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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 Salt Lake City, Utah | ||
| Data | Salt Lake City, UT | Nationwide |
|---|---|---|
| Population | 200.7 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -9.3983% | 0.5% |
| Median Household Income | $113,847 | $74,580 |
| Median Age | 32.7 | 38.9 |
| Residents per Business | 1 to 18 | 10 to 1 |
| Annual Household Expenditures | $7.36 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
Salt Lake City's burgeoning economy and rising demographics present a compelling case for business opportunities. With the total number of households within a 5 mile radius of the city projecting to increase to 113,675 by 2028, the city is on an upward trajectory. The sustained population growth, coupled with a projected 1.7% increase in households over the next five years, suggests a continuously expanding customer base for new franchises. Moreover, the impressive average household net worth of nearly $1 million underscores a community with considerable spending capacity, ideal for upscale and specialized franchises.
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The city's vibrant economic indicators are mirrored in the consumer spending patterns. Salt Lake City residents show robust expenditure in key areas, with total retail expenditures reaching $3.85 billion and non-retail expenditures at $4.38 billion. Significant spending in food and beverages at $1.2 billion, and health care at $674.29 million, reveal specific sectors ripe for new franchise businesses. These figures point towards promising opportunities for food service franchises, health and wellness centers, and retail stores designed to cater to the community's diverse and affluent consumer base.
The workforce data further reinforce the city's suitability for franchising. With over 148,905 workers aged 16 and over, and a notable 23.8% choosing to work from home, there is a unique opportunity for franchises that provide services catered to the remote work experience.
The labor force in Salt Lake City is a significant consideration for those exploring franchise opportunities. With white-collar workers making up 66.8% of the occupational population, there's a clear indication of the demand for franchises that cater to a professional clientele, including those that offer business-to-business services and professional amenities. Additionally, the city hosts 672 company headquarters, which is about 4.8% of the total businesses, indicating a robust potential for business services franchises.
All of these factors coalesce to portray Salt Lake City as a hub with an affluent and dynamic community, strong spending power, and a labor profile that can sustain a diverse range of franchising ventures.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Salt Lake City, Utah Franchise Opportunities (and Businesses for Sale)
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