Steer has been engaged to update demand models previously estimated in 2016 and 2017 for permits and transient parking for the parking system concession of a major state university in the United States. Steer re-estimated the parking demand models with the latest available information, including the impact of Covid-19, to be used for budgeting and planning purposes.
For this project, Steer developed econometric models using statistical (or econometric) tools which estimate the relationships between demand and various driver variables and the level of parking rates (user costs). The models distinguish these relationships by permit types and estimate separate relationships for transient transactions. There are key differences in historical trends and demand responses between permit and transient markets; thus, they are analyzed separately.
The study successfully estimated econometric growth models for permit and transient permit types in the parking system. Results reflected an improvement compared to the previous study Steer conducted in 2017, allowing the client to better understand the drivers of demand and the outlook going forward.
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