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The table below offers a collection of data aimed at giving potential franchisees a glimpse into their market landscape. Click Read More to delve deeper, uncovering additional information to assist you in making a well-informed decision. These insights are tailored to highlight the opportunities in your city as you consider a franchise purchase.
| Key Data Points for Colorado Springs, Colorado | ||
| Data | Colorado Springs, CO | Nationwide |
|---|---|---|
| Population | 485.57 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -1.7754% | 0.5% |
| Median Household Income | $118,410 | $74,580 |
| Median Age | 35.06 | 38.9 |
| Residents per Business | 1 to 19 | 10 to 1 |
| Annual Household Expenditures | $15.53 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
The data shows a high number of households with vehicles in Colorado Springs: 63,256 households with 1 vehicle, 79,774 with 2 vehicles, and 43,783 with 3 or more vehicles. With the total vehicles available standing at 371,532 and an average of 1.9 vehicles per household, there's a strong indication of a car-dependent population. This is further reinforced by the fact that 174,067 workers drive to work alone, and only a small fraction uses public transportation (811 people). This suggests a robust market for automotive franchises that specialize in services such as car maintenance, repair, parts, and car washes.
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The estimated average household income in 2023 is $118,410, with a significant increase projected by 2028 to $126,649. This financial stability, paired with an annual expenditure on health care of $1.28 billion, indicates that residents prioritize health and wellness. A franchise in the health and fitness sector could capitalize on this by offering gyms, specialized fitness centers, or health food stores to cater to the health-conscious demographic.
Education also appears to be a significant expenditure in Colorado Springs, with annual spending estimated at $502.04 million. This spending points to a demand for educational services in the area. Franchises that offer tutoring, early childhood education, and other learning centers could find a receptive market in Colorado Springs.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Colorado Springs, Colorado Franchise Opportunities (and Businesses for Sale)
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