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Can demand match development?
Published August 8, 2014
Year-to-date migration into the region is up 18% this year compared to last year. That’s down from the 24% increase we talked about a couple of months ago, but it is still great news. Maybe the numbers are more meaningful. Let's take a look.
Just over 61,000 people have moved into the region so far this year. In the first seven months of last year, 52,000 people moved here. Even if half as many moved out, that still means there are 30,500 more people on the roads every day wondering when Bertha will start digging again.
That means we have added demand for at least 15,000 more housing units already this year. Now don’t go putting offers on more apartment sites based on that news. Some of that demand, hard as it is to accept, will opt for a condo or single-family house. But it is still good news. And it is good news all around the region. In-migration was higher in all five counties last month compared to a year ago.
And the totals over the past 12 months are impressive. Just over 105,000 people moved into the region. Almost 60% of them, 62,000 people, moved into King County. Another 17,500 moved into Pierce County, and 12,400 moved into Snohomish County. Kitsap and Thurston counties saw increases of 6,500 and 6,600 respectively. Each county captured significant in-migration relative to their populations.
You may not like the traffic. But with 2014 development activity on track to top every year since 1990, we’re welcoming the congestion.
The slide show below contains the charts from this week's video.
Editor's note: This is the complete article.
Today's subscriber comment
October 22, 2014
Alan Dooley: "Dupre + Scott principals are very thoughtful and diligent researchers. As investors throughout the country, it is rare to find a service as comprehensive as that of Dupre + Scott. It is also very reassuring when spending tens of millions of dollars to have the benefit of their research which covers decades worth of trends. There are very few markets in the U.S. that are as well covered as Seattle from an apartment researchers perspective." (Alan is Senior Vice President of Heitman in Chicago.)