Study Shows Strong Confidence in Construction in Seattle, Puget Sound Area

Despite the expectations of a nationwide downturn of the economy, local business leaders in the construction industry and commercial real estate are confident in the region’s future.   In a recent survey, about 75% of those in these industries report a strong economy in Washington and Oregon. 

The survey polls more than 700 industry leaders in the Pacific Northwest.  Many cite the downturn of the overall economy nationwide but notes that the Pacific Northwest region will “ride out” the slowing economy.  The confidence comes from current economic conditions, strong jobs and diversified business.  The commercial real estate industry is more optimistic than their construction counterparts. 

Many businesses will be adding to their workforce in 2020, while some will stay stagnant, mostly due to the predicted slowdown.  However, locally, we are seeing more permits and construction in areas in and around Seattle.  Large businesses are looking to develop their footprint outside of Seattle, looking towards Bellevue and Kirkland.  In Oregon, Hillsboro is slated to be the next large metropolitan for construction outside of Portland.  Both areas are seeing a higher growth in population which is adding to the available workforce. 

A larger workforce, though, bodes well for the commercial real estate industry.  Not so much for the construction industry.  As reported before, we are seeing less labor available for the construction industry.  Many of their workforce either left the industry and those who rode it out are near retirement.  Replacing them is proving difficult.  Both industries, however, are looking to add more full-time employees. 

The study surveyed leaders in both Washington State and Oregon.  The focus is on the greater Puget Sound area and includes about 770 participants.