Fast Growth: Indianapolis, Ind.
Janice Chamberlain -- Casual Living, November 15, 2006
The future looks bright for outdoor products retailers in Indiana's capital city. Spending on outdoor products, population growth and median household income are all projected to exceed national rates in the next five years in Indianapolis.
Measured against a nationwide projected 23% growth in spending on deck/patio/pool furniture by statisticians at New York-based Easy Analytic Software Inc., Indianapolis's anticipated growth of 26% looks good, especially as it's paired with an expected jump of 23% in spending on barbecues/grills. The expected U.S. barbecue/grill spending growth rate is 21%.
According to EASI, Indianapolis places in the top 15% of the nation's more than 900 metro areas for spending on outdoor products.
Over the next five years, the number of households in the U.S. is predicted to increase 7%. The household growth in Indianapolis is projected by EASI to be 9%, ranking it among the upper one-fifth of metro areas for overall population growth.
Particularly attractive to folks selling outdoor furniture and grills, Indianapolis's largest age group in 2010 is expected to be those between the ages of 35 and 64 years, inching up slightly from 2005 numbers. These are prime buying years for outdoor living products.
Having the wherewithal to purchase outdoor products shouldn't be a problem for residents — the median projected household income in Indianapolis is expected to be $65,879 in 2010 — 14% higher than the national median. The number of affluent residents — those with an annual income of at least $100,000 — is projected to soar by more than 70% in 2010, compared with a national rate of about 60%.
Indianapolis, home of the Indy 500 auto race, also is known as a solid supporter of outdoor activities. The city touts itself as having access to more than 180 parks and offering unique and inexpensive recreational opportunities.
|average household size||2.46||2.41|
|total housing units||693,637||747,410||8%|
|median value of owner households||$117,041||$119,250||2%|
Households by Race & Ethnicity
|$25,000 to $34,999||11%||9%|
|$35,000 to $49,999||16%||13%|
|$50,000 to $74,999||21%||19%|
|$75,000 or more||30%||43%|