According to the recent update of demographic information on the City of Lacey’s stand-alone economic development website, locationlocationlacey.com, Lacey’s market area continues to grow.
Many businesses prefer to look at the “drive-time” it takes customers to reach their businesses, rather than the actual distance traveled. The 30-minute drive time is especially popular, so the City of Lacey uses that to measure its market. A recent update of demographic data, shows that the City’s market area has increased by nearly 4,000 people in the last two years. That trend is expected to continue with a projected increase between 2018 and 2023 of more than 45,000 people from 429,869 to 476,682. While projected income growth within the City limits, and urban growth area are far more modest, the growth in the market area is a positive indicator of growth prospects for Lacey businesses.