City Neighborhoods and Suburbs of Major Metropolitans Thrive Post-Pandemic, Square Data Finds
2024年10月2日 - 10:00PM
ビジネスワイヤ(英語)
Since the pandemic, major metropolitans have changed due to
factors like the ‘Great Reshuffle,’ remote and hybrid work, and
rises in cost of living, among others. While most downtowns haven’t
returned to pre-pandemic levels of economic activity, new Square
data shows neighborhoods and suburbs outside of dense city centers
are thriving, helping fuel local economies.
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Square analysis of millions of restaurant
transactions in the selected zip codes in New York City (Graphic:
Square)
Square analyzed food and beverage transactions in Q1 2020 versus
Q1 2024 in New York, San Francisco, and Washington, D.C. to uncover
where consumers have shifted their spending across these
metropolitans.
“The clearest finding we can show today is that American cities
are strong, alive, and growing. Some parts of cities, downtown
areas indexed to office workers in particular, have struggled,”
said Ara Kharazian, Square Research Lead. “However, our
national conversation misses the fact that other neighborhoods have
flourished, and our findings show the small business environment is
healthy, resilient, and strong.”
New York City
- Data shows significant declines in activity in areas with a
high density of commercial real estate that index towards office
workers, including Midtown Manhattan, the Financial District.
Downtown Brooklyn saw a more moderate decline.
- Other areas of Brooklyn, like Williamsburg, Bushwick, and
Bed-Stuy, have grown, with activity levels up 20-60% since Q1
2020.
- Queens, Long Island City and Astoria in particular, which have
seen increased development and housing construction in recent
years, have seen activity levels grow between 30%-60% since
2020.
- Activity levels in Greenwich Village and the West Village,
among the most expensive neighborhoods in Manhattan, remain
relatively unchanged from pre-pandemic.
San Francisco Bay Area
- With a slow return to work, downtown restaurant transactions in
the Financial District and SoMa have declined. New attractions and
the return of tourism have contributed to growth in Mission Bay and
the Embarcadero.
- Residential areas outside of downtown like Pacific Heights,
Outer Richmond, and the Castro, have become hot spots as residents
now go out in their local neighborhoods.
- In the north, Mill Valley and Marin County saw substantial
increases, and in the south, Daly City and parts of San Jose County
experienced gains.
- As residents moved to the suburbs, East Bay restaurants also
saw increased traffic in Contra Costa County, Danville, and Castro
Valley.
Washington, D.C.
- In Washington, D.C., data shows significant gains in restaurant
activity in neighborhoods which have seen increased housing
development, such as Navy Yard and NoMa, as well as parts of Glover
Park and Tenleytown.
- Conversely, activity has declined near the Capital One Arena,
Columbia Heights, and surrounding areas.
- Areas adjacent to the National Mall and tourism sites have
remained flat, helping support downtown businesses, while
significant declines in activity were observed east of the Potomac
River.
About Square
Square makes commerce and financial services easy and accessible
with its integrated ecosystem of commerce solutions. Square offers
purpose-built software to run complex restaurant, retail, and
professional services operations, versatile e-commerce tools,
embedded financial services and banking products, buy now, pay
later functionality through Afterpay, staff management and payroll
capabilities, and much more – all of which work together to save
sellers time and effort. Millions of sellers across the globe trust
Square to power their business and help them thrive in the economy.
For more information, visit www.squareup.com.
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For inquiries into Square’s consumer, labor, and business data,
please email press@squareup.com.
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