{"id":2741,"date":"2008-09-15T09:25:34","date_gmt":"2008-09-15T16:25:34","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=2741"},"modified":"2008-09-15T09:25:34","modified_gmt":"2008-09-15T16:25:34","slug":"job-growth-turning-to-losses-rents-holding-steady","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/","title":{"rendered":"Job Growth Turning to Losses, Rents Holding Steady"},"content":{"rendered":"<p>Here&#8217;s a pair of interesting articles from the Puget Sound Business Journal this weekend.<\/p>\n<p><a title=\"Puget Sound job growth slowing to trickle\" href=\"http:\/\/www.bizjournals.com\/seattle\/stories\/2008\/09\/15\/story2.html?b=1221451200^1699467\">Puget Sound job growth slowing to trickle<\/a><\/p>\n<blockquote><p>The <em>[Puget Sound]<\/em> Economic Forecaster, published for the last 15 years and used by companies and governments across the region, is predicting the four-county region will add just 5,900 jobs in the third quarter of this year, boosting employment a fraction of a percent to 1.86 million.<\/p>\n<p>In the fourth quarter, the region is expected to lose 4,100 jobs \u2014 a 0.22 percent decrease from the previous quarter \u2014 ending the year with employment of 1.856 million.<\/p>\n<p>That\u2019s in contrast to the 2.9 percent annual growth rate in 2007, compared with 2006. The region added 51,500 jobs in 2007. Conway expects a growth rate of 1.7 percent in 2008.<\/p>\n<p>\u201cWe\u2019ve seen the economy all of a sudden go limp recently, largely because of the collapse of the housing and credit markets,\u201d said Conway, who also is the senior member of the Governor\u2019s Council of Economic Advisors.<\/p>\n<p>Much of the slowing job growth can be traced to the construction and financial sectors, which have been shedding jobs statewide over the past few months.<\/p><\/blockquote>\n<p>I thought our strong local economy was based on Boeing and Microsoft, not this shakey construction and financial stuff that&#8217;s been causing so much trouble everywhere else.  Well, that&#8217;s what they were telling us anyway.<\/p>\n<p>But if you&#8217;re a landlord, fear not.  &#8220;Experts seem comfortable with rent levels.&#8221;<\/p>\n<p><a title=\"Residential Real Estate: Demand from Puget Sound area renters sustains a \u2018landlord\u2019s market\u2019\" href=\"http:\/\/seattle.bizjournals.com\/seattle\/stories\/2008\/09\/15\/focus2.html?b=1221451200^1699609\">Residential Real Estate: Demand from Puget Sound area renters sustains a \u2018landlord\u2019s market\u2019<\/a><\/p>\n<blockquote><p>&#8230;experts crunching local rental-unit supply and renter-demand projections seem comfortable with the rent levels expected over the coming year or two.<\/p>\n<p>Even with a surge in unsold homes and condos competing in the rental arena, the consensus counts on sufficient rental-minded residents to keep vacancies and rents at landlord\u2019s-market levels.<\/p>\n<p>Residential real estate distress nationwide, in fact, is actually giving something of a boost to the local rental arena, observed veteran rental agent Michael Wilson, broker\/owner at Windermere Property Management in Seattle. The relatively healthy local employment scene is still attracting newcomers, he said, \u201cbut they\u2019re nervous about buying, so they\u2019re renting instead.\u201d<br \/>\n&#8230;<br \/>\nMeanwhile, the Seattle vicinity remains one of the most attractive markets for savvy apartment investors able to identify and provide what renters want today, added Bob Hart, president of Beverly Hills, Calif.-based Kennedy Wilson Inc.\u2019s hyperactive KW Multifamily division.<br \/>\n&#8230;<br \/>\nDespite the slightly lower prices investors have been willing to pay for apartment properties here and elsewhere of late, Hart said, it would take a real economic calamity to significantly diminish renter demand.<\/p><\/blockquote>\n<p>Oh, good.  Luckily, there&#8217;s no economic calamity on the horizon, whatsoever.  Erm&#8230;  wait&#8230;<\/p>\n<p>(<em>Kirsten Grind, <a title=\"Puget Sound job growth slowing to trickle\" href=\"http:\/\/www.bizjournals.com\/seattle\/stories\/2008\/09\/15\/story2.html?b=1221451200^1699467\">Puget Sound Business Journal<\/a>, 09.12.2008<\/em>)<br \/>\n(<em>Brad Berton, <a title=\"Residential Real Estate: Demand from Puget Sound area renters sustains a \u2018landlord\u2019s market\u2019\" href=\"http:\/\/seattle.bizjournals.com\/seattle\/stories\/2008\/09\/15\/focus2.html?b=1221451200^1699609\">Puget Sound Business Journal<\/a>, 09.12.2008<\/em>)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here&#8217;s a pair of interesting articles from the Puget Sound Business Journal this weekend. Puget Sound job growth slowing to trickle The [Puget Sound] Economic Forecaster, published for the last 15 years and used by companies and governments across the region, is predicting the four-county region will add just 5,900 jobs in the third quarter&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[198],"tags":[394,65,181,13,363,59],"coauthors":[],"class_list":["post-2741","post","type-post","status-publish","format-standard","hentry","category-news","tag-berton","tag-business-journal","tag-grind","tag-job_growth","tag-jobs","tag-rent"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Job Growth Turning to Losses, Rents Holding Steady \u2022 Seattle Bubble<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Job Growth Turning to Losses, Rents Holding Steady \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"Here&#8217;s a pair of interesting articles from the Puget Sound Business Journal this weekend. Puget Sound job growth slowing to trickle The [Puget Sound] Economic Forecaster, published for the last 15 years and used by companies and governments across the region, is predicting the four-county region will add just 5,900 jobs in the third quarter...\" \/>\n<meta name=\"twitter:creator\" content=\"@The_Tim\" \/>\n<meta name=\"twitter:site\" content=\"@SeattleBubble\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Tim\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/\",\"name\":\"Job Growth Turning to Losses, Rents Holding Steady \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2008-09-15T16:25:34+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2008\/09\/15\/job-growth-turning-to-losses-rents-holding-steady\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Job Growth Turning to Losses, Rents Holding Steady\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\",\"url\":\"https:\/\/seattlebubble.com\/blog\/\",\"name\":\"Seattle Bubble\",\"description\":\"local\u00a0real\u00a0estate\u00a0news, statistics,\u00a0and\u00a0commentary without\u00a0the\u00a0sales\u00a0spin.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/seattlebubble.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\",\"name\":\"The Tim\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/image\/37756956c11dcc50d2559761ffa5ee70\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/19e5770990a1681615608091b2de571b10c3e03bbac7d07bb2ae15297ee72fbc?s=96&d=retro&r=g\",\"caption\":\"The Tim\"},\"description\":\"Tim Ellis is the founder of Seattle Bubble. 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