Parking Industry needs Emergency Financial Relief
Facing unprecedented catastrophic losses due to a more than 80 percent reduction in parking demand, the parking industry in the United States has requested that Congress and the White House provide immediate financial relief.
The parking industry generates $131 billion in revenue and directly employs 581,000 workers, primarily hourly wage earners, who are facing massive furloughs and layoffs due to the collapse in parking demand across the nation. More than 50% of our workers, many of whom live paycheck to paycheck, will be out of work.
The National Parking Association, in a letter sent to Congressional leadership and President Trump, has requested an initial $5 billion allocation to stabilize this industry. The industry is looking to federal leadership to make our employees whole and expand unemployment benefits as close to 100 percent as possible, with an income guarantee for employees.
Parking is an essential service critical in the first mile and last mile infrastructure for our cities and citizens. “The nation’s parking industry serves hotels, airports, hospitals, office buildings, shopping centers, and mixed-use residential properties across the United States, with both privately owned and municipal parking facilities simplifying our lives on a daily basis,” said Christine Banning, IOM, CAE, President of the National Parking Association. “Parking industry cash flow is collapsing with layoffs of more than 50 percent of our employees, if not more unless we get immediate relief from the federal government.”
Parking contributes more than $175 billion in economic impact to GDP through direct, indirect and induced impact. Total parking industry-related employment tops at nearly 1 million workers in the public & private sectors—including suppliers to the industry.