A week ago last Monday (6/23/2008) I represented HP at the Brush Creek Community Partners drill-down. The power point presentation for that meeting is here: http://www.slideshare.net/nptech/brush-creek-community-partners-drilldown Last Friday the KC Star also had an article on the drilldown concept, read it here: http://www.kansascity.com/105/story/682856.html
The concept of a drill down is to apply modern statistical methods to obtain a more accurate census of the community. Every 10 years the Federal Government does a national census. They essentially go door to door and count heads and ask the occupants questions about their financial situation and life style. Needless to say, they miss a lot, especially in the poorer areas of town.
The drill down uses other information, such as credit reports, utility bills, and housing permit and tax record to refine the raw census number and develop a more accurate figure. Kansas City Urban Market Assets (KCUMA) feels that the census has undercounted the population of Kansas City by about 15%. This is important to us because much of the money the city receives is based on the population figure, as are in part the election districts.
Unfortunately, the presentation I attended only included South Hyde Park. But even so, the conclusions were impressive.
KCUMA found that the population of South Hyde Park was actually in decline. They figure that the population is about 13% less then the 2000 census figures. The number of households in the neighborhood was down about 14% during the same period. They attributed this decline to the down zoning that the area has experienced.
The average per person income for the City as a whole was %57,325. That figure for South Hyde Park was slightly lower at $45,966, but still higher than any of the other neighborhoods analyzed in the presentation.
The real eye popping figure however was the Purchasing Power per Acre. For the entire city, that figure is $46,457. For the 4th District that figure is $236,804. For South Hyde Park the Purchasing Power per acre is an incredible $264,636. This is the result of a relatively high per capita income plus a density of households in the area. Many of the areas out in Johnson County are lower than this figure because the houses are sitting on large lots. This is a figure that should catch the eye of business developers, and that is the main point of the study: to show the business community that there is a large untapped market for banks, retail and services in the midtown areas. It also goes a long way to explaining the success of Costco.