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Puget Sound Pulse - August 2020

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

Economic data has now come in to explain how unevenly the pandemic is impacting the economy. Employment looks dismal, although the Seattle metro's unemployment rate is 1.3% lower than the entire US. There were 735 construction permits pulled in June for single-family units during the month, which is only 21% less than the 30-year average. Consumer and business confidence in the economy began to tick up slightly in June, although remains in negative territory. Business confidence was only lower in late 2008 and early 2009 while consumer confidence was worse than today’s until early 2012. Livability and big tech will secure the growth of Puget Sound’s economy for years to come. Even as some companies, primarily tech-related, extend flexible work-from-home policies through 2020, the desire to collaborate in a physical space is real and ensures a health future for office and residential demand through the region. As the economy reopens (predicated on decreasing COVID-19 cases), there will be many jobs back in retail services and accommodation, however the permanent elimination of jobs across industry sectors will provide a telling narrative for how this pandemic has shifted the economy.


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Puget Sound Pulse - August 2020

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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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