Non-Stop Expansion in “Silicon Valley North”
Set at the corner of northern America, Seattle has managed over the decades to produce what the rest of America wants: first lumber and ships, then airplanes, then software, now e-commerce and trade with China.
Even with rain and clouds more than half the year, Seattle has been officially recognized as the fastest growing city of the DECADE; people want to live here. Growth has been strongest in Seattle itself, driven by new jobs in the technology industry, namely Amazon and Microsoft, which now dominates Boeing in economic size. Seattle is being hailed as the new ‘Silicon Valley’, and adages such as ‘Silicon Valley North’ have been used to describe the massive expansion in the tech sector.
The real estate sector is equally unstoppable. Home prices recovered quickly after the Great Recession and have increased by over 30% in Seattle, while the Eastside’s Clyde Hill and Medina neighborhoods are boasting some of the highest prices in the nation. Inventory levels are at an all time low and experts predict that prices will continue increasing by 12-14% per year in Seattle and Tacoma. It has become common for homes to sell within days, for all cash, and well over list price.
Its been forecasted that over the next 10 years roughly 850,000 new housing units will need to be created just to fill the demand from current job creation.
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Seattle has managed over the decades to produce what the rest of America wants.
Inventory levels are at an all time low and experts predict that prices will continue increasing by 12-14% per year in Seattle and Tacoma.