UNIVERSITY PARK ALLIANCE REPORTS CORE CITY REDEVELOPMENT PLAN SUPPORTED BY DEMAND, CAN HAVE TRANSFORMATIONAL ECONOMIC IMPACT
FOR IMMEDIATE RELEASE
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Contact: Beth B. Boggins
Senior Director, Communications and Community Relations
330.777.2072
bboggins@upakron.com
Plan is achievable and by 2030 will generate $1.8 billion in economic impact, $90
million in tax revenue and 14,392 jobs
AKRON, Ohio – February 1, 2012 – University Park Alliance (UPA) today released the findings of
two parallel reports showing that by 2030 the annual economic impact of UPA’s Core City
Vision Plan can be transformational and successful redevelopment in Akron’s urban core is
feasible. The two studies commissioned by UPA are entitled: “Projecting the Return on
Investment and Economic Impact of UPA’s Core City Vision Plan” – conducted by research firm
Tripp Umbach of Pittsburgh, PA; and “University Park: Akron’s Urban Alternative” – conducted
by Tetra Tech Inc. of Arlington, VA.
“The outcomes of these studies form an analytical platform to support a new reality for
Akron -- our urban core has a lot to offer and build on,” UPA executive director Eric Anthony
Johnson said. “Even though population has been declining and unemployment has been on the
rise in recent years, Akron remains a large economy with substantial purchasing power. Wages
are on the rise, as are jobs in the healthcare sector. Income, spending potential, and real
estate demand are higher than assumed. The opportunity for redevelopment is much greater
than most people think. We have to capitalize on it.”
The Core City Vision Plan demand model contained within the “University Park: Akron’s Urban
Alternative” study is based on ultra-conservative average annual growth rate forecasts within
the Akron Metropolitan Statistical Area (MSA) including .04% population growth, .28% growth
in number of households, .28% income growth by bracket, and .62% employment growth.
Among the findings released:
- By 2030, UPA’s Core City Vision Plan, if implemented, will generate $1.8 billion
economic impact, $90 million tax revenue and 14,392 jobs
- UPA’s early planned residential development and operations by 2016 will generate
more than $250 million of economic impact, more than 2,500 jobs and $16 million
of tax and government revenue.
- UPA’s planned Initial retail, office and hotel developments by 2016 will annually contribute
$183 million of economic activity, 1,400 jobs and $9 million of tax revenue for University Park.
- A compound annual growth rate of 2.73% from 2000 to 2009 shows the average wage
per job in Akron is rising.
- As manufacturing and retail jobs have declined, healthcare continues to add jobs to
the local economy.
- Akron remains a large economy with substantial purchasing power with:
$27.5 billion Gross Regional Product
$13.4 billion Wage and Income Disbursements
- 131,000 or 46% of all households in the Akron MSA make more than $50 thousand per year.
- A $130,000 residence is affordable to nearly 75,000 households in the Akron MSA.
- Retail spending potential, commercial space and hospitality demand in the Akron MSA is larger than assumed.
- University of Akron students who don’t live on campus are also a very large market reaching 8,000 by 2016
- UPA’s full development plan is feasible as it builds on existing economic, population,social and
real estate supply trends.
- Assuming a continued moderate economic recovery and a continued focus on core city
advantages, there is underlying demand that supports the UPA development plan.
About University Park Alliance
University Park Alliance (http://www.upakron.com/university-park-alliance) is a nonprofit
community development corporation dedicated to advancing the transformation of University
Park, the 50-block neighborhood surrounding The University of Akron. UPA’s urban
reinvestment strategy is to capitalize on the economic synergy of Akron’s Anchor Institutions
and develop University Park as a dense, walkable neighborhood with diverse cultural
offerings, great healthcare, quality education and plenty of recreational and leisure
opportunities. UPA receives major funding from the John S. and James L. Knight Foundation
and its partners include The University of Akron, City of Akron, Summa Health System, Akron
Beacon Journal, Akron Children's Hospital, Akron General Health System, Akron Metropolitan
Housing Authority, Greater Akron Chamber, Akron Public Schools, and the University Park
residential and business community
