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Residential Opportunity Assessment Downtown Harrisburg City of Harrisburg, Pennsylvania

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Residential Opportunity Assessment Downtown Harrisburg City of Harrisburg, Pennsylvania Residential Opportunity Assessment Downtown Harrisburg City of Harrisburg, Pennsylvania Prepared for: Harristown Enterprises, Inc. Project #16-5122 December 2016 Downtown Harrisburg | Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS ........................................................................................................................I TABLES, FIGURES AND MAPS..........................................................................................................IV EXECUTIVE SUMMARY....................................................................................................................VI 1. INTRODUCTION ........................................................................................................................ 1 A. Overview of Subject..............................................................................................................................................1 B. Purpose ................................................................................................................................................................1 C. Format of Report ..................................................................................................................................................1 D. Client, Intended User, and Intended Use ...............................................................................................................1 E. Applicable Requirements ......................................................................................................................................1 F. Scope of Work ......................................................................................................................................................1 G. Report Limitations ................................................................................................................................................2 H. Other Pertinent Remarks ......................................................................................................................................2 2. SITE AND NEIGHBORHOOD ANALYSIS ...................................................................................... 3 A. Target Location – Downtown Harrisburg ...............................................................................................................3 B. Strawberry Square and the Surrounding Area........................................................................................................4 C. Target Area Accessibility .......................................................................................................................................7 1. Regional Transportation Network..................................................................................................................7 2. Pedestrian and Transit Accessibility...............................................................................................................8 D. Residential Support Network.................................................................................................................................9 1. Amenities and Services .................................................................................................................................9 2. Essential Services – Health Care ..................................................................................................................10 3. Essential Services – Education.....................................................................................................................10 3. ECONOMIC CONTEXT.............................................................................................................. 13 A. Introduction........................................................................................................................................................13 B. Labor Force, Resident Employment and Unemployment......................................................................................13 1. Trends in City Unemployment Rate.............................................................................................................13 2. Commuting Patterns...................................................................................................................................13 C. At-Place Employment..........................................................................................................................................15 1. Trends in Total At-Place Employment..........................................................................................................15 2. At-Place Employment by Industry Sector.....................................................................................................16 3. Major Employers.........................................................................................................................................17 4. Employment Projections and Recent Economic Development .....................................................................18 5. Wage Trends...............................................................................................................................................18 4. DEMOGRAPHIC CONTEXT....................................................................................................... 20 A. Introduction........................................................................................................................................................20 B. Delineation of Market Areas ...............................................................................................................................20 C. Demographic Methodology.................................................................................................................................21 D. Trends in Population and Households..................................................................................................................21 1. Recent Past Trends .....................................................................................................................................21 2. Projected Trends.........................................................................................................................................22 3. Building Permit Trends................................................................................................................................22 E. Demographic Characteristics...............................................................................................................................23 1. Age Distribution and Household Type..........................................................................................................23 2. Renter Household Characteristics................................................................................................................25 3. Income Characteristics................................................................................................................................27 5. COMPETITIVE RENTAL HOUSING ANALYSIS............................................................................ 29 A. Market Area Rental Housing Stock ......................................................................................................................29 Page i Downtown Harrisburg | Table of Contents 1. Introduction................................................................................................................................................29 B. Survey of Market Rate General Occupancy Rental Communities - Harrisburg.......................................................29 1. Introduction................................................................................................................................................29 2. Location......................................................................................................................................................30 3. Community Age ..........................................................................................................................................30 4. Structure Type ............................................................................................................................................31 5. Property Size...............................................................................................................................................31 6. Vacancy Rates.............................................................................................................................................32 7. Rental Incentives ........................................................................................................................................32 8. Absorption History......................................................................................................................................32 9. Payment of Utilities ....................................................................................................................................32 10. Unit Features & Finishes .............................................................................................................................33 11. Parking .......................................................................................................................................................34 12. Common Area Amenities ............................................................................................................................34
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