Spokane Economist Makes Prediction

Shaun O'L Higgins, a local Spokane economist is predicting that the Spokane economy will turn around quicker than other regions in Washington due to our higher ratio of adventurers and risk takers in the local population. See Feb 12, 2009 Spokesman-Review for complete story.

clipped from www.spokesman.com Local economic crunch may be brief February 12, 2009 in Business The recession crushing many areas of the United States came late to the Inland Northwest, will leave sooner, and inflict less pain, a longtime economic observer and forecaster told a Spokane Valley Chamber of Commerce gathering Wednesday. Spokane-area housing prices eased last year, and will continue to do so in early 2009, he said, but very few owners are under water, and only 8 percent are feeling “damp,” mostly those who bought after mid-2007. Owners “under water” owe more on the house than it is worth. From 2001 through 2007, median household incomes in Spokane rose 9.5 percent, almost twice the 5.6 percent for the U.S. The area did lose some jobs in 2008, but recent increases in the Spokane County unemployment rate can be blamed in part on an influx of workers from other counties, and by decisions by spouses, retirees or adolescents to seek work and support their households, he said.