I am trying to determine the "economic anchor" of my market. An economic anchor is something that supports the local economy and is not going anywhere even during an economic downturn.
Question: Hypothetically speaking, if the average commute to work of residents who live in a desired market is 25 minutes and a major university or hospital is 23 minutes away, but is located in the next town over... can the hospital or university still be considered an economic anchor?
Hey @Jason Ma
I can't document the claim well but commute times have said to stay pretty steady around 30 minutes. If commutes get longer than this, people start to move to shorten their commute.
Look into Marchetti's Constant and have a look at these articles. If the commute times are under 30 minutes, you are probably in the clear but consider how commute times may change with population growth in future.
Hope this helps.
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