Pierce County Economic Forecast - Not Great, But Good

The economic forecast for Pierce County is looking good, but not great. At least that seems to be the gist of the Horizons 2012 economic report for Pierce County, according to a Daily Index article this week. According to the report presented at a Chamber event Friday at the Convention Center, 2011 was a good year in Tacoma, and 2012 promises more growth, although at a slower rate.

The report, given by University of Puget Sound economists Bruce Mann and Douglass Goodman places a strong caveat on the forecasted growth: that it also comes with more risk and uncertainty than usual.

According to the report, the Pierce County economy as a whole grew 4.7 percent in 2011, and will again see growth, but slightly less, closer to 2.25 percent. Job growth on the other hand will be very slow, with only a half a percent increase forecasted. 2011 saw a 7.5 percent increase in spending, which will continue to rise, but at a slower 2.4 percent. Residential vacancy rates are forecast to remain low, and commercial, office and industrial vacancy rates are predicted to continue to decrease. Homeowners shouldn’t expect a huge rebound in the market, but the slow growth in the housing index is forecast to continue.

So. Some good news, but not great. Will these forecasts have any real impact on how you will live your life in 2012?

Read the full story from the Tacoma Daily Index.