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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 Springfield, Missouri | ||
| Data | Springfield, MO | Nationwide |
|---|---|---|
| Population | 170.16 thousand | 333.2 million |
| Proj. 5 Year Population Growth | -1.3002% | 0.5% |
| Median Household Income | $75,643 | $74,580 |
| Median Age | 33.48 | 38.9 |
| Residents per Business | 1 to 17 | 10 to 1 |
| Annual Household Expenditures | $4.36 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
With an average household income of $75,643 as of 2023 and a projected increase to $81,574 by 2028, Springfield, Missouri exhibits a solid and growing economic foundation. A significant proportion of households, 42.4%, have access to one vehicle, and a substantial 34.2% have access to two vehicles, indicating a reliance on personal transportation which underscores opportunities in the automotive sector. Considering these factors, automotive franchises, particularly those offering maintenance and repair services, would be well-placed to capitalize on the need for vehicle upkeep as the number of vehicles per household suggests steady demand.
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In the realm of housing, Springfield has a high percentage of owner-occupied units at 52.3%. With a median home value of $173,986 and a significant percentage of homes built more than four decades ago, there is a ripe market for home services franchises. Services such as remodeling, repair, landscaping, and HVAC could find a ready market, especially given the 91.6% housing unit occupancy rate and the need for upkeep in older homes.
The city's labor force participation is notable with a low unemployment rate of 2.1%, and 65.1% of workers engaged in white-collar jobs. This demographic could have disposable income for services like cleaning, both residential and commercial. Franchises that offer cleaning services could thrive by catering to busy professionals who value convenience and are willing to pay for it.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Springfield, Missouri Franchise Opportunities (and Businesses for Sale)
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