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Population growth statistics?

seandrseandr
edited March 2007 in Seattle Real Estate
Just started reading this blog and forum, and I'm a little surprised that no one has looked at population growth for the Seattle area. Can anyone point to population stats and projections for this area?

Obviously, more people in the area = more demand = higher prices. If Seattle is experiencing strong population growth, I don't see how there would be a drop in prices.

Comments

  • Lake Hills RenterLake Hills Renter
    This idea has been dealt with extensively on the blog. You should look for Tim's posts over there.
  • bilirubenbiliruben
    Seattle proper recently surpassed the population it had in 1960. It just isn't growing, and it's pretty much the only area where you might have some claim as to a shortage of land.

    King County has grown substantially since 1960, but during the run-up in housing prices has only gained a minimal amount. 2000-2004, King county population as a whole grew a total of 2.3%, or less the 1% a year; far less than housing prices have increased during the same period.
  • seandrseandr
    I wouldn't expect the relationship between housing prices and population growth to be linear, especially as the city approaches capacity. Nor do I think population growth is the sole variable driving housing prices.

    Anyway, I check the blog again - didn't see anything directly on this topic on first perusal.
  • AlanAlan
    Tim wrote an article about data that suggests housing supply growth has outpaced population growth in the Puget Sound.

    Big Picture: Supply vs. Demand
  • synthetiksynthetik
    Does Job Growth = Home Buying Demand?
  • meshugymeshugy
    Apparently so:
    King County growth booms

    Strong job growth in King County and longer commutes to outlying communities are two reasons experts give for new U.S. Census estimates saying the county is growing faster than it has in years.

    "You definitely have an attraction to this area because there's jobs here,"Gonzalez said. "Because we were harder hit and we had such a lengthier downturn of jobs, we've had a lengthier upturn and we've had a stronger recovery."

    Continued job growth, even if it slows a bit from recent levels, will make the problem worse, he said. "We continue to add jobs and we're not adding housing fast enough for those workers to have a place to live in the county where they work."

    Gonzalez expects King County's job growth to slow down this year, but stay strong. That, and the fact that Seattle home prices continue to be lower than others on the West Coast, will keep prices going up, she predicted.

    "Compare it to San Francisco. Compare the prices to San Diego," she said. "I don't think that prices have reached their potential here."
  • synthetiksynthetik
    The Seattle PI is always a good source for reliable, truthful information - what, with their own Real Estate blog and multimillion dollar Real Estate advertising campaigns. ;)
  • Eagle ManEagle Man
    Yes, synthetick, you're exacty right (in your own mind). And the Census Bureau is a conspiracy!
  • TJ_98370TJ_98370
    DELETED
  • deejayohdeejayoh
    I keep seeing this "strong job growth" assertion. Please substantiate with DATA

    Here is the data I have found for 2007.

    http://www.workforce.az.gov/admin/uploadedPublications/1312_msa-rank.pdf

    Seattle is #86/369 MSAs

    As to population growth -
    1990-2000 - 1.9% per census - #78/369 MSAs
    2000-2005 - 1.08% over this period in total per the Tim's data (reflects drop after dot.bomb implosion)
    Mayors forecast: 100k new residents in 20 years = <1% year on a population of 570k.

    All available from the city of seattle site. Note that the city has eliminated its "demographer" position due to budget cuts
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