Page 17 - Flathead Beacon // 4.1.15

FLATHEADBEACON.COM NEW ECONOMY APRIL 1, 2015 | 17
SURVIVING THE
NEW ECONOMY
THE GOOD NEWS ABOUT FLATHEAD
County is that it continues to experi- ence accelerated growth as one of the rising stars of the new economy, heal-
ing its wounds from the Great Recession, outpac- ing almost every other county in job growth and strengthening its standing as one of Montana’s economic leaders.
The bad news is that challenges — both new and old — remain. There are over 3,200 people who are unemployed in Flathead County. Those who are working in this area have jobs that pay — on average — the second lowest wages in Montana, a state that already ranks 47th in the nation for av- erage annual pay.
Although Montana sits in the middle of the pack for average cost of living, the typical cost of housing ranks 16th highest in the nation, accord- ing to the latest government statistics. In the last 25 years, the median price for a Montana home spiked by 96 percent while the per capita income of residents only rose by 26 percent. And again, this region ranked among the most expensive av- erage home costs. The situation isn’t any friendlier to renters, either. Ten years ago, finding a modest rental was relatively easy; today the occupancy rate hovers around 2 percent, leaving fewer op- tions than most places with over 90,000 residents.
For those interested in starting up a business, it’s a mixed bag. Kalispell and Columbia Falls have
available downtown storefronts and open-space opportunities in prominent locations, but it’s prov- en difficult to find long-term tenants. The opposite is true in Whitefish, where the cozy downtown is swelling with business activity and lots that long sat vacant are sprouting into stores. Finding a piece of available real estate is now both difficult and expensive, raising the question, “Where does Whitefish grow from here?”
The future is bright — the Flathead economic forecast for 2015 is among the best in Montana. But how residents maneuver these various chal- lenges will play a large role in determining the county’s future vitality.
— Dillon Tabish
LABOR FORCEAS OF FEBRUARY
TOP PAYING JOBS
AVERAGE ANNUAL SALARY BY INDUSTRY
MINING
COMPANY MANAGEMENT
FINANCE AND INSURANCE
PROFESSIONAL & TECHNICAL SERVICES
WHOLESALE TRADE
CONSTRUCTION
INFORMATION
MANUFACTURING
HEALTH CARE & SOCIAL ASSISTANCE
REAL ESTATE & RENTAL/LEASING
RETAIL TRADE
PUBLIC ADMINISTRATION
EDUCATION SERVICES
ARTS, ENTERTAINMENT & RECREATION
ACCOMMODATION & FOOD SERVICES
NOTE: WAGES BY INDUSTRY INCLUDES ONLY WAGES PAID FOR PAYROLL JOBS AND DOES NOT INCLUDE BENEFITS OR PROPRIETOR INCOME EARNED BY THE SELF-EMPLOYED
AVERAGE HOME PRICES
LOCATION
MONTANA FLATHEAD COUNTY LINCOLN COUNTY SANDERS COUNTY LAKE COUNTY GLACIER COUNTY
EMPLOYED UNEMPLOYED
498,657 22,344 40,286 3,258 6,927 1,089 4,174 521 11,704 743 4,853 639
SOURCE: LOCAL AREA UNEMPLOYMENT STATISTICS (LAUS) PROGRAM
$83,000 $78,000 $55,000 $54,000 $51,000 $45,000 $43,000 $42,000 $41,000 $31,000 $25,000 $25,000 $25,000 $25,000 $25,000
MONTANA’S ECONOMIC BREAKDOWN
WAGE RATESALLOCCUPATIONS
LOCATION
STATEWIDE
BILLINGS AREA
SOUTHWEST AREA
MISSOULA AREA
CENTRAL AREA
WEST (INCLUDING KALISPELL) GREAT FALLS AREA
MEAN HOURLY
$18.79 $19.61 $19.11 $18.88 $18.68 $17.79 $17.62
MEAN ANNUAL
$39,090 $40,790 $39,750 $39,270 $38,850 $37,000 $36,650
SOURCE: MONTANA DEPARTMENT OF LABOR AND INDUSTRY
HUNTING FOR RENTALS
LOCATION
KALISPELL WHITEFISH COLUMBIA FALLS BIGFORK LAKESIDE
AVERAGE
$191,848 $421,423 $179,005 $395,198 $399,474
MEDIAN
$177,500 $287,500 $175,600 $291,555
$295,000
SOURCE: JIM KELLEY APPRAISAL, 2014 FLATHEAD COUNTY REAL ESTATE MARKET REPORT
4-5% AVERAGE RENTAL OCCUPANCY RATE IN
<2% OCCUPANCY RATE IN
CHANGE SINCE 2013
+10% +17.3% +14.8% +18.5%
THE LAST DECADE
SUMMER 2014
+13.5%