The following statistics are from a 2008 Market Study conducted by River Street Planning & Development based on the 2000 United States Census with updated data for 2008 and projections through 2013 from Claritas.

For more about Upper Union Street and why it is a great place to locate, please see “Why Upper Union Street”. Or, if you’d like more detail from the market study contact us.

 

Table A. Population Growth by Market Area

Population	1 mile	5 mile	10 mile	MSA	State
2013 Projection	15,568	149,771	335,114
2008 Estimate	15,716	146,393	327,402
2000 Census	14,729	141,012	314,439	875,583	18,976,457
1990 Census	14,956	142,130	304,780	874,304	17,990,455

Population Growth	1 mile	5 mile	10 mile	MSA	State
Growth 2008-2013	2.58%	2.31%	2.36%
Growth 2000-2008	3.03%	3.82%	4.12%
Growth 1990-2000	-1.52%	-0.79%	3.17%	0.15%	5.48%

Given the variety of products and services offered by Upper Union Street businesses, a conservative estimated is that the prime market area encompasses a service radius of 10 miles. Smaller service areas of 1 mile and 5 miles were also analyzed. The 1 mile market area population (over 15,000) can be considered within walking distance of the Union Street commercial district. The 5 mile market area encompasses the City of Schenectady and portions of Scotia, Niskayuna, Colonie, Clifton Park and other surrounding communities. Population in each of the three service areas has exhibited decent growth since 2000 with projections for continued increases through the next five years. Table A delineates the recent and projected growth of the population in each of the market areas. As the table shows, the 10-Mile Market Area hosts a current population in excess of 327,000 potential consumers for products and services offered by UUBID businesses. This 10 mile market area comprises more than one third of the population of the Capital Region.

 

 

Table B. 2008 Population by Age

		1 mile		5 mile		10 mile
Total Population		15,176		146,393		327,402
Under 15		3,064	20.20%	27,324	18.60%	55,343	16.90%
Age 15 - 17		748	4.93%	6,482	4.43%	14,716	4.33%
Age 18 - 20		529	3.49%	6,317	4.32%	17,591	5.37%
Age 21 - 24		733	4.83%	7,639	5.22%	17,519	5.35%
Age 25 - 34		1,756	11.57%	17,619	12.04%	39,454	12.05%
Age 35 - 44		2,105	13.87%	19,788	13.52%	44,372	13.55%
Age 45 - 49		1,156	7.62%	11,237	7.68%	25,424	7.70%
Age 50 - 54		1,128	7.43%	10,595	7.24%	24,812	7.58%
Age 55 - 59		1,042	6.87%	9,523	6.51%	22,975	7.20%
Age 60 - 64		736	4.85%	7,433	5.08%	17,320	5.29%
Age 65 and Over		2,179	14.36%	22,436	15.33%	48,415	14.79%
2008 Median Age		38.6		39.0		39.4
2008 Average Age		38.8		39.4		39.7

Table B shows the age cohort distribution of residents of the 1-mile, 5-mile and 10-mile market areas in 2008. Using these age cohorts as indicators of market orientation, it appears that the largest segment of the UUBID's potential market is Under 15 followed by Age 65 and over and then closely by middle-aged adults (ages 35-44), with young adults (ages 25-34) comprising the fourth largest segment. These indicators suggest that there is a diverse distribution of ages within the populations in the market area giving Union Street businesses a wide range of potential consumers to target.

 

 

Table C. 2008 Population by Sex

		1 mile		5 mile		10 mile
Total Population		15,176		146,393		327,402
Male		7,232	47.7%	70,788	48.4%	158,669	48.5%
Female		7,944	52.3%	75,605	51.6%	168,733	51.5%
Male/Female Ratio		0.91		0.94		0.94

As in the nation in general, a slight majority (approximately 51%) of the population in each of the designated market areas are comprised of women.

 

 

Table D. 2008 Population by Single Race

		1 mile		5 mile		10 mile
Total Population		15,176		146,393		327,402
White Alone		11,933	78.63%	119,702	81.77%	282,846	86.39%
African American Alone		1,793	11.81%	13,502	9.22%	18,819	5.75%
American Indian and Alaska Native Alone		35	0.23%	412	0.28%	748	0.23%
Asian Alone		569	3.75%	6,354	4.34%	14,883	4.55%
Native Hawaiian and Other Pacific Islander Alone		3	0.02%	55	0.04%	82	0.03%
Some Other Race Alone		370	2.44%	2,352	1.61%	3,532	1.08%
Two or More Races		473	3.12%	4,016	2.74%	6,492	1.98%

Minority concentrations are greater within the 1 mile service radius than within the 5 and 10 mile market areas. This is a fairly typical distribution pattern that finds higher minority populations in the city and less in the suburban areas surrounding the central cities.

 

 

Table E. 2008 Average, Median and Per capita Income

	1 mile	5 mile	10 mile
2008 Average Household Income	$69,904	$65,438	$74,930
2008 Median Household Income	$57,443	$50,261	$60,429
2008 Per Capita Income	$28,809	$27,095	$30,402
2008 Average Family Household Income	$80,032	$78,505	$89,511
2008 Median Family Household Income	$68,946	$65,580	$75,822
				MSA	State
2000 Average Household Income	$58,700	$52,961	$60,141
2000 Median Household Income	$48,623	$41,863	$49,126	$43,250	$43,393
2000 Per Capita Income	$24,244	$21,954	$24,255	$22,303	$23,389
% Change 2000-2008 Average Income	19.1%	23.6%	24.6%
% Change 2000-2008 Median Income	18.1%	20.1%	23.0%
% Change 2000-2008 Per Capita Income	18.8%	23.4%	25.3%

 

Table F. 2008 Household Income

		1 mile		5 mile		10 mile
Less than $15,000		550	9%	7,433	12%	11,120	9%
$15,000 - $24,999		599	10%	6,415	11%	11,172	9%
$25,000 - $34,999		567	9%	6,758	11%	12,638	10%
$35,000 - $49,999		953	16%	9,137	15%	19,296	15%
$50,000 - $74,999		1,356	22%	11,578	19%	26,639	20%
$75,000 - $99,999		966	16%	7,558	13%	19,304	15%
$100,000 - $149,999		793	13%	7,403	12%	19,959	15%
$150,000 - $249,999		262	4%	2,534	4%	8,246	6%
$250,000 - $499,999		82	1%	711	1%	1,791	1%
$500,000 and more		17	0%	200	0%	513	0%
Greater than $50,000		3,476	57%	29,984	50%	76,453	59%
Greater than $100,000		1,154	19%	10,848	18%	30,509	23%

Household and Per capita income figures are key indicators of the potential buying power of residents living in the market area. In 2000, Median Household and Per capita income in the 1 mile and 10 mile market areas were higher than the region and the state as a whole. Since 2000, all of the market areas exhibited increases in all income categories.

Approximately 80% of the service area households have annual incomes of $25,000 or more and about 55% of these households earn annual incomes of $50,000 or more. Approximately 20% of these households have annual incomes of $100,000 or more.

 

Traffic Counts

The most current traffic count data for Union Street in the BID area is provided by the Capital District Transportation Committee for 2002.  The annual average daily traffic (AADT) between Brandywine and Balltown Road for 2002 was 10,600. This section of Union Street (Route 146) is classified as a Minor Urban Arterial. State Street (NYS Route 5) is classified as a Principal Urban Arterial. For comparison purposes, the section of State Street between NY 146 (Brandywine Ave) and NY 7 had an AADT of 11,400 in 2005. The section of State Street between NY 146 and Erie Boulevard (Downtown Schenectady) had an AADT of 8,100 in 2003.