Solid area fundamentals including rapid population growth, employment expansion, and demographics make downtown New Orleans and the South Market District an unparalleled retail opportunity.
Over half a million residents live within a 15-minute drive of South Market, earning an average household income of $58,991/year. This population is expected to grow by 9.2% over the next five years, while their household income is expected to increase by 16.4%.
New Orleans has a higher median income than most other cities in the Southeast, a better-educated downtown population, and the lowest poverty rate of any city in the Southeast.
The New Orleans region has the third lowest unemployment rate among large U.S. metro areas, and its economy is rapidly diversifying with the expansion of knowledge-based sectors including biomedical, digital media, film and television production, and a thriving entrepreneurial community.
The rapidly growing downtown residential population has more than doubled over the past 10 years. Nearly 1,500 additional apartments are under construction within walking distance of South Market, with nearly 2,000 more planned.
Residential development within South Market will be positioned at the top of the New Orleans market. South Market will ultimately be home to more than 1,000 new residents, most of whom will work in high-paying, knowledge-based downtown jobs.
New Orleans welcomed 9.28 million visitors in 2013, an increase of 3% from 2012. These visitors spent $6.47 billion, a 4.5% increase over 2012 and the highest spending in the city’s history. Over 20% of visitors had a household income of more than $100,000.