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Starting a business or hoping to start one in Erie, PA, or anywhere else requires doing the proper homework. However, the business and economic data presented by Erie, PA says everything you need to know about why more business owners are looking to start up or expand into the area. Find the important business information, data, and statistics about the area below.
The business climate of an area is the general economic environment that local businesses operate in. A business climate can be progressive, stagnant, or retrogressive. A proper understanding of what Erie, PA offers can help with making the decision you need.
Seeing as many extraneous factors can affect your business, a good understanding of the local climate can help with market and business success prediction. For example, labor-intensive businesses will be happy to learn that the area’s population is pegged at 93,138. In the same vein, new businesses will expect no shortage of customers as the city, named the 4th largest in Pennsylvania, has a population density of 4,865 people per square mile, according to this report.
The average household earning of the people in an area also gives insight to business owners on the financial capacity of the residents as well as the estimated disposable income available for spending. In Erie, PA, the average household income is pegged at $51,134 and the poverty rate is estimated at 26.18%. Business owners will also need to know about the real estate situation of their potential business location. In Erie, PA, the median rental cost in recent years is $710 per month, while the median house in the neighborhoods is estimated to be worth $89,100.
Business owners who cater to certain demographics will be happy to know the breakdown of Erie, PA residents. This source estimates about 72.3% of whites, 16.40% of Blacks or African Americans, 4.60% of residents with two or more races, and 3% of other races. Erie, PA also has about 0.04% of its population as Native Hawaiian or Pacific Islanders, 0.40% as Native Americans, and 2.81% as Asians.
Depending on the industry your business falls in, whether you are an Erie Digital Marketer or intend on opening another company, you need as much information as possible to determine whether your business has a chance of surviving in the Erie PA business climate. For example, a realtor who is looking to expand into Erie, PA will be happy to learn the ratio of renters to homeowners in the city. This source pegs the percentage of female renters at 64.5%, while male renters are at 56.6%. Non-family renters are at 59.3%, while married renters are at 24.4%. The business statistics show that more married people in Erie, PA own their homes while more single individuals tend to rent.
As a business in the media and advertising industry, it’d be worthwhile to know that about 747 advertising agencies registered across Pennsylvania in 2018. The average annual wage for the industry is pegged at $101,675 and the GDP by industry rose to about $82,728 million in the year under review. Visit Pennsylvania’s Industry Clusters – Pennsylvania Department of Labor and Industry, Statistics of US Businesses (SUSB) – US Census Bureau, Industry Specific Portal – US Census Bureau, or Industries at a Glance – US Bureau of Labor Statistics for more information.
Knowing who your customers are, what they do, and how they spend, amongst other information, can significantly affect your business’ success. In Erie PA, this source quotes the 2019 population as 97,263 while pegging the poverty rate at 26.2%. The consumer data further revealed a 0.79% decrease in the resident poverty rate from the year before. The same data pegged the median household income in 2019 at $37,894 (which was a 2.74% jump from the previous year). Compared to the recent data at $51,134, the household income has increased significantly.
Erie, PA has an employed population of 42,001 as of 2019. A 2022 data estimates the city’s population to be made of about 4.90% of people with less than 9th-grade education; 9.02% with 9th to 12th-grade education; 39.91% being high school graduates; 16.05% having attended received some college education; 8.53% with Associate Degree; 14.82% with Bachelor’s degree; and 6.77% with a graduate degree.
As a new business in Erie, it is also important to do thorough economic and competitor research as this gives you an idea of what to expect from your competition and how to position your business to beat existing stiff competition. You also need to research the available residential and commercial properties in the area as this may significantly influence the cost of living, the cost of commercial real estate, and how to prepare your establishment in the area. Other important information you also need as you consider establishing a business in Erie PA includes Business Friendly Neighborhoods, local utilities, transportation and transportation network, community facilities and how you and your business can benefit from them, workforce, and others.
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