With the economy in trouble, business owners are worried about more than just their bottom lines. It seems that security is among one of their major concerns.
According to Larson Brewer, the owner of Phoenix-based Suncoast Security, the company’s alarm installations grew from 15 per week in 2008 to 25 per week in 2009. Suncoast is adding as many as 17 jobs to its staff and has plans to expand to Colorado and Washington to meet the rising demand for security.
“New business is coming from residents and business owners concerned that they will see an increase in break-ins because of the down economy,” explained Brewer. “Crime is not going down. In fact, it’s gone up and we expect it to continue to rise.”
What do industry analysts say?
“Security alarm systems are considered a discretionary purchase, therefore revenue is expected to decline 2.3 percent in 2009,” explained George Van Horn, senior analyst with industry research firm IBISWorld. “Last year, about 65 percent of alarm systems were purchased from businesses, 20 percent from government centers and 15 percent residential. An increase in demand may be a reflection of recent budget cuts in local police forces.”