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Puget Sound Pulse - November 2020

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

Fall has arrived in Washington, along with the uncertainty of the US Presidential election and a potentially deadly flu/Covid-19 season. Employment continues to increase, although corporate restructures (Boeing) and continued lack of accommodation/food service recovery have restricted growth. For weeks that ended in September, the state of Washington saw a 262% increase in initial claims for unemployment insurance year-over-year, with 75,717 claims compared to 20,934 claims over the same period in 2019. Continuing the story heard over the summer, median home values continue to rise as people look for more space and privacy to accommodate much more time spent at home. According to Zillow, Seattle metro’s median home value increased 9.3% from September 2019 to 2020, coming in at $555,689 (Figure 1). This represents the largest annual growth since October 2018. Newly registered businesses posted historical increases in Q3, increasing 49.0% over the quarter (Figure 2). For context, the previous 10 years of economic recovery from the Great Financial Crisis saw an average quarterly growth of 1.0%. The final two months of 2020 will hopefully yield a clearer understanding of what a 2021 recovery is likely to look like, including a timeline for vaccine distribution and further fiscal support for the economy. 


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Puget Sound Pulse - November 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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