Parking Lots and Garages NAICS 812930

Jul 23, 2025 - Parking Costs Up Year Over Year

• According to the Consumer Price Index from the US Bureau of Labor Statistics (BLS), the cost of parking and other fees increased 0.5% in June 2025 compared to a year ago and fell 1.5% from the previous month. Employment by parking lots and garages increased 5.4% in April 2025 compared to a year ago, per the BLS. In the past decade, employment by parking lots and garages was up 2.5%, lower than the 13.6% growth in overall private employment in the same period. Average wages for nonsupervisory employees at parking lots and garages rose 7% in April 2025 compared to a year ago, reaching $17.64 per hour.
• Temporary parking services, included in the “Other Services” category, is one of the 10 industries reporting growth in June’s Services ISM Report on Business. Executives in the Other Services industry also reported increased business activity, increased new orders, higher prices, higher inventories, lower employment, and slower deliveries. Industries reporting growth during the period also included Transportation & Warehousing; Utilities; Arts, Entertainment & Recreation; Management of Companies & Support Services; Wholesale Trade; Public Administration; Retail Trade; Information; and Real Estate, Rental & Leasing. The six services industries reporting contraction during the period were Agriculture, Forestry, Fishing & Hunting; Construction; Mining; Health Care & Social Assistance; Professional, Scientific & Technical Services; and Educational Services. Overall, economic activity in the services sector expanded in June, with the Services PMI registering 50.8%.

• Sales for the US parking lots and garages services industry are projected to grow at a CAGR of 2.73% between 2025 and 2029, according to a forecast from Inforum and the Interindustry Economic Research Fund, Inc. The expected growth rate is slower than the overall economy‘s anticipated growth. Parking lots and garages are part of the “other services sector,” which is driven by consumer spending, along with expenditure by businesses. Consumer sentiment is expected to improve in the forecast period, which bodes well for the various services industries, including parking lots and garages. Factors that may limit consumer spending are higher tariffs on consumer goods. Many segments of the other services sector are recovering from a downturn during the pandemic. Remote work practices created lower demand for mass transit, parking lots and garages, office space, and other personal and business needs related to commuting and working in corporate environments.
• According to the National Parking Association’s first edition Parking Pulse Report, parking operators report growth opportunities in dynamic pricing (34%), amenity services (32%), mobility hubs (14%), EV infrastructure (11%), and transportation services like shuttles (9%). Areas of concern include revenue growth (29%), economic uncertainty (25%), and acquiring and retaining talent (24%). Parking operators identified their top growth factors, which include technology, increasing parking occupancy, raising rates, employee retention, and dynamic pricing. Over 80% of parking operators are optimistic about the future, with nearly half expecting 10% or more revenue/location growth. The top near-term success drivers for parking operators include increasing automation and tech usage (46%) and acquiring more locations (24%), while long-term success drivers are tech advances and automation (43%) and increased return-to-office (21%).