In 2017, economist Brandon Bridge was one of the first to highlight Missoula's housing crisis.
"A growing population, rising home prices, a large proportion of households being cost-burdened with respect to housing, and growing disparity..."
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"Between the 2010 census and the 2020 census, Montana’s overall population grew by 10%. New housing units however, increased by only 7%," said Abigail St. Lawrence, an attorney practicing in natural resource, environmental and administrative law.
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Home price growth that was averaging about 7% per year surged to a stunning 23.6% annual rate in the summer of 2021. In some markets, price growth was even higher. Gallatin County median sale prices were just under $700,000 in 2021, up 30%.
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“Child care shortages exist throughout the state, which has contributed to Montana’s workforce shortage and hampered the state’s recovery from the pandemic recession,” said Amy Watson, a senior economist with the Montana Department of Labor and Industry.
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"There was no escape from the ravages of the COVID-19 recession, but the severe downturn has been closely followed by a vigorous economic recovery," said Patrick Barkey, director of the Bureau of Business and Economic Research.
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Montana's economic outlook seminar is back for 2022! Registration is now open. Make plans to attend this year’s seminar in your city!
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Do Montana counties with access to ski resorts, open space or national parks have greater economic growth and prosperity in the long run?
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"Employers let skilled workers go, to their profound regret, and workers used their employment hiatus as a time to consider other kinds of jobs or even retirement," said Patrick Barkey, director of the Bureau of Business and Economic Research.
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A majority of Montanans (75%) agree that the overall benefits of tourism outweigh the negative impacts. However, 42% agreed that the state is becoming overcrowded because of more tourists, a 31% increase from 2019 and the highest level since 1994. https://t.co/FUirKoc8sq
Patrick Barkey, director of the Bureau of Business and Economic Research, says with relatively few affordable homes available for households earning a low income, many are being priced out of housing markets."
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Many of Montana's small to midsized enterprises do not participate in international markets despite their huge potential. A recent study found several challenges that are limiting their ability to expand.
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The National Environmental Policy Act requires environmental analyses before undertaking any major actions on federal lands. A new study suggests each NEPA document covers more acres, but the analyses are taking just as long.
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Food banks have been facing steep challenges in distributing food to a record number of people who fell into poverty and food insecurity due to the nationwide lockdown.
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Montana’s high-tech companies not only survived, but even benefited from the dynamics of a pandemic economy, generating more than $2.9 billion in revenue.
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Paul Polzin, director emeritus of the Bureau of Business and Economic Research, says there may have been a very slight rise in net in-migration, but nowhere near large enough to cause Montana’s significant house price inflation.
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Patrick Barkey, director of the Bureau of Business and Economic Research, says Montana’s customer-owned cooperatives are a diverse group of businesses that provide more than 23,000 jobs and $1.6 billion in annual personal income.
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Montana's health centers contribute a sizable, ongoing and permanent impact on the state's economy. Over the next several years, health care and social assistance will be the fastest growing sector in the U.S. economy.
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A construction and remodeling boom has driven the demand for lumber and far exceeded the supply, causing lumber prices to rise all over the country. The lumber composite price index has increased nearly 150% since the beginning of 2020.
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