KPLU Local News
(2010-01-14)
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SEATTLE, WA
(KPLU) -
A recovery is underway. But it will be a long, tough, slow slog - both nationally and regionally. That's the headline from the annual economic forecast presented in Seattle.
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Every year for nearly four decades now, Enterprise Seattle has invited a panel to forecast the economic future. This year, the experts agree: they say 2010 will be better than 2009 - but not by a whole lot. Local economist Dick Conway says the Puget Sound region will see an even slower recovery than the nation as a whole - ironically, because we had such a strong economy prior to the recession. That drove our real estate prices up.
"Which meant that when the housing and credit markets crashed, we had farther to fall. We've seen a loss of 6% of our employment, nationally, it's about 5%. So, it's going to take a while to work our way out and 2010 will be the first year of recovery, but the results will be less than stellar."
He predicts unemployment will hit 9.6 % in the first quarter of this year, before it will start to get better. But he says home sales are already picking up and predicts a 17 percent increase this year, with average home prices increasing by nearly 5%.
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