Our View: Working out
Spokane County leads the state is job creation? That’s crazy talk.
But it’s also true. No other county produced more jobs – 10,200 to be exact – from October 2005 to October 2006. That’s a growth rate of 4.6 percent. Three years ago, the county produced a mere 2,000 jobs. Overall, the unemployment rate is a relatively low 4.6 percent, which matches that of King County.
The news is even better, if less surprising, in Kootenai County, which saw a 5 percent job-growth rate.
So what’s going on around here? Well, a lot of hard work over a long period of time is beginning to produce positive results. National trends toward second-tier cities and a global economy that rewards trade-friendly policies are also big factors.
The smartest thing the region has done is to diversify the economy. No longer is the region beholden to the price of heavy metals, aluminum, forest products and crops. Education, health care, research, professional services and construction are leading the job growth charge.
It doesn’t hurt that life is simpler here.
The region’s relatively low cost of living and slower pace have lured many people who have grown weary of large metropolises. It’s the same trend that has benefited second-tier cities across the West.
Surprisingly, manufacturing has been robust, which belies national trends for that sector. The resurgence of Boeing has been a key, with spillover effects at Triumph Composite Systems and Goodrich. Kaiser Aluminum’s rolling mill is also enjoying a surge in orders.
In the past two years, manufacturing jobs have increased 5.2 percent and 6.1 percent. Economists expect that growth to continue into next year.
The growth in construction is expected to slow somewhat as the housing market cools, but large projects such as Kendall Yards and a variety of downtown developments in Spokane and Coeur d’Alene should keep workers in that industry plenty busy.
Along with job growth, wages are starting to pick up, too, as the expanding economy offers more opportunities for advancement.
It wasn’t that long ago that the region seemed to be stuck in a perpetual rut. Mining, forest products and farming were in decline. Two of the region’s major employers, Metropolitan Mortgage and Kaiser Aluminum, entered bankruptcy.
But forward-looking leaders adapted and took risks that are now benefiting us all. Those long-ago investments have transformed the region’s economy, making it more resistant to the whims of change.
Local economists believe trends will continue to benefit the region, because its lower property and operating costs will lure businesses from heavily populated areas.
But the region cannot relax. It needs to continue to invest in transportation projects, such as the north-south freeway and the airport. It needs to continue the education and health care push at Riverpoint and in the education corridor in Coeur d’Alene.
Creating jobs is hard work, but the region has shown that it is willing to roll up its sleeves.