For our latest market snapshot, we turn to the South Puget Sound and consider how it is progressing across a host of metrics that, combined, provide an indication of the region’s economic vitality. With more than 25 years of service to individual and commercial customers in the area, our bankers offer a locally informed perspective on the numbers that, when standing alone, can tell just part of the story in Tacoma and Pierce County.
Key highlights.
1. The local environment is conducive to entrepreneurs.
For the past decade, Pierce County has seen relatively steady growth in new businesses, judging by the numbers of incoming business applications. The region appears to be benefitting from prioritization of local market investments and improvements, as well as a compelling operating and living costs in comparison to neighboring areas.
For the past decade, Pierce County has seen relatively steady growth in new businesses, judging by the numbers of incoming business applications. The region appears to be benefitting from prioritization of local market investments and improvements, as well as a compelling operating and living costs in comparison to neighboring areas.
2. The labor force appears resilient and well-educated.
For more than a decade, and aside from a COVID-era spike, the unemployment rate in Pierce County has largely been contained to a reasonable and healthy range. Local bankers note that the region has benefited from new employment opportunities emerging as others subside. Further, the slowly growing labor force can turn to a variety of higher education and workforce development resources in the region to maintain or obtain skills for today.
3. Housing is under pressure yet showing ownership advances.
With persistently high mortgage rates, as compared to lower rates of recent years, and high prices, home affordability has remained a sore point in Tacoma and Pierce County. Nonetheless, ownership has ticked up in the county in recent years, and bankers are noticing that buyers are looking to resources to help them make their homeownership dreams a reality.
The path forward.
While the future may be uncertain as always, individuals and businesses in Pierce County are learning and growing as economic conditions evolve. Already, the region has grown into a more family, youth and business-friendly urban environment than it was decades ago, and the development of greater diversity in the economic backdrop bodes well.
For more insights about the Tacoma and Pierce County economic picture — including data on jobs and industry, commercial real estate, housing starts and income — review the full report here. Or, stop by our new financial center at 950 Pacific Ave. in downtown Tacoma to meet our South Sound team and discuss their thoughts in person.