Josh Brown to REALTORS®: Region’s economic growth comes with catch

Josh Brown, Executive Director of the Puget Sound Regional Council, joined the Government Affairs Committee on April 5th to brief members on regional trends.

According to Brown, the Puget Sound region has grown despite the dampening effects of the pandemic on the U.S. economy. He noted that while there was a nationwide decline in commercial real estate leasing in 2020, Seattle saw an increase due to the sustained growth of its tech industry.

But Puget Sound’s economy has grown concurrently with population, and the region has simply not been able to keep up with record housing demand. Housing production has been predominantly multi-family (69%), but regional housing sales (71%) have been primarily single-family. Notably, middle housing is missing.

Looking forward, Brown anticipates continued growth and high housing demand.

To test member attitudes and preferences regarding housing supply solutions, Seattle King County REALTORS® recently polled members about proposed changes to single family residential zoning.  Look for upcoming news on the results of that survey.

To meet our region’s supply shortage, get involved by investing in RPAC! When you invest in RPAC, your voice is transformed into real-world outcomes: informed legislators get elected, in-term legislators become better informed, and better housing laws gets passed.


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