The residential trade area for the Fashion Center BID contains eight census tracts that extend from 30th Street to 42nd Street, Fifth to Tenth Avenues. The total population of this trade area was only 10,281 according to the 2000 Census. While this appears to be a small amount of population, resident population actually increased by about 2,500 persons between 1990 and 2000. Total population is currently estimated at about 11,935 persons, a small decrease from last year’s figure of 12,130. However, we expect that population growth will show an increase of resident population in future years, although at a slower rate given the current economic slowdown. It is estimated that resident population could rise to about 13,000 by 2013. By 2018, population growth is expected to continue to grow and will reflect the recent re-zoning of Manhattan’s West Side. According to the Hudson Yards Rezoning document, it is estimated that 13,600 units of housing could be built by year 2025. Based on the average household size of Manhattan, these projected housing units are equivalent to an estimated 20,000 – 25,000 in added population, which increases the retail potential in the future years.
Average household size of the trade area (1.72 persons per household) is well below the Manhattan average of 2.04, according to ESRI, Inc. The trade area’s household size of 1.72 persons per household reflects the many unmarried residents (non-family households) living in the area, although the household size of the trade area and for Manhattan has risen slightly from prior years. This is borne out by the fact that there are relatively few children and young adults under 25 years old, and even fewer past 65 years old. Like many of Manhattan’s burgeoning neighborhoods the vast majority 49.3%) of the population is between 25- 44 years old. The median age of the resident trade area is 34.6 years old.
Not only does the resident population comprise many unrelated individuals, it is also quite affluent. According to the 2000 US Census, per capita income was $42,557. Current estimates (2008) indicate per capita income at approximately $64,365, above the Manhattan figure of $58,650. The median household income for the resident trade area is estimated at $75,638, slightly higher than the Manhattan figure of $71,489.
On the basis of the above and the US Consumer Expenditure Survey (2006), prepared by the US Bureau of Labor Statistics, we have developed per capita spending patterns for area residents in four major retail categories: GAFO, Food at Home, Eating and Drinking, and Convenience and Personal Services. The US Consumer Expenditure Survey is an on-going survey that collects information on the buying habits of American consumers. The Consumer Expenditure Survey is the only national survey that provides both complete data on household expenditures and the demographic characteristics of those households for the nation, the four geographic regions of the country and 24 metropolitan areas. In general, this latest survey has shown that the percentages of per capita income that represent the retail expenditures in the various categories has decreased compared to our prior report.