Though I don’t agree with the argument that the Seattle area is special and immune to future housing pain, I’m not the type to ignore evidence that supports such claims. Case in point, Snohomish County’s hot and growing job market:
Snohomish County is on fire – at least in terms of job growth.The county produced 16,200 jobs between October 2004 and October this year, an annual growth rate of 7.4 percent – tops in the state, according to the state Employment Security Department.
Fueled by rehiring at the Boeing Co. and the insatiable demand for new homes, the county’s growth rate was more than double the state average of 2.9 percent and more than five times the national average of 1.4 percent.
Of course, with some portion of those new jobs being a result of the crazy housing market, arguing that the job growth definitely means bubble immunity would seem to be at least a bit circular.
(Mike Benbow, Everett Herald, 11.16.2005)
Thanks to the article–which notes that 400 of the 16,200 new jobs were construction jobs–we can know exactly how much “a bit” is: 2.5% More jobs=more people=fewer places to live=increased home prices.