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Puget Sound Economic Trends - Winter 2021

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Local, state, and national indicators showing the relative health of the Puget Sound economy.

Despite the upward tick of unemployment between November (5%) and December (7.2%), the employment outlook for the Seattle metro looks promising as the share of vaccinated population increases, starting people returning to the office. As more people populate downtown Seattle and Bellevue, retail trade and leisure & hospitality will lead job growth, forecasted by Oxford Economics to be 3.7% this year. In terms of GDP, economic growth in Seattle is expected to outperform San Francisco by 0.5% annually between 2021 and 2024, posting close to 3% growth annually compared to 2.5% annually in San Francisco and 1.5% across the U.S., also according to Oxford Economics. Home values continue to increase throughout the metro and in January, they reached $594,000, an increase of $70,000, or 9.2%, compared to $20,000, or 5.7%, nationally. Increasing home values is a good sign for the region’s outlook, since homeowners are less likely to move than renters.


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Puget Sound Economic Trends - Winter 2021

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Jacob Pavlik

Research Manager

Seattle

Jacob Pavlik joins the Colliers team after working in the Economic Development and Planning departments for the cities of Hillsboro, Oregon and Alexandria, Virginia, respectively.  At Colliers, he leads a team of researchers to  collect, analyze, and synthesize market data for Puget Sound and Portland. He loves the challenge of taking complex data and making it easily digestible for a wide audience. He assists brokers with research specific to their client's needs, including geovisualizatoin and micromarket analysis.

His authentic passion for commercial real estate is seen most clearly when Jacob explores his local urban ecosystem and travels to new cities around the world to see how they function and relate to each other. He likes to see the built environment adapt to the changing needs, desires, and behaviors of the people who populate it. These functions fit perfectly into Jacob's role as Research Manager, telling the story of how commercial real estate in the Pacific Northwest evolves over time.

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