Parking Lots and Garages NAICS 812930

Sep 22, 2025 - Optimism Rises in Parking Sector

• The National Parking Association’s latest Parking Pulse Report reveals strong optimism across the parking industry, with 82% of respondents anticipating growth in locations and revenue in 2026. Sponsored by Metropolis, the sentiment study establishes a benchmark for economic confidence and highlights technology and automation as key drivers of future success. While optimism prevails, economic uncertainty has risen to 46%, up from 25% in 2024, signaling a need for strategic resilience. The top five growth factors for the parking industry identified by the report were technology (49%), increasing parking occupancy (22%), dynamic pricing (11%), employee retention (10%), and raising rates (8%).
• According to the Consumer Price Index from the US Bureau of Labor Statistics (BLS), the cost of parking and other fees increased 0.9% in August 2025 compared to a year ago and were up 0.4% compared to the previous month. Employment by parking lots and garages increased 6.5% in July 2025 compared to a year ago, per the BLS. In the past decade, employment by parking lots and garages was up 1.7%, lower than the 13% growth in overall private employment in the same period. Average wages for nonsupervisory employees at parking lots and garages rose 10.8% in July 2025 compared to a year ago, reaching $18.23 per hour.

• Temporary parking services, included in the “Other Services” category, is one of the four industries reporting contraction in August’s Services ISM Report on Business. Executives in the Other Services industry also reported higher prices paid for materials and services, lower employment, and an increase in new export orders. The other industries reporting contraction during the period were Accommodation & Food Services; Management of Companies & Support Services; and Construction. Industries reporting growth during the period were Information; Wholesale Trade; Arts, Entertainment & Recreation; Mining; Transportation & Warehousing; Educational Services; Professional, Scientific & Technical Services; Retail Trade; Utilities; Health Care & Social Assistance; Public Administration; and Real Estate, Rental & Leasing. Overall, economic activity in the services sector expanded in August, with the Services PMI registering 52%.
• US consumer mood indicators have weakened, signaling potential headwinds for spending. The Conference Board’s Consumer Confidence Index fell 1.3 points in August 2025, with the decline driven by younger consumers under 35, while confidence among those over 55 improved. Meanwhile, the University of Michigan’s Consumer Sentiment Index slipped to 55.4 in early September from 58.2 in August, down 21% year over year. Inflation expectations held steady, but persistent worries about prices and tariff impacts remain. Consumer sentiment and confidence are leading indicators of discretionary spending, which drives two-thirds of U.S. economic activity. A continued slump suggests households may curb purchases and delay big-ticket decisions, raising risks for retailers, service providers, and the broader economy.