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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 Durham, North Carolina | ||
| Data | Durham, NC | Nationwide |
|---|---|---|
| Population | 292.04 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -6.8328% | 0.5% |
| Median Household Income | $110,237 | $74,580 |
| Median Age | 34.9 | 38.9 |
| Residents per Business | 1 to 23 | 10 to 1 |
| Annual Household Expenditures | $9.47 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an estimated population of 292,035 in 2023 and projected growth to 312,695 by 2028, Durham presents a promising market for new franchisees in the food industry. The historical annual growth from 2010 to 2020 was 2.2%, and the population density in 2023 is 2,553 people per square mile, indicating a steadily increasing customer base. Considering the total annual consumer expenditure on food and beverages at $1.38 billion and monthly household expenditure for the same at $911, which constitutes 14.6% of the total monthly household expenditure, there is a significant market for food franchises. Moreover, with the average household income at $110,237 and a median household income of $76,350, there is disposable income available for dining out, supporting the potential success of food franchises.
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The health and fitness industry also stands out as a viable option for franchising in Durham. The total annual consumer expenditure on health care is $778.48 million, with a monthly household expenditure of $513 on health care, representing 8.2% of the total household expenditure. This investment in health-related expenses mirrors a community that values health and wellness, making it conducive for health and fitness franchises.
The data from Durham also suggests a strong potential for automotive franchises. With a total of 205,167 vehicles available and an average of 1.6 vehicles per household, the dependency on personal transportation is evident. Notably, 62.8% of these vehicles are associated with owner-occupied households, which typically maintain consistent investment in vehicle care. Given the annual household income figures and the fact that transportation constitutes $1.71 billion of the total annual consumer expenditure, automotive service franchises could tap into a market of consumers who have the means and need to maintain their vehicles.
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Durham, North Carolina Franchise Opportunities (and Businesses for Sale)
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