August 22, 2013 Leave a comment
The WSU Washington Center for Real Estate Research issues a quarterly report on real estate in areas in Washington.
The following quotes on general economic conditions are from the summary for the Spokane Kootenai area for the Spring 2013 report. Conditions may have changed since the Spring report. Their general thoughts on the Spokane economy are glum, at best, unfortunately.
- Possibly seeing a net out migration of residents
- Total employed is less than in 2006 – we should have 15,000 to 20,000 more jobs today.
- Per capita income is about where it was in 2007.
- Taxable retail sales trending around 2006 levels.
Link: The Real Estate Report – Spokane Kootenai Real Estate Research Committee. Quotes from the report:
DRIVER LICENSE SURRENDERS
The data makes a case for little change in migration to the county. There is certainly no increase of in-migration. Other data would indicate that out-migration has picked up. This sensitive indicator bears watching.LABOR FORCEThe labor force is the same size as 2007. Total employment is 4 thousand less than the 2006 annual average. While there are kernels of positive results in the employment picture, the reality is that there should be 15 to 20 thousand more people working in this market.PER CAPITA INCOME
Through 2011, real per capita personal income was less than the 2007 total. Projections for 2012 and 2013 would indicate some improvement. Projections by Global Insight indicate that total Personal Income is now over $18 billion and may approach $20 billion by 2015. Transfer payments from the Federal Government are still a big factor for the County (23%).TAXABLE SALES DATA
Nice turnaround in 2012 but still below 2006 total. Contracting sales are running at 75% of peak. The County needs at least $280 million in new construction activity.