Clark County is the only county in the Portland-Vancouver Metro Area that is seeing strong growth in both population and jobs. I mentioned that Clark County is dominating the region in a recent article and that remains true. But can it continue if the greater region is not also expanding?
We are getting our growth from multiple sources. There is some Portland flight right now and I think we all know why. There is also pressure coming from the Puget Sound region as the cost of living and cost of doing business has gotten extreme up there. Vancouver in particular is seeing a lot of people and businesses move in from greater Seattle. We are also still drawing people and businesses from outside the Pacific Northwest as well. We have a diverse source of growth and that may be the very reason we can continue moving in a positive direction even if things are slowing down in the Oregon counties of the Metro Area.
Vancouver's continued growth will drive the rest of the county as that city is getting huge infusions of cash into he local economy with giant mid-rise and high-rise projects. The city government needs to keep a careful eye on the local crime rate and homeless situation as we look good contrasted with Portland now. If we start looking like Portland then all bets are off and the money will melt away like ice cream on the 4th of July.
Our local real estate market benefits from all this growth as more people are moving here, and more businesses are coming in. As long as that positive economic pressure continues we should remain healthy in real estate. Clark County can and likely will continue to see strong economic growth soloing as our local elected officials continue to look at Portland and then, NOT DO THAT.