From Agriculture To Booming Business
The Palouse region, the gem of the Inland Northwest, is continuing to follow the trend set in 2016 of rapid economic growth and success. With the rise of the economy comes increased investments, both local and international, as well as more residential and commercial construction throughout both Pullman and Moscow.
The Palouse Region Is Flourishing With Economic Growth And It’s Only Slated To Continue
The Palouse is a special region, and our rapid growth reflects that others think so too. People are investing more into our community, as seen in the expansive commercial and business expansions in both Pullman and Moscow, as well as building more housing to accommodate the steadily rising number of people coming to the Palouse.
Both the cities of Moscow and Pullman are seeing steady growth each year, with 2016 and 2017 as record years in both residential and commercial investments, as well as gradual population increases each year. Unemployment rates in Moscow are steadily falling as the number of jobs continues to rise, along with the personal income of those in Latah County itself. With these trends into account, it’s no wonder that housing, both single and multi-family, continues to rise.
Moscow and Pullman’s standings in the Regional Policom Economic Strength Index also continue to climb. Moscow rose from 358 to 278, and Pullman rose from 124 to 92. This strength index was developed to measure the dynamics of local and state economies. Measurement is based on how the local economy has behaved, focusing on the earnings and income, reactive industries, and transfer payments in the area. Both cities’ rankings rise alongside the increase in enrollment at the University of Idaho and Washington State University.
New Pullman & Moscow Commercial Building Projects
2016 was a record year for both Pullman and Moscow in commercial building projects, and 2017 is slated to follow suit. Each city saw a marked increase in building permits for new construction and the renovation of existing business spaces. New restaurants, entertainment, hotels, retail venues, and more opened across the region, as well as plenty of new job opportunities. Each side of the state line will see the addition of new apartment complexes, as well as the rise of multi-use housing complexes. Identity on Main and Dawson Corner in Moscow and Evolve on Main in Pullman will both feature luxury apartment and condo living on the upper floors of the complex, and expensive retail spaces on the ground floor.
Moscow saw the additions of Ulta Beauty, Play Live Nation, Colter’s Creek Winery, Mad Greek, Gritman’s Medical Office Building, many renovations, and several innovative apartment complexes. Washington State University expanded greatly in both 2016 and 2017, as well as the Schweitzer Engineering Laboratories campus. Pullman also saw the addition of a new Starbucks, Fujiyama Japanese Steakhouse, the Courtyard by Marriott, the expansion of the Pullman-Moscow Airport, and several renovations alongside added housing. The commercial permit value in Pullman spiked in 2016 and has continued to drastically increase so far in 2017.
The Palouse region is clearly booming, with businesses relocating to our area, existing businesses expanding, and the boom of both Universities and the housing surrounding the region. The local economy is projected to continue to flourish, attracting the attention of Private Capital Groups and International Buyers.
What Does This Mean For Entrepreneurs?
So what does this mean for entrepreneurs? Well, a thriving local economy means nothing but good things for aspiring entrepreneurs and established business owners. The Palouse is an astounding resource for those looking to start and grow their businesses, as well as the perfect location to continue to thrive as our economic prosperity continues to grow and flourish.
Along with our thriving economy, the Palouse is rich with resources for those searching to start their own business, from the SBDC (Whitman County, Latah County) to both Chambers of Commerce (Pullman, Moscow), as well as specialized education at both universities, and so much more. It is the distinct honor of the Palouse Knowledge Corridor and Be The Entrepreneur Bootcamp to take part in helping our regional economy to thrive and to see the success of our community.
A special thanks to Shelley Bennett and her team at Palouse Commercial Real Estate for this data from their 2017 Market Review. Contributors included Moscow City Planner Bill Belknap and Pullman City Planner Pete Dickinson, as well as Justin Rasmussen and Keri Jo Staniszewski. You can view this data on the Palouse Commercial Real Estate website here.