Why Financial Institutions Should Care About the 2020 Census Results
You may have recently seen the first published data from the 2020 US Census. It can be a lot of information to digest, so let’s break it down to understand why it is important to the strategic plans of financial institutions, and how L. Keeley can help navigate demographics and consumer behavior through this information.
Overall, the United States grew 7.4% in population. The highest growth can be found in the southern and western parts of the country. The Midwest and Northeast had the slowest growth, or even population declines.
Why a Deeper Dive is Important
Whether your area has had a population boom, slow growth, or even a decline, knowing how this affects your market is imperative when creating both short and long-term strategic plans. This is especially when it comes to large investments in facilities (both branches and administrative offices).
When we look at these population shifts, it is also important to dig a little deeper and see how this affects other demographics in the market:
Is the market now skewing to a different age group, income level, household makeup, etc.?
Has the shift in demographics meant a shift in spending and consumer purchasing behaviors?
How does the shift affect complementary markets, such as housing, vehicles, and overall consumer debt leverage?
These are just a few examples. There are many other macro and micro demographic and psychographic shifts that can be felt when populations shift and evolve.
How L. Keeley Can Help
The PLAN portion of our proven Plan | Design | Build strategy ensures we are not only building quality facilities on-time and on-budget, but it also makes sure we accurately plan for present and future needs. Part of our process is the use of a data-driven method to instill confidence that facilities are also located in the right places and spaces that make sense now and continue to boost effectiveness well into the future. We want to be a long-term partner for lasting success – because our success only happens when our customers are achieving their goals.
Our planning studies take a deeper dive into the data behind the demographics and consumer behaviors, whether there is a need to review a site already being considered, or help is needed to determine how to navigate in a specific market over the next decade. Our process also puts context to the data, with internal data and in-person informational tours of your area.
Click here to learn more about our Financial Facilities team and watch the video below to learn more about our Plan | Design | Build process.