Increasing employment drove the U.S. economy forward and produced a stronger office market as a result. The currentU.S. unemployment rate of 7.6% resulted from an added average of approximately 170,000 jobs per month each month throughout 2013. The job market for the Seattle-Tacoma-Bellevue Metropolitan Statistical Area (MSA) continued to shine as the unemployment rate dramatically declined by 1.9 percentage points (pps) during 2013 to the current rate of just 5.2%.
Home prices continued to rise as inventory shrank across King and Snohomish Counties. On a year-over-year basis, home prices increased by over 18.0% giving homebuildersreason to begin planning new projects. This development, combined with new multi-family projects, will improve construction employment in the region.
Source : Cushman & Wakefield