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MARKET <br />ANALYSIS <br />family oriented events, while contributing to an <br />increase in the overall affluence of the City and <br />Snohomish County. <br />Interviews with employees of the <br />Snohomish County Convention and Visitor's <br />Bureau revealed a strong need for meeting and <br />function space in the market. Currently, there <br />are no function spaces that can accommodate <br />large receptions, dinners, meetings, and <br />conferences within the City of Everett or within <br />a reasonable driving radius. The most proximate <br />function spaces are located in the Seattle metro <br />area. An indoor multipurpose arena would give <br />the City of Everett the flexibility to provide <br />quality entertainment as well as function space <br />for a variety of events. <br />Interviews are of a qualitative, rather <br />than a quantitative, form of research and their <br />conclusions cannot be used to develop actual <br />projections of event numbers, ticket sales or <br />advertising spending. However, the level of <br />confidence voiced by almost all of those <br />interviewed coupled with the strength and <br />stability of the City and region's demographics <br />speaks well of the market's ability to sustain an <br />indoor multipurpose arena. <br />Demographic and Economic Statistical Analysis <br />Local Markets <br />An analysis of demographic and <br />economic statistics relevant to the City of Everett <br />was conducted to determine the region's ability <br />to support an arena An understanding of a <br />region's statistical data is important at this stage <br />of feasibility assessment to help estimate the <br />general level of demand for minor league sports <br />• <br />and other arena events. Demographics were <br />compared and analyzed for three separate <br />markets: Snohomish County; Island County, <br />Snohomish County, and Skagit County ("three - <br />county" market), and USA. Following is a <br />summary of the demographic and economic data <br />tables included as Exhibits A and B to this <br />report. <br />With approximately 600,000 people, the <br />Snohomish County market area has a strong <br />population base to support an indoor <br />multipurpose arena. Since 1990, the total <br />population of Snohomish County has increased <br />by 29%. An analysis of the three -county market <br />further supports Everett's ability to sustain an <br />arena. The three -county market's total <br />population has increased 28% since 1990. <br />The national market's population has only <br />increased a mere 10% over the same ten-year <br />period. A market's specific ability to support an <br />indoor arena is contingent on the population <br />density within a given radius of the arena. In <br />addition to demonstrating a high growth rate, <br />Snohomish County's population will continue to <br />increase with the population expected to increase <br />to 650,000 by 2005 The anticipated population <br />growth rate through 2005 falls near the higher <br />end of the range exhibited by the other <br />communities which currently host mid -size <br />arenas. <br />The number of families in Snohomish <br />County has increased by 26% since 1990, from <br />124,139 to 157,371. This growth trend is <br />expected to continue through 2005 in which the <br />total number of families is projected to be <br />169,707. The three -county market exhibits <br />almost identical percentage increases. The <br />number of families has increased from 205,000 <br />Brailsford & Dunlavey/Ellerbe Becket <br />Page 11 <br />