President Obama visited Seattle, yesterday, and aside from the gridlock, and the f-15 fighter jets’ sonic booms, the visit went according to schedule . Obama’s objectives for the visit included campaigning and showing support for Washington State Senator Patty Murray, and helping increase her coffers for the upcoming elections, in November. Almost on cue, the local news released information about the most recent unemployment data, which showed a rather healthy decrease from the previous month. According to the most recent Employment Security Report, unemployment, in Washington State, decreased one-tenth of a percentage point, from 9.0, in June, to 8.9, in July, and the state’s unemployment rate is six-tenths fo a percentage point less than the United States average. Compared to last year, unemployment in the Evergreen State decreased three-tenths of a percentage points, down from 9.2.
While unemployment data is a leading economic indicator, it is interesting to look in one’s own ”backyard” to see growth, or the lack thereof. The economic indicator, and ”green shoots,” in my neighborhood, is revealed in residential real estate sales. A home on the corner of my block, sold in three days, and there have been pockets in the greater Seattle area where real estate agents are seeing some multiple offers, again. While most agents believe that the bump in activity is seasonal and unsustainable, it is significant nonetheless. Real estate sales have picked up in neighborhoods north of Seattle, and in areas on Seattle’s Eastside. If sales activity continues at this pace, there may actually be a housing shortage within the next two years, as some experts have recently predicted.
There is always good news and bad news, but the barrage of bad news that the media tends to highlight, can impact our psyche. If we each focus in on some “green shoots” in our local areas, and share the good news, perhaps we can have a positive impact on others, and it’s possible that we could have a positive impact in our local economy. Do you have any positive local economic news that you can share with us?
What are your “backyard” economic “green shoots?”
Happy Friday, and thanks for sharing!
Lori