[PDF] Spokane, Washington - HUD User PDF SpokaneWA_HMP

County, Washington, the central county of the Spokane-Spokane Valley, WA During the fourth quarter of 2014, nonfarm 2014, as population growth slowed

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Washington State Spokane County Age 0-17 Age 18-34 Age 35-64 Age 65+ Population by Age

[PDF] Spokane County, Washington - Institute for Health Metrics and

COUNTY PROFILE: Spokane County, Washington http://www healthdata rate per 100,000 population, age-standardized, 2014 Fig 3: Female all-cause

[PDF] 2020 Population Trends - Office of Financial Management

The April 1, 2020, population estimate places Washington's population at 7,656,200 as much population as the five largest cities in the state (Seattle, Spokane, 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Washington

[PDF] Spokane, Washington - HUD User

County, Washington, the central county of the Spokane-Spokane Valley, WA During the fourth quarter of 2014, nonfarm 2014, as population growth slowed

[PDF] Spokane County Profile 2020 - NET

city of Spokane had 222,000 residents, 43 percent of the county's population 2014 with health programs from Washington State University, Eastern

[PDF] Background Rental Data - City of Spokane

Population Demographics Population Spokane County City of Spokane Persons Source: https://censusreporter org/profiles/16000US5367000- spokane-wa/ Studio Apartment "Average rent for studio apartment Updated: June, 2014"

[PDF] Gender and Racial Equity at the City of Spokane Report

24 mar 2016 · U S Census Bureau, Current Population Survey, 1961 to 2014 Annual Social The Wage Gap in Government: City of Spokane, Washington

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population is relatively evenly distributed with the female population The median per capita income for Spokane County is $25,661, ($29,733 WA) 17 13 represents a 10 decrease from 2014, with the count reducing every year for the

HUD PD&R Housing Market Profiles

Spokane, Washington

Quick Facts About Spokane

Current sales market conditions: balanced.

Current apartment market conditions:

tight.

The city of Spokane, on the Spokane River,

is the site of the oldest permanent European settlement in the state of Washington.

By Adam Tubridy | As of January 1, 2015

Overview

The Spokane Housing Market Area (HMA) consists of Spokane County, Washington, the central county of the Spokane-Spokane Valley, WA Metropolitan Statistical Area. The HMA, along the bor- der with Idaho, is the largest urban area in eastern Washington. Fairchild Air Force Base, four universities, and five major hospitals form the economic foundation of the HMA. • As of January 1, 2015, an estimated 482,600 people lived in the Spokane HMA. • The population of the HMA has increased by 2,375, or 0.5 per- cent, annually since 2010. Annual population growth peaked from 2006 to 2009 at an average of 6,950 people, or 1.5 percent. • Net in-migration contributed 67 percent of population growth from 2006 to 2009 but has declined to contribute only 26 per-

cent of population growth since 2010.U.S. Department of Housing and Urban Development | Office of Policy

Development and Research

Spokane, WA

HUD PD&R Housing Market Profiles 2

U.S. Department of Housing and Urban Development | Office of Policy Development and Research

As of January 1, 2015

Service-providing sectors have accounted for 90 percent of job growth in the Spokane HMA since 2010.

3 Months EndingYear-Over-Year Change

December 2013

(thousands)

December 2014

(thousands)

Absolute

(thousands)

Percent

Total nonfarm payrolls216.6220.84.21.9

Goods-producing sectors25.425.50.10.4

Mining, logging, and construction10.210.30.11.0

Manufacturing15.215.20.00.0

Service-providing sectors191.3195.34.02.1

Wholesale and retail trade36.136.10.00.0

Transportation and utilities6.76.80.11.5

Information2.92.90.00.0

Financial activities13.113.40.32.3

Professional and business services23.124.11.04.3

Education and health services45.246.41.22.7

Leisure and hospitality18.619.30.73.8

Other services9.19.20.11.1

Government36.437.10.71.9

(percent)(percent)

Unemployment rate7.17.0

Note: Numbers may not add to totals because of rounding.

Source: U.S. Bureau of Labor Statistics

Economic Conditions

Nonfarm payroll growth in the Spokane HMA has accelerated since 2011 after 3 years of job losses. From 2008 through 2010, the average number of nonfarm payrolls declined by 4,300 jobs, or

2.3 percent, annually. During the fourth quarter of 2014, nonfarm

payrolls increased by 4,200 jobs, or 1.9 percent, compared with nonfarm payrolls during the fourth quarter of 2013, to 220,800. By comparison, nonfarm payrolls increased by an average of 2,700 jobs, or 1.3 percent, annually in 2012 and 2013.

During the fourth quarter of 2014 -

• The education and health services sector was the largest eco- nomic sector and led job growth, adding 1,200 jobs, a 2.7-percent increase. The health care and social assistance subsector account- ed for 75 percent of job growth in the sector. Providence Health & Services, the largest private employer in the HMA, opened a new $44 million, 132,000-square-foot medical center in 2014. • The government sector accounted for the second most jobs in the Spokane HMA, or 17 percent of all nonfarm payrolls. The HMA includes two public universities - Eastern Washington University (EWU) and Washington State University-Spokane - with 1,625 and 430 employees, respectively; two government hospitals - Eastern State Hospital and the Mann-Grandstaff Veterans Affairs Medical Center - with 670 and 800 employees, respectively; and Fairchild Air Force Base, with 6,000 military and civilian personnel.

Nonfarm payroll growth in the Spokane HMA has

lagged growth in the Northwest region and the nation.

Note: Nonfarm payroll jobs.

Source: U.S. Bureau of Labor Statistics

Largest employers in the Spokane HMA

Name of Employer

Nonfarm

Payroll Sector

Number of

Employees

Fairchild Air Force BaseGovernment6,000

Providence Health

& Services

Education and health services3,000

Wal-Mart Stores, Inc.Wholesale and retail trade1,475 Notes: Excludes local school districts. Fairchild Air Force Base employee count includes military personnel. Sources: Journal of Business - 2013 Market Fact Book; Fiscal Year 2012 Fairchild Air

Force Base Economic Impact Statement

2 .04.0 0.0 - 1 .0 - 2 .0 - 3 .0 - 5 .03.01.0 - 4 .0

Percent change from previous

year (3-month average)

Spokane area

Northwest regionNation

Dec 2005

Dec 200
6 Dec 2007
Dec 2008
Dec 20 09 Dec 2010
Dec 2011
Dec 20 12 Dec

2014 Dec

2013
continued on page 3

Spokane, WA

HUD PD&R Housing Market Profiles 3

U.S. Department of Housing and Urban Development | Office of Policy Development and Research

As of January 1, 2015

• The professional and business services sector added the sec- ond most jobs and grew by the greatest percentage, increasing by 1,000 jobs, or 4.3 percent, to 24,100. Since the economy began to recover in 2011, the professional and business ser- vices sector has added 2,300 jobs, more than any other sector. • The unemployment rate averaged 7.0 percent, relatively un- changed from 7.1 percent during the fourth quarter of 2013. The current unemployment rate is significantly lower than the peak of 9.3 percent recorded in 2009. Sources of expected job growth in 2015 include the following. • Liberty Mutual Insurance expanded its presence in the Spokane HMA in 2014, leasing a new, 65,000-square-foot facility. Liberty Mutual plans to expand its workforce in the HMA from 900 to

1,300 employees by the end of 2015.

• Exotic Metals Forming Company LLC, an airplane parts man- ufacturer, is building a manufacturing plant west of the city of Spokane. The plant is expected to open in the summer of 2015 and bring 150 jobs to the HMA. • A 90,000-square-foot addition to the Spokane Convention Center and an adjacent 716-room hotel, which cost a combined $175 million, are expected to open in mid-2015.

Sales Market Conditions

The sales housing market in the Spokane HMA is currently balanced. Since 2012, the volume of new and existing home sales has in- creased rapidly and the inventory of homes available for sale has declined. During the 12 months ending November 2014 (the most recent data available), approximately 6,900 existing single-family homes, townhomes, and condominiums (hereafter, existing homes) sold, an increase of 170 homes, or 3 percent, from the 12 months ending November 2013. The average existing home sales price increased 3 percent, to $180,600, because sales housing demand increased and the number of available homes decreased (CoreLogic, Inc., with adjustments by the analyst). During the same 12-month period, the average number of days a home was listed decreased

6 percent, to 101 days (Yahoo!-Zillow Real Estate Network).

• Existing home sales peaked from 2003 through 2006, at 11,850 annually, before decreasing by an average of 1,375, or 12 per- cent, annually from 2007 through 2011. • Real estate owned (REO) sales accounted for 14 percent of existing home sales during 2014, unchanged from the previous

12 months (Metrostudy, A Hanley Wood Company). The percent-

age of home loans that were 90 or more days delinquent, were in foreclosure, or transitioned into REO status was 4.2 percent in December 2014, down from 5.0 percent in December 2013 (Black Knight Financial Services, Inc.). • The number of new home sales (including single-family homes, townhomes, and condominiums) decreased by 40, or 5 percent,

The average price of new and existing homes sold

in the Spokane HMA increased during the past 24 months. Note: Includes single-family homes, townhomes, and condominiums. Source: CoreLogic, Inc., with adjustments by the analyst

New and existing home sales growth in the Spokane

HMA declined in 2014 after increasing in 2013 by the greatest amount since 2005. Note: Includes single-family homes, townhomes, and condominiums. Source: CoreLogic, Inc., with adjustments by the analyst

5.010.0

0.0 - 20.0 - 10.0 - 5.0 - 15.0

Percent change f

r om p r evious y ea r (12-month a verage)

New home sales prices

Nov 2008Nov 2009

Nov 2010
Nov 2011
Nov 2012
Nov 2014
Nov 2013

Existing home sales prices

- 45.00.060.0 45.0
30.0
15.0 - 30.0 - 15.0

Percent change from previous

year (12 months ending)

New home sales

Existing home sales

Nov 2008

Nov 20 10 Nov 20 11 Nov 20 12 Nov 20 14 Nov 20 13

Nov 2009

continued from page 2 continued on page 4

Spokane, WA

HUD PD&R Housing Market Profiles 4

U.S. Department of Housing and Urban Development | Office of Policy Development and Research

As of January 1, 2015

to 740 homes sold during the 12 months ending November

2014, as population growth slowed. New home sales volume

is still much greater than the 2011-through-2012 average of

560 annual home sales.

• The average price of a new home sold during the 12 months ending November 2014 was $245,500, an increase of $10,200, or 4 percent, from the previous 12 months. From

2011 through 2012, the average new home price increased

by an average of $7,450, or 4 percent, annually. Single-family home construction activity, as measured by the number of homes permitted, decreased during 2014 after 2013 marked the greatest volume of home construction activity in the

HMA since 2007.

• Approximately 690 homes were permitted during 2014, a de- crease of 310 homes, or 31 percent, from 2013 (based on a com- parison of preliminary 2013 and 2014 data). By comparison, an average of 860 homes were permitted from 2009 through 2012. • Single-family home construction peaked from 2004 through 2007, when an average of 2,625 homes were permitted annually. • Approximately 25 percent of all new single-family home con- struction since 2010 has occurred in the city of Spokane. Eagle Ridge, a subdivision in southwest Spokane, accounted for about

10 percent of new home sales in the HMA during 2014 (Metro-

study, A Hanley Wood Company). A 91-lot ninth phase is cur- rently under construction, with homes priced between $170,000 and $290,000. The percentage of seriously delinquent and REO loans has declined at a lower rate in the Spokane HMA than in Washington or the nation.

REO = real estate owned.

Source: Black Knight Finanacial Services, Inc.

Single-family permitting in the Spokane HMA declined in 2014 after increasing in 2012 and 2013. Note: Includes preliminary data from January 2014 through December 2014. Source: U.S. Census Bureau, Building Permits Survey

Apartment Market Conditions

Apartment market conditions in the Spokane HMA are currently tight. Demand for apartments and other rental units has increased in the past 5 years because of a decreased homeownership rate, an increased number of distressed mortgages, and the adoption of tighter lending standards by banks. • During the fourth quarter of 2014, the apartment vacancy rate in the HMA was 2.0 percent, down from 3.3 percent during the fourth quarter of 2013 (Reis, Inc.). By comparison, the apartment vacancy rate peaked at 7.0 percent in 2010. • The average asking rent increased 1 percent from the same quarter a year ago, to $693; 2014 was the fifth consecutive year of annual increases in the average asking rent. • The average rents were $600, $726, and $938 for one-, two-, and three-bedroom apartments, respectively. • Gonzaga University, Whitworth University, and EWU house a combined 6,300 students on campus. An estimated 18,500 additional university students live off campus. EWU opened a new 344-bed dormitory in 2014. Multifamily construction, as measured by the number of units per- mitted, increased during 2014 but is still below the 2006-through-

2011 rate. Construction is concentrated in the urban area in and

around the city of Spokane. Since 2010, about one-half of all multi- family units have been built in either Spokane or the adjacent city of

Spokane Valley.

• Approximately 470 multifamily units were permitted during 2014, an increase of 280 units, or 145 percent, from 2013 (based on a comparison of preliminary 2013 and 2014 data). By comparison, an average of 950 multifamily units were permitted from 2006 through 2011.

2.04.0

3.05.010.0

9.0 8.0 6.0 7.0

Percent of loans 90 or more days

delinquent, in foreclosure, or transitioned into REO

Spokane area

WashingtonNation

Dec 2008
Dec 20 10 Dec 20 11 Dec 20 12 Dec 20 14 Dec 20

13 Dec 2009

01,000

500
2005
2006
2007
2008
2009
2010
2011
2012
2014
2013
1,500

Single-family homes permitted

2,0002,5004,000

3,500 3,000 continued from page 3 continued on page 5

Spokane, WA

HUD PD&R Housing Market Profiles 5

U.S. Department of Housing and Urban Development | Office of Policy Development and Research

As of January 1, 2015

• Approximately 450 apartments are currently under construction. As these units enter the market, the rental vacancy rate may rise, but apartment market conditions are expected to remain tight. • Copper Hill, a 216-unit, market-rate apartment complex west of the city of Spokane, in Airway Heights, was completed in October 2014. Rents start at $640, $705, and $815 for one-, two-, and three-bedroom apartments, respectively. • A higher than average level of income-restricted, age-restricted apartment construction activity occurred in the HMA in 2014. The 61-unit Clare View Seniors Apartments and the 24-unit sec- ond phase at Appleway Court were completed, and the 174-unit Lilac Plaza and 124-unit Clare House were remodeled.

The Spokane HMA apartment market has tightened

since 2011.

Source: Reis, Inc.

Multifamily construction in the Spokane HMA in-

creased in 2014 but remained low compared with the 2005-through-2011 level. Note: Includes preliminary data from January 2014 through December 2014. Source: U.S. Census Bureau, Building Permits Survey 600
200

400 800

1,000 1,400 1,200 0

Multifamily units permitted

2005
2006
2007
2008
2009
2010
2011
2012
2014
2013
1.0

0.04.0

3.0 2.0 2.0

3.04.06.0

5.0 Q4

2012Q4 2011

Q4 2013
Q4 2014

Vacancy rate (percent) Year-over-year percent

change in asking rent

Asking rent

Vacancy rate

continued from page 4quotesdbs_dbs18.pdfusesText_24

[PDF] [PDF] Spokane, Washington - HUD User

HUD PD&R Housing Market Profiles

Spokane, Washington

Quick Facts About Spokane

Current sales market conditions: balanced.

Current apartment market conditions:

The city of Spokane, on the Spokane River,

By Adam Tubridy | As of January 1, 2015

Overview

Development and Research

Spokane, WA

HUD PD&R Housing Market Profiles 2

As of January 1, 2015

3 Months EndingYear-Over-Year Change

December 2013

December 2014

Absolute

Percent

Total nonfarm payrolls216.6220.84.21.9

Goods-producing sectors25.425.50.10.4

Mining, logging, and construction10.210.30.11.0

Manufacturing15.215.20.00.0

Service-providing sectors191.3195.34.02.1

Wholesale and retail trade36.136.10.00.0

Transportation and utilities6.76.80.11.5

Information2.92.90.00.0

Financial activities13.113.40.32.3

Professional and business services23.124.11.04.3

Education and health services45.246.41.22.7

Leisure and hospitality18.619.30.73.8

Other services9.19.20.11.1

Government36.437.10.71.9

Unemployment rate7.17.0

Source: U.S. Bureau of Labor Statistics

Economic Conditions

2.3 percent, annually. During the fourth quarter of 2014, nonfarm

During the fourth quarter of 2014 -

Nonfarm payroll growth in the Spokane HMA has

Note: Nonfarm payroll jobs.

Source: U.S. Bureau of Labor Statistics

Largest employers in the Spokane HMA

Name of Employer

Nonfarm

Payroll Sector

Number of

Employees

Fairchild Air Force BaseGovernment6,000

Providence Health

Education and health services3,000

Force Base Economic Impact Statement

Percent change from previous

Spokane area

Northwest regionNation

Dec 2005

2014 Dec

Spokane, WA

HUD PD&R Housing Market Profiles 3

As of January 1, 2015

1,300 employees by the end of 2015.

Sales Market Conditions

6 percent, to 101 days (Yahoo!-Zillow Real Estate Network).

12 months (Metrostudy, A Hanley Wood Company). The percent-

The average price of new and existing homes sold

New and existing home sales growth in the Spokane

5.010.0

Percent change f

New home sales prices

Nov 2008Nov 2009

Existing home sales prices

Percent change from previous

New home sales

Existing home sales

Nov 2008

Nov 2009

Spokane, WA

HUD PD&R Housing Market Profiles 4

As of January 1, 2015

2014, as population growth slowed. New home sales volume

560 annual home sales.

2011 through 2012, the average new home price increased