{"id":99,"date":"2005-12-02T12:19:00","date_gmt":"2005-12-02T19:19:00","guid":{"rendered":"http:\/\/seattlebubble.com\/blog\/?p=99"},"modified":"2005-12-02T12:19:00","modified_gmt":"2005-12-02T19:19:00","slug":"bubble-the-only-answer-right-now-is-no","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/","title":{"rendered":""Bubble? The only answer right now is no.""},"content":{"rendered":"

At an “economic symposium” Wednesday, Washington’s Employment Security Department chief economist Rick Kaglic explained his belief that the state economy is cruising along just dandily<\/a>:<\/p>\n

The local and national housing boom as well as The Boeing Co.’s recovery have finally kicked Washington’s economy into high gear, according to the chief economist for the state’s Employment Security Department.<\/p>\n

Rick Kaglic told those gathered for an economic symposium Wednesday in Olympia that the state’s economy “has been clicking on all cylinders” since last year.<\/p><\/blockquote>\n

I wonder what kind of cylinders “click.” Maybe its a veiled reference to something not being quite right. Or maybe he’s just mixing metaphors. Anyway, point taken—the state economy is doing well.<\/p>\n

Although government and transportation hiring have done their part in the state’s recovery, Kaglic named the construction trade and the housing boom as the real heroes in Washington’s recovery.<\/p>\n

While construction jobs represent a relatively modest 6 percent of all state jobs, they accounted for 20 percent of the payroll growth during the last year, he said.<\/p>\n

“And the impact of the construction industry doesn’t end with building homes,” he said.<\/p>\n

The booming housing market reverberates through the retail, insurance and \u2013 of course \u2013 real estate sectors as well.<\/p>\n

“If you buy a home, you typically want to fill it with stuff,” Kaglic said of the retail impact.<\/p>\n

Kaglic linked the last four years of economic expansion to the refinancing of homes that pumped some $600 billion of equity into the national economy last year and the fact that “the retailers simply won’t let us stop” spending.<\/p><\/blockquote>\n

So, Washington State’s economy is in good shape, but a large portion of its improvement in the last few years has been a direct result of the real estate boom. 20% of new jobs directly attributable to housing, and who knows how many others due to increased retail sales thanks to the “housing ATM.”<\/p>\n

Kaglic and other housing experts at the symposium didn’t think the Seattle-Tacoma area was experiencing a housing bubble that would pop any time soon.<\/p>\n

In fact, Sam Anderson, executive officer of the Master Builders Association of King and Snohomish Counties, was blunt about the bubble.<\/p>\n

“Are we in a housing bubble?” he asked. “The only answer right now is no.”<\/p>\n

Median housing prices \u2013 meaning half of all prices are higher, half lower \u2013 have climbed to the mid- and upper $300,000s in King and Snohomish counties and just under $250,000 in Pierce County. But Anderson didn’t think the market would collapse.<\/p><\/blockquote>\n

So, if I’m understanding the logic here correctly, the state economy has housing (and low interest rates) to thank for a large part of its recovery, but we’re not in a bubble, because state economists and homebuilders don’t think we are. Mmm-kay.<\/p>\n

(Barbara Clements, Tacoma News-Tribune<\/a>, 12.01.2005<\/i>)<\/p>\n

\n
Seattle Bubble Tip Jar<\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

At an “economic symposium” Wednesday, Washington’s Employment Security Department chief economist Rick Kaglic explained his belief that the state economy is cruising along just dandily: The local and national housing boom as well as The Boeing Co.’s recovery have finally kicked Washington’s economy into high gear, according to the chief economist for the state’s Employment…<\/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":[1],"tags":[1113],"coauthors":[],"class_list":["post-99","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-uncategorized"],"yoast_head":"\n"Bubble? The only answer right now is no." \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\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\""Bubble? The only answer right now is no." \u2022 Seattle Bubble\" \/>\n<meta name=\"twitter:description\" content=\"At an “economic symposium” Wednesday, Washington’s Employment Security Department chief economist Rick Kaglic explained his belief that the state economy is cruising along just dandily: The local and national housing boom as well as The Boeing Co.’s recovery have finally kicked Washington’s economy into high gear, according to the chief economist for the state’s Employment...\" \/>\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\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/\",\"url\":\"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/\",\"name\":\""Bubble? The only answer right now is no." \u2022 Seattle Bubble\",\"isPartOf\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#website\"},\"datePublished\":\"2005-12-02T19:19:00+00:00\",\"author\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f\"},\"breadcrumb\":{\"@id\":\"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/seattlebubble.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\""Bubble? The only answer right now is no."\"}]},{\"@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. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.\",\"sameAs\":[\"http:\/\/SeattleBubble.com\/\",\"http:\/\/facebook.com\/is.totally.pointless\",\"https:\/\/x.com\/The_Tim\"],\"url\":\"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":""Bubble? The only answer right now is no." \u2022 Seattle Bubble","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/","twitter_card":"summary_large_image","twitter_title":""Bubble? The only answer right now is no." \u2022 Seattle Bubble","twitter_description":"At an “economic symposium” Wednesday, Washington’s Employment Security Department chief economist Rick Kaglic explained his belief that the state economy is cruising along just dandily: The local and national housing boom as well as The Boeing Co.’s recovery have finally kicked Washington’s economy into high gear, according to the chief economist for the state’s Employment...","twitter_creator":"@The_Tim","twitter_site":"@SeattleBubble","twitter_misc":{"Written by":"The Tim","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/","url":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/","name":""Bubble? The only answer right now is no." \u2022 Seattle Bubble","isPartOf":{"@id":"https:\/\/seattlebubble.com\/blog\/#website"},"datePublished":"2005-12-02T19:19:00+00:00","author":{"@id":"https:\/\/seattlebubble.com\/blog\/#\/schema\/person\/7de7c0dd14bee1a2c67f7ce86bc4505f"},"breadcrumb":{"@id":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/seattlebubble.com\/blog\/2005\/12\/02\/bubble-the-only-answer-right-now-is-no\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/seattlebubble.com\/blog\/"},{"@type":"ListItem","position":2,"name":""Bubble? The only answer right now is no.""}]},{"@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. His background in engineering and computer \/ internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.","sameAs":["http:\/\/SeattleBubble.com\/","http:\/\/facebook.com\/is.totally.pointless","https:\/\/x.com\/The_Tim"],"url":"https:\/\/seattlebubble.com\/blog\/author\/timothyellis\/"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6wh0F-1B","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/99","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/comments?post=99"}],"version-history":[{"count":0,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/posts\/99\/revisions"}],"wp:attachment":[{"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/media?parent=99"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/categories?post=99"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/tags?post=99"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seattlebubble.com\/blog\/wp-json\/wp\/v2\/coauthors?post=99"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}