban Market Assets Presentation Transcript

  • 1.  
  • 2. Overview
    • Reason for the DrillDown
    • DrillDown Process
    • Kansas City Results
    • District Results and Selected Neighborhoods
    • Questions after each major section
  • 3. Major Barrier to Urban Investment
    • Major barrier: Lack of purchasing power
    • Major barrier: Insufficient concentration of target customer
    • Major barrier: Crime or Perception of Crime
    • Why are we here? Accurate market information about our urban core areas.
    • Source: ICSC Retail Survey 2002
  • 4. The Census
    • Census increasingly undercounts urban core areas and is less accurate as time passes
    • Full count every 10 years – need yearly household data to inform policy & update market models for development
    • Misses pockets of development and subsequent growth (ex. population from Crossroads, Westport condos and lofts)
    • Cash economy is absent
  • 5. The DRILLDOWN
    • Social Compact, nonprofit funded by a coalition of Banks and retail companies to improve inner-city marketability.
    • An estimate of the urban population using multiple data sources from federal, state & city levels
    • Transactional data: utility use, purchases, and property information.
  • 6. The DRILLDOWN
    • Asset Data Drives Urban Investment
    • Uncovers hidden market assets, like population, true purchasing power, and the informal economy
    • Backed by Brookings, ICSC, the Federal Reserve, top 100 marketing retail research departments.
    • Conducted in over 100 urban neighborhoods resulting in nearly one billion in investment
    • 15 cities to date, three more coming on in 2008. www.socialcompact.org
  • 7. DrillDown Impact in Other Cities
    • Houston – Results provide solid case for redevelopment of Gulfgate Mall and surrounding area.
    • D.C. - Key to attracting Target and Giant to two urban neighborhoods.
    • Harlem – $1 billion in cash economy. Fleet setup two branches, 3 atms and a micro-lending facility.
    • Cleveland - $820 million cash economy results in KeyBank establishing new branches and strategy to increase banking in urban core neighborhoods.
  • 8. DrillDown: How Does It Work?
    • Transactional data versus reported data
    • Use multiple 'layers' of data
    • Overlay, one dataset may capture
  • 9. DrillDown: How Does It Work?
  • 10. DrillDown: How Does It Work?
  • 11. DrillDown: How Does It Work?
  • 12. DrillDown: How Does It Work?
  • 13. Sample of the Data Sets
    • Credit Bureaus (3)‏
    • MLS/Home Sales
    • Claritas Consumer
    • BLS Cons Exp Rep
    • ESRI Business Ind.
    • IRS Records
    • USPS Records
    • KC Water
    • Building Permits
    • Demolition Permits
    • Public Housing
    • Parcel Data
    • Tax Assessment
    • Payday/Banks/Retail
  • 14. Notes on Results
    • DrillDown captures both missed households & pockets of new development
    • Not necessarily growth since 2000
    • DrillDown is an estimation technique not a survey method
  • 15. Kansas City Highlights
    • Population: 533,117, or approximately 71,000 higher than 2000 Census estimates.
    • Change: Census 2006 estimates show a small population decrease of -1.9%, compared to the DrillDown estimates of 15%.
  • 16. Kansas City Highlights
    • Income: DrillDown estimates average household income is $54,000 or 13% higher than the Census 2000 estimate.
    • When the informal or "cash" economy is included, the average household income rises to $57,000.
    • Cash economy: The DrillDown estimates the citywide cash economy to be worth $668 million dollars
  • 17.  
  • 18.  
  • 19. District Map
  • 20. Districts Overview
    • Population : The DrillDown estimates show significant change in all Districts, the largest in Districts 1, 3 and 5
    • Income: Average household income is higher in all Districts, with large spikes in District 3 and 5 due to the informal or cash economy.
  • 21. Districts Overview
    • Cash Economy: Large cash economy in Districts 3, 5 and 6.
    • Density is a critical market asset in District 3 and 4, demonstrating the highest per acre purchasing power across the city.
  • 22.  
  • 23.  
  • 24.  
  • 25. District 1
    • Population: 98,416 - difference of 29% from Census 2000
    • Income: $53,793 average income with cash economy included - 17% difference from Census 2000
  • 26.  
  • 27.  
  • 28. District 2
    • $70,138 average income with cash economy included - 19% difference from Census 2000
    • Highest average income of all districts and should bode well for the retail that will serve the downtown CBD and Rivermarket population.
  • 29.  
  • 30.  
  • 31. District 3
    • Population change: 17%
    • Average income: $41,113
    • $$ per acre = $102,726 - 44% difference from Census 2000.
    • 2 nd highest $$ per acre
  • 32.  
  • 33.  
  • 34. District 4
    • Avg Income: $67,086 - 16% difference from Census 2000
    • $$ per acre: $236,803 - 15% difference from Census 2000
  • 35.  
  • 36.  
  • 37. District 5
    • Pop: 75,832 - difference of 24% from Census 2000
    • Greatest change in total economy with a 53% difference from the Census by including the cash economy.
  • 38.  
  • 39.  
  • 40. District 6
    • Population: 76,591 - difference of 5% from Census 2000
    • Avg Income $61,784 - informal cash economy included - 17% difference from Census 2000
  • 41.  
  • 42.  
  • 43. Next Steps
    • Additional Data – retail leakage, credit report penetration, vacancy rates
    • Monthly Webinars
    • Desktop Application (July/August) – enable quick (SIMPLE) data access using google map platform
    • Custom reports with Corridor Partners or on a purchase/request basis for others
  • 44. KCUMA Team
    • Dan Melton, PhD – Team Leader
    • Robyne Turner‏, PhD – UMKC Leader
    • Ryan Gerety – Social Compact Liaison
    • Kate Bender – KCMO Liaison
    • Doug Bowles – UMKC CEI Liaison
    • UMKC Team: Chris Green, Heather Starzynski, Joe Zhao, Sam Newby
  • 45. Questions? For More Information: Dan Melton KCUMA Coordinator [email_address] http://www.kcuma.org