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City’s 2018 State of Economy

City’s Economic Development Coordinator made the annual state of City’s economy at last week’s City Council meeting. You can find the entire presentation here on City’s website. Here are a few highlights.

1. City’s current population is 32,303 – There has been a 6.3% increase from the April 2010 Census.

2. There are a total of 31,829 jobs in College Park. Roughly half of the employees (14,341) working in the City of College Park work with the University of Maryland

3. Median Age 22.6 The large number of students living in College Park brings the median age down to almost half that of the State of Maryland (39.0)

4. Over half of College Park residents are between the ages of 15 and 24.

5. Nearly half of City’s population (48%) having at least a Bachelor’s Degree. Only one third of county’s population has at least a Bachelor’s degree.

6. City’s median household income is $61,051. The County’s median household income is $76,909.

7. City has a total of 977 total businesses. Most businesses in College Park involve educational services, with hospitality and retail trade being the next most popular. 70% of jobs are white collar jobs

8. The City’s tax revenue primarily comes from residential properties, which include student housing.

9. City’s median housing rent is $1,511. The similar figure in the county is $1,337

10. City has a total of 3,034 student housing units, having a total of 9859 beds.

11. Currently, 97.73% of student housings are occupied

12. City has a total of 903 number of total retal houses. This number has remained steady over the past 4 years.

13. City’s total vacancy rates are 6%. This includes office, retail and industrial. P.G. and MoCo have 8% and 9.2% vacancy rates respectively. City’s industrial vacancy rate is 15%, retail 3.2%, office 3.1%

14. As of 2017, Berwyn has the cheapest commercial rental rates ($14.36 / sq ft), followed by Hollywood ($15.99 / sq ft). Lower mid town ($35 sq ft) and downtown ($28.44 sq ft) have the highest commercial lease rates. I’ve asked Mr. Ryan to provide breakdown of vacancies by district. Hollywood seems to have more stores vacant than other parts of the city.

15. City has a total of 1,731,217 sq ft of retail space.

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