Every ten years it happens; you receive notices in the mail regarding your civic duty to fill out census questionnaires. Something that may seem like a frustrating use of time, but it is actually an important resource when examining the future of your business.
While the census information may have been collected almost two years ago, the Census Bureau is just now beginning to release their compiled information. In February of this year, the Census Bureau released data for Washington State including population totals and demographic characteristics. When comparing the previous data available from the 2000 census, we can see a major change in the population of Seattle and the surrounding areas. The sort of data that the Census Bureau gathers is critical when analyzing your business location and clientele. However the information can be a lot to absorb and understand.
The Driftmier Architects Market Analysis service provides you with an analysis of your current facilities, future needs, and demographic trends that may affect your future. For instance, when comparing the 2000 and 2010 census of major cities, Seattle grew 8.0% over the last 10 years; however Bellevue grew 11.7%, making the east-side of Seattle an interesting market to consider. This statistic actually puts facts to the assumption that people are moving away from the larger city and the smaller cities are growing.
Although not all of the data has been released, the Census Bureau will continue to release information as it is compiled and this data can only further help your business analysis.
Now is the time to analyze what your business is going to do over the next 10 years. Have you seen a decrease in sales/profits? Less traffic? It may not be just the recession; it may also have a lot to do with the changes in demographics. If you are considering opening a new office, moving, reorganizing or remodeling, contact us to find out how our experience and ideas can help you get through this recession on top.