Tech
Why Car Parking Is A Struggling Industry In The U.S.
Only 10 percent of the parking in the United States is paid parking, but the industry that runs it rakes in billions. For decades, it has been a largely stable, growing industry. Historically it has been dominated by small and family businesses, but now two players are publicly traded companies such as SP Plus (SP+) and ABM. However, the industry is facing some challenges. Low barriers to entry make it a crowded, fragmented industry. Competition is fierce. It has also suffered from the blows e-commerce has dealt brick and mortar retail, and the rise of ride-hailing. And now a post pandemic world where workers are rarely driving into urban areas. On top of it all, demand is declining in some markets. Parking garages have had to adapt, invest and prepare for a future where fewer people may drive or own cars. But that takes capital, and is risky. It remains to be seen how the industry fares as it expands and pivots to stay relevant.
Chapters:
00:00 — Introduction
01:33 — The parking industry
05:30 — SP Plus
09:28 — The future
Producer: Robert Ferris
Editor: Nic Golden Henry, Darren Geeter
Senior Managing Producer: Tala Hadavi
Graphics: Jason Reginato, Christina Locopo
Additional sources: Sidoti & Company
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Why Car Parking Is A Struggling Industry In The U.S.
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Reporting by Julia Boorstin, Lillian Rizzo, Alex Sherman
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Senior Managing Producer Tala Hadavi
Addditional Camera Rowan Buck and Andrew Katchen
Animation by Jason Reginato
Additional Footage Getty Images
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@Basta11
January 6, 2024 at 12:10 am
Cars are nice for certain situations, but if shouldn’t be the only convenient option.
We have made the car an absolutely necessity while making walking, biking, and public transit extremely inconvenient. This isn’t by culture or economics but rather by law.
Our policies such as single use zoning, parking requirements, massive highway projects, height restrictions, etc etc push destinations far away from each other that it’s inconvenient to walk . Without things walking distance, public transport is inefficient. Biking is still feasible but only if the infrastructure is there to make it safe from the externalities of being hit by cars.
@joshuaadams8240
January 6, 2024 at 12:10 am
I've always wondered what the perfect parking place is. These guys might find it.
@support_theory8754
January 6, 2024 at 12:10 am
An industry I couldn't feel sorry for if I tried
@tortoiseandthehare
January 6, 2024 at 12:10 am
the thought process of the wealrhy is different than the coke pizza and movie group
its not the same
they are truly in their orbit
@tortoiseandthehare
January 6, 2024 at 12:10 am
good news
yes yes yes
once our lungs burn to the ground
americas forests
we will have so much space
parking here parking there parking every where
now we need some catchy jingles to accommodate all our parking spaces
so many countries are envious of our ability to manage resourses
we have got it going on
unbelievable
@tortoiseandthehare
January 6, 2024 at 12:10 am
what they expect means nothing
investors do not control wild markets
@rooskii..
January 6, 2024 at 12:10 am
47474
@LegitBacKd00rNiNJa69
January 6, 2024 at 12:10 am
when parking tries to shaft you everytime for subpar parking, people will just ride share their way over
@BigHeadAvenger
January 6, 2024 at 12:10 am
They need to bring some solutions to Korea, specifically Seoul.
@jituranjandash5482
January 6, 2024 at 12:10 am
https://youtube.com/shorts/EDJjvZ3-bvM?feature=share
@jituranjandash5482
January 6, 2024 at 12:10 am
https://youtu.be/i_7r2mpLbM0
@DeeDubious
January 6, 2024 at 12:10 am
I honestly find it hard to believe that just two parking garage companies generated 8-10 billion dollars in revenue in just a year.
@supreme5998
January 6, 2024 at 12:10 am
I wish we had too much parking here. But no, there’s never enough, and they charge $200 a month just to park at your own work place. Sometimes even your own apartment.
@vladtheimpalerofd1rtypajee316
January 6, 2024 at 12:10 am
Meanwhile India: What is parking?
@NgaLe-qu9gt
January 6, 2024 at 12:10 am
Black Pink venom song
@NgaLe-qu9gt
January 6, 2024 at 12:10 am
Pink venom song
@Kikester
January 6, 2024 at 12:10 am
You can also say the same about parking spots for truck drivers. They get cited for parking further past a shoulder to do their reset rather than letting them stay there so they can safely drop off their load the following day.
@dickriggles942
January 6, 2024 at 12:10 am
STRUGGLING? WHAT A JOKE. They make bank because of Americans who are too dumb to embrace mass transit.
@Son1cJ3t
January 6, 2024 at 12:10 am
This video is insufferable. Parking lots cost the city more money per square foot than useable spaces. We need reformed zoning laws, public & multi-family housing, and walkable cities with green foliage & public transportation, not another empty chunk of asphalt.
@JV-pu8kx
January 6, 2024 at 12:10 am
13:21 Where is that?
@josepena1046
January 6, 2024 at 12:10 am
If you have to pay for parking! Spot your are in the wrong country!!!!
@qjtvaddict
January 6, 2024 at 12:10 am
GOOD now close them and replace them with useful things like housing or metro lines and community centers
@cordelearts
January 6, 2024 at 12:10 am
These stories will blame everything but the forever cost of parking.
@PhilliesNostalgia
January 6, 2024 at 12:10 am
Good
@titusupshaw7668
January 6, 2024 at 12:10 am
We need truck parking, semi trucks 🚚 53'parking.
@Cyrus992
January 6, 2024 at 12:10 am
You have newer cities like Las Vegas that almost entirely covered in asphalt. The worst part is that it is mandated by code.
@barryrobbins7694
January 6, 2024 at 12:10 am
Book: Paved Paradise by Henry Grabar
@barryrobbins7694
January 6, 2024 at 12:10 am
Fresh Air Podcast: How Parking Explains The World
@robertagren9360
January 6, 2024 at 12:10 am
Time is only true for businessmen, the average worker gets salary each month no matter how much time it takes.
@rentslave
January 6, 2024 at 12:10 am
The lack of residential parking has become the USA's No.1 problem.
People are trapped in their residencies at night due to the inordinate number of illegal aliens occupying the spaces.The illegals are not confined as they have an out of town illegal alien who picks them up for a night of DWI.I complain to the Mayor,but he tells me:"I need the votes."
@killagearz
January 6, 2024 at 12:10 am
UK is worse. Everyone uses a car because it's just the new normal even though our roads and infrastructure just cannot handle it. Have fun going somewhere at 1pm on a Saturday.. there is never any parking!
Buses are typically unreliable, unsafe and slow.
Until I can get to my destination in a similar time to driving then why would I use public transport?
@zionismisterrorism8716
January 6, 2024 at 12:10 am
How about invest in buses and trams like in Europe?
@replica1052
January 6, 2024 at 12:10 am
(solar panels on every roof and parking lot )
@je4350
January 6, 2024 at 12:10 am
lies most time incredibly difficult to find parking space before pandemic during yes alot of empty but alot more cars are going to be coming back were i live they had to build more parking garages
@mick0maticNL
January 6, 2024 at 12:10 am
Parking lots, the actual worst way to develop urban areas. The US would be so much wealthier if it had decent cities.
@NewYork7914
January 6, 2024 at 12:10 am
The biggest mistake that the US urban planning is that there are no walkable streets.
@stephendoherty8291
January 6, 2024 at 12:10 am
All that open lot design with space for one car is a waste. The ev car market can offer them to be a gas station as well without eating existing revenue
@jakedcrane8019
January 6, 2024 at 12:10 am
Long term problem has been that some americans have opposed the idea of building more multistorey parking garages that helps to park more cars into much smaller area. One multistorey parking garage can replace 2-4 on-ground parking lots.
Remote work and working from home is a good way to reduce commuting.
@aleksandar743
January 6, 2024 at 12:10 am
USA is a wasteland of parking space, its like surface of Moon
@DC9Douglas
January 6, 2024 at 12:10 am
The trucking industry has a serious shortage of parking across the country.
Didn't think there was a surplus of spots for cars. I don't necessarily trust these reported statistics on this either.