“We have recovered from the Great Recession,” declared Dr. Doug Goodman as he and colleague Dr. Bruce Mann presented the Pierce County Economic Index (PCEI) Report at the 2013 Horizons economic forecast.
Mann (l) and Goodman
Goodman and Mann received a standing ovation perhaps for this good news, but mainly in recognition of the professors’ 25th PCEI economic forecast, from the over 500 attendees.
Mann and Goodman forecast a full recovery with the Pierce County economy seeing 14 consecutive quarters of growth.
Pierce County is well on its way to attaining new highs for jobs. Employment will gain 5,000 new jobs in 2013. The annual unemployment rate will further decrease to 8.2%.
With new jobs will come increased total personal income - $38 billion in 2013 for Pierce County. Per capita income is up 3.9% over gains in the last four years, to a new high of $45,900.
And as you might expect, that shows in increasing retail sales. 2012 was a strong growth year for retail sales, and 2013 will continue the trend.
Everyone remains concerned about housing, which suffered during the Great Recession. 2012’s 5.8% gain in residential sales activity quickens in 2013 to 7.6%.
The trade activity at the Port of Tacoma is buoyed up again with continued growth in 2013 over the substantial increases in 2012. Likewise, the industrial real estate market will repeat the performance of 2012 in 2013.
Drs. Mann and Goodman, University of Puget Sound, are going out with fanfare, as they announced the hand-off of the PCEI to Drs. Martin Wurm and Neal Johnson, Pacific Lutheran University.