The Downtown Long Beach Associates (DLBA) released the 2012 Downtown Long Beach Economic Profile, which attempts to aide investment in Downtown Long Beach. Expanding upon the 2010 and 2011 profiles, this year’s profile seeks to focus on psychographics (also commonly called IAO variables — Interests, Activities, and Opinions — for those living in a particular area), planning and zoning issues, and expanded trade area and block group level data. Its main goal is simple: to attract investors and businesses alike by having an easily accessible source of economic information.
Utilizing recently released block group level data from the 2010 Census, the DLBA worked to sort and analyze the data, resulting in a what the DLBA advertises as “a comprehensive, accurate snapshot of the current demographic composition of the Downtown community in a reader-friendly publication. This resource will translate into new opportunities for Downtown Long Beach to attract business interests.”
The point about accuracy is key. Take, for example, the simple concept of average household (HH) income within the downtown area. According to marketing research firm CoStar, they put the average HH income for downtown at $41,862. DLBA’s number: $50,472 — a massive difference that could, with ill-grounded data, detract from proposed investors.
Of course, beyond accuracy, there are just the simple numbers. Downtown’s affluency has significantly grown. That average HH income? It was $32,408 in 2000. The median home value has almost doubled since 2000. And 25- to 49-year-olds — the most market worthy demographic — takes up a whopping 44.43% of Downtown’s population (if you include under 24, that number jumps to 66.5%), contributing to the boom of local businesses and nightlife that has occurred in the area.
“This is the first time this data has been available for analysis and it has the potential to attract new businesses and investment to our community,” said Kojian. “Aside from assisting in recruitment efforts, the new data allows the 2012 Economic Profile to illustrate the phenomenal growth we knew Downtown had been experiencing in an easily-digestible format.”
“Investors, particularly retailers, use this type of data to develop modeling projections to determine the viability of potential locations,” said Ken Hira, State Director of the California chapter for the International Council of Shopping Centers (ICSC) and Senior Vice President of Kosmont Companies, a firm which assists clients in the formation and management of public/private partnerships for community development and redevelopment. “These types of analyses will position Downtown Long Beach to be more competitive for retail investment, and the 2012 Economic Profile answers virtually every question that a retailer might ask.”
The full 2012 Economic Profile, as well as a presentation detailing the importance and utility of the information, are available for download at www.downtownlongbeach.org.