Much is being written about the economy both nationally and locally. Economic forecast presentations are scheduled throughout the first few weeks of the year and most will be couched with terms like “if” and “likely” and “when.” If the first few prognosticators we’ve already heard from are prophetic at all then each of the sessions will undoubtedly lean heavily on the “R” word. No question the local economy has slowed from the frenetic pace of the early 2000s. But take a look at what is already cued up for 2008 – if an “R” word is used to describe our economy it should stand for resilient.
Locally, Southwest Washington remains a destination of choice in the metro area for businesses and residents alike due to the quality of our schools, tax advantages, available land and relative affordability of homes. Sectors of the business community that will carry the banner for market growth are changing. Notably new home construction and residential real estate sales have been the fuel of our economic engine. Most are saying the residential real estate market will return soon but “soon” varies from within six months to sometime in mid- to late 2009. Clearly not a sector we can count on for stability in 2008.
So, what sectors will be driving our local economy during these next twelve months? What are the sectors that will result in job creation, attracting skilled and educated workers; diversification of our employment base and contribute to the resilient nature of our local economy?
Commercial development may be the hottest segment right now in Southwest Washington. Class A office buildings, commercial condominiums for both manufacturing and offices, live/work projects, city center revivals, resorts and energy projects all populate the 2008 development landscape.
Add to these projects continued expansion in the health care provider arena, development of the higher education infrastructure and the growing business banking landscape and the marketplace throughout the region is nothing less than exciting.
Looking closer at the business lending community, 2008 promises the chartering of a local start up bank, two new banks moving into Clark County from the Puget Sound area (Frontier Bank from Everett and Columbia Bank headquartered in Tacoma) and no fewer than five banks or credit unions adding branch locations to their mix in the area.
nLight, Telecast and Lightfleet are three examples of recent start up technology-based companies whose innovation is their key to success. The creation of the innovation zone around Washington State University Vancouver can only serve to keep these and other companies like them as one of the market’s economic keys.
Take a good look around the region. There’s revitalization happening in downtown Washougal, Clark College creating the East Vancouver Campus, a proposed recreation development at the Broughton Mill in Underwood, live/work developments at Battle Ground Village, downtown Vancouver, and a major manufacturing facility coming on line in Kelso.
Let’s have none of the nervous, slow down or “tough times” talk about our local economy. Southwest Washington still has a vibrant, resilient economy. Don’t let get caught up in the national debate. We’ll use our “R” word to avoid their “r” word.
