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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 Syracuse, New York | ||
| Data | Syracuse, NY | Nationwide |
|---|---|---|
| Population | 146.54 thousand | 333.2 million |
| Proj. 5 Year Population Growth | 9.2247% | 0.5% |
| Median Household Income | $72,933 | $74,580 |
| Median Age | 31.11 | 38.9 |
| Residents per Business | 1 to 31 | 10 to 1 |
| Annual Household Expenditures | $3.21 billion | $23.9 trillion |
| City Data retrieved from https://sitesusa.com/Data | ||
Franchising Landscape
In Syracuse, NY, the estimated average household income in 2023 is $72,933, with a projected increase to $86,628 by 2028. This rising income is an encouraging sign for franchises in the automotive industry, as higher disposable income can lead to increased spending on vehicle maintenance and purchases. The historical annual change in average household income from 2000-2023 is 4.4%, which suggests stable economic growth. Additionally, with households having an average of 1.2 vehicles and 73.7% being owner-occupied vehicles, there is a clear demand for automotive services such as repair, maintenance, and parts, making this industry a strong candidate for franchising opportunities.
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The health and fitness industry in Syracuse could also thrive, considering the individual per capita income is estimated at $29,358, with a projected increase to $35,378 by 2028. The growing trend towards health and wellness, combined with the growing income to support such services, provides a conducive environment for franchises offering gym memberships, fitness classes, and wellness products.
The data also reveals potential for the food industry, as the food and beverage consumer expenditure in Syracuse is at $477.01 million annually. This high expenditure, coupled with a sizable population of 124,450 individuals and a total employee count of 71,108, suggests a significant market for quick-service restaurants, cafes, and specialty food stores that cater to the working population. The presence of 4,725 businesses in the city underscores the opportunity for B2B food service providers as well, such as catering and wholesale suppliers.
Explore the franchise listings below and take the first step towards a rewarding business venture.
Syracuse, New York Franchise Opportunities (and Businesses for Sale)
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