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Construction activity on the Eastside highest ever?

EastSiderEastSider
edited May 2007 in Seattle Real Estate
I see new homes/buildings being constructed all over the eastside. I haven't seen so much construction on the eastside in many, many years.

- Just in downtown Bellevue, they are at least 4-5 high-rise (condo?) towers coming up.
- There are multiple new home/townhome communities coming up around the Microsoft campus (Camwest, Bennet, Shea, Puget, ElementRedmond etc, etc).
- Builders are building new homes even on lots that can accomodate 2-homes (eg: close to the intersection of 8th St & 148th Ave NE).

Makes me wonder how all this will end on the eastside.

Comments

  • deejayohdeejayoh
    Seems like you are right - check out the building trend, not just for the east side, but for the whole region. For all of those data-deprived folks who claim we have such huge job growth that it will drive prices higher - here's where they're gonna live... 8.5% permit growth vs. 3% job growth. 2005 is the most recent I could find, but I believe 2006 was accelerated beyond this. Anyway, it doesn't seem like there will be a shortage!
    buildingtrendsrp8_sm.jpg
  • deejayohdeejayoh
    oh - and here's another source - the Seattle Times - that claims there will be 8200 more housing units permitted than we will gain new residents in the period of 2004-2007. Um, isn't that 1% of our housing stock? Won't that be a problem?

    Say it ain't so Shuggy!! Please, give me a quote from the PI to make me feel better.
    CONSTRUCTION:
    The busy housing and office construction market means employment in the four-county Puget Sound region* is predicted to grow for the next 12 to 18 months, according to various forecasters. One factor in housing growth is that more people are moving here than are moving away – in 2005, there were 16,300 more people than in 2004, another 29,000 more forecast in 2006 and 28,600 more in 2007, according to Conway-Pedersen. Housing permits were estimated at 25,700 in 2005 and are forecast to be 28,200 in 2006 and another 28,200 in 2007. Total construction jobs were 101,000 in 2004, and 107,800 in 2005; 111,300 are predicted for 2006, and 116,100 for 2007.
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