Herald Business Journal - Market Facts 1.1.2019 by Sound Publishing

The Herald

BUSINESS JOURNAL

Market Facts

2019

Looking up Airline service is not the only evidence of Snohomish Countyâ€™s rise Snohomish County Airport Director Arif Ghouse

Market Facts sponsors

2 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

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MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 3

TABLE OF CONTENTS

COVER STORY

From Paine Field to tourism, more than just the airport is taking off in Snohomish County. Page 5

BUSINESS NEWS

A look back at the business stories that made headlines in 2018, and those that will resonate into the new year. Page 7 Construction jobs are estimated to increase by more than 2 percent next year. Page 10 The county is growing. Here’s a look at growth experienced last year. Page 15 Photo credit: The rendering above shows Hotel Indigo at the Fisherman’s Harbor District in Everett. Photo courtesy of Hotel Indigo

STATISTICAL SNAPSHOTS

Snohomish County population by municipalities Page 15 Banks doing business in Snohomish County Page 16 Selected demographic data for Snohomish County Page 17 Snohomish County median hourly wages Page 18 Colleges and workforce training Page 18 Workforce averages, 2013-2018 Page 19 Employment in Snohomish County by sector Page 20 Snohomish County’s largest employers Page 21 Data for Snohomish County commuters in 2017 Page 22 Selected social characteristics of Snohomish County Page 22 Seattle metro area natural gas prices Page 23 Trends in metro area’s unleaded fuel prices Page 23 Seattle area electricity per kilowatt hour Page 23 Snohomish County home sales and prices Page 24 Housing permits by structure, 2008-2018 Page 26

NEWSROOM

Business reporter: Janice Podsada 425-339-3097 jpodsada@heraldnet.com businessnews@heraldnet.com Statistics reporter: Jocelyn Robinson President/Publisher, Sound Publishing Josh O’Connor 425-339-3007 joconnor@soundpublishing.com

SUBSCRIPTIONS

425-339-3200 www.theheraldbusinessjournal.com

COVER PHOTO

Paine Field Airport Director Arif Ghouse stands with the control tower in the distance. Olivia Vanni / The Herald

Annual Business Preparedness Checklist Successful businesses are successful for a reason: They plan for everything! The start of a new year is the perfect time to review your business goals, set metrics for the future and learn from and celebrate past efforts. Let’s review five areas to add to your preparedness checklist.

Did your sales increase or did you lose some ground? Where did you see the biggest gains and losses? Did you have any particular pain points and what did you learn from them?

Annual Review Take a look at last year’s performance. Ideally, you have a written plan from 2018 to use as a guide. If not, there is no time like the present to start making a few notes.

Strategic Planning With some answers in hand, you can begin to draft a strategic plan to address issues you faced last year. Set some measurable goals like: improve customer retention, grow new customers, identify and develop new sales opportunities or create new income streams.

A year end review should take a 30,000 foot view of your business’ performance. Make a point to look for reasons to celebrate as well as reasons to make changes. Review things like your cost management plan. Likely your cost of goods went up so how did you adjust for the added expense? What changes did you make to staffing and/ or your price structure?

Work the Plan Completing an annual review and writing a strategic plan isn’t a fast or easy process. Staying the course is what matters most. Schedule time each week to address goals and your company’s performance in general. Thinking proactively about your business also requires actionable steps that address short- and long-term realities.

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Always Be Prepared Let’s face it. Hard times are easier to face when you have a safety net. Your business safety net is your cash reserves. It’s true: Cash is king. Build your reserves during the good times so when tough times come, you are better prepared. Review and Repeat Any written plan should not live on a shelf. Take the time to schedule review periods throughout the year. A business banking specialist is a good resource to utilize as part of your planning team. Remember that a succesful road map ususally requires a few alternate routes from time to time.

4 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

2019

PORTREPORT Creating Economic Opportunities

CALENDAR SPRING EVENTS • SALMON DERBY, MARCH • BOATING SKILLS FESTIVAL, MAY • OPENING DAY OF BOATING, MAY • FOOD TRUCK FRIDAYS, MAY-JUNE SUMMER EVENTS • FARMERS MARKETS, MAY-OCTOBER • MARINA CLEAN-UP, JUNE • MUSIC AT THE MARINA , JUNE-AUGUST • SAIL-IN CINEMA, JULY-AUGUST • JETTY ISLAND DAYS, JULY-SEPTEMBER • TALL SHIPS VISIT, AUGUST • WHEELS ON THE WATERFRONT, AUGUST • FOOD TRUCK FRIDAYS, JULY-SEPTEMBER • HARBOR TOURS, JULY-AUGUST • FRESH PAINT ARTS FESTIVAL, AUGUST • FALL-WINTER • SALMON DERBIES, SEPT/NOVEMBER • HOLIDAY ON THE BAY, DECEMBER

REAL ESTATE

The Port is investing in a new waterfront comunity, improving public access to the waterfront and creating opportunities for job growth with the development of Waterfront Place.

EXECUTIVE

The Port of Everett has an operating budget of $102 million. The Port's strategic initiatives include modernizing the seaport, developing the waterfront as a recreation and job-creation center, and cleaning up historic contamination of the land.

SEAPORT

Modernization of the Port of Everett Seaport continues through 2020, a $52.4 million capital investment. The work will bring in longer ships and heavier cargo.

MARINA

The Port of Everett will continue to make marina dock and public access improvements.

What will Next 100 bring? In pursuit of a balanced Everett waterfront, the Port is on track to attract modern heavier cargo and create a first-class recreational destination on the waterfront. With the completion of the current capital projects underway, the Port will be out of developable land for future economic development, bringing us to focus on property acquisition efforts that support the working waterfront. We want to know what the Port means to you, and how you envision the Port focusing its industrial growth. What type of industry and cargoes would you like to see the Port support into the future? Visit www.portofeverett.com/next100. Come envision the future with us.

Ready for the future in shipping

South Terminal Modernization prepares terminals for new era of longer ships and heavier cargo Construction will continue through 2019 and into 2020 to prepare for the next century in shipping at the Port of Everett's South Terminal. The ground-breaking ceremony in August of last year commemorated the start of construction on the Port’s South Terminal Modernization project – the largest capital project in Port history by dollar value, and the largest maritime construction project on the West Coast by dollar amount at the time. The $36 million South Terminal Modernization project will ensure the Port’s facilities are ready to support the next generation of over-dimensional cargo, including aerospace parts for the new 777X. “I find it fitting that as we celebrate the Port of Everett’s centennial year in 2018, we continue to be forward-thinking, preparing the Port’s infrastructure to carry us into our next 100 years,” Port of Everett Commissioner Glen Bachman said. “Completing critical infrastructure upgrades like this will better position the Port and its facilities to handle the larger vessels and heavier cargoes now calling Everett, including aerospace parts for the new 777X and other opportunities on the horizon," Bachman said.

“The Port is a major economic driver for Everett and the entire West Coast and a vital partner in supporting and growing our aerospace and advanced manufacturing network,” said Mayor Cassie Franklin, during the contract award. “I applaud their forwardthinking approach to ensure that our region is ready to fully support the next era of aerospace, while bringing more jobs and opportunities to Everett.” The South Terminal facility is a key piece of the Port’s overall Seaport Modernization efforts. It’s the largest of the Port’s docks by land footprint; however, the dock was originally built in the 1970s to support log operations, and in its current state, can only accommodate 500 pounds per square foot (psf). Modern operations require 1,000 psf minimum. The Seaport Modernization was supported by dozens of businesses, educational institutions and public agencies in our region. It was also made possible by both of our U.S. Senators: the project received nearly $22 million in federal loans from the TIGER grant program established by Sen. Murray and FAST Lane grant program from Sen. Cantwell, as well as the Congestion Mitigation Air Quality (CMAQ) program.

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WHAT’S NEXT AT FISHERMAN’S HARBOR OPENING JUNE 2019 PACIFIC RIM PLAZA & WATERFRONT TRAIL GUEST DOCK 5 | K-DOCK | L-DOCK SE MILLWRIGHT LOOP ROAD HOTEL INDIGO & RESTAURANT GRAND AVENUE PARK BRIDGE (LATE 2019)

CONSTRUCTION BEGINNING 2019 WATERFRONT HOUSING WATERFRONT PLACE RETAIL & RESTAURANTS

OPENING LATE 2020 - 2021 WATERFRONT HOUSING WATERFRONT PLACE RESTAURANTS NEW MARINE SERVICES BUILDING

MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 5

COVER STORY

OLIVIA VANNI / THE HERALD

Arif Ghouse flips through his work binder in his office conference room at Paine Field on Dec. 10 in Everett.

This county is ready to take off — and not just at the airport

By Janice Podsada Herald Writer

It’s as if Snohomish County got a fancy new haircut and a sporty new car. Phone calls are being returned. We’re getting second looks. If the government approves it, the start of commercial passenger service at Paine Field in Everett promises to be this year’s most visible business game-changer. “Organizations that were previously not that excited about us are now saying, ‘Yes, we need to talk,’” said Amy Spain, executive director of the Snohomish County Tourism Bureau. Said Paine Field’s airport director, Arif Ghouse: “It’s going to have a huge economic

impact on Snohomish County.” He’s been shepherding the Snohomish County-owned airport since 2014 and overseeing the final push for airline service. In 2015, Propeller Airports, a private company, and the county inked a 30-year lease agreement. Propeller has built and will manage a new two-gate terminal. With the $40 million-plus building now ready, two airlines — Alaska and United — are poised for takeoff. Air service isn’t the only thing likely to warm the business climate in 2019. “It’s just one piece of what’s up with Snohomish County,” said Andrew Skotdal, president of office and industrial properties at Skotdal Real Estate. Expanded higher educational programs,

development of the Arlington-Marysville Manufacturing Industrial Center and the completion of a major Port of Everett project are also high on the list of economic factors. And then there’s Boeing.

Paine Field The convenience of scheduled air service in Everett goes without saying. It also promises to reframe the county’s growth and how it markets itself. “When you’re trying to entice businesses, especially those from outside the county, the first thing they ask about is airport service,” Ghouse said. Until recently, the only thing you could tell prospective companies was to allow at least

1½ hours for the “dismal drive” to SeattleTacoma International Airport, Ghouse said. Snohomish County Executive Dave Somers couldn’t agree more. Over the years, he’s given similar instructions to out-of-towners. Not long ago, a cancer research firm visited the county in search of a corporate site, Somers said. High on their list of wants was airport access. A two-hour commute to Sea-Tac, however, wasn’t what the company had in mind, Somers said. “Now we can at least call them back.” Between baggage handlers, parking staff See TAKE OFF, Page 6

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6 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

THANK YOU

to our investors! The new terminal’s entrance is shown in November.

Take off From Page 5

and other workers, the terminal will employ 200 to 300, Ghouse said. The airport is adding 29 employees for security and firefighting. The county will receive about $54,000 a month in rent from Propeller, along with a share of ticket and parking revenue. “It’s big news for 2019, but it’s something that’s been worked on for a long time, probably 50 years,” Ghouse said. Air service should benefit the local tourism industry right away, with economic benefits accruing in three to five years, Snohomish County Councilman Terry Ryan said.

Shipping The Port of Everett, a key player in the Boeing Co.’s aerospace supply chain, expects to wrap up a $36 million project this year to modernize its largest container dock, port spokeswoman Lisa Lefeber said. The upgrade will enable the South Terminal dock to accommodate larger vessels and heavier cargo, including parts for the new Boeing 777X, Lefeber said.

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Boeing plans to test-drive the 777X early this year, with commercial deliveries set to start next year, company spokesman Todd Kelley said. Boeing also is expected to announce whether it will build a new mid-market airplane, the so-called 797 — and where. Analysts, who describe development of the 797 as a $10 billion to $15 billion project, expect a decision early this year, according to Choose Washington New Mid-Market Airplane Council, an alliance of elected officials and business and union leaders. Across the state, a quarter-million jobs and $94 billion in business revenue are tied to aerospace. The capacity of the passenger plane would fit somewhere between the largest 737, which is built in Renton, and the smallest 787, built in Everett — filling a niche left by the discontinuation of the Renton-built 757. If the project stays in Washington, it could keep the local aerospace sector humming for years to come, experts say.

Tourism Boeing also has plans for one of the county’s top tourist attractions. The company took over the Future of Flight Aviation Center at

JANICE PODSADA / THE HERALD FILE

Paine Field late last year and plans a multimillion-dollar renovation. Last year, more than 600,000 tourists visited Boeing and Paine Field’s aviation attractions. Countywide, tourism generated close to $2 billion in 2017, tourism director Spain said. Commercial air service is expected to boost the amount. Another 1,000 hotel rooms are in the works for this year and next, Spain said. The Hotel Indigo, a 142-room hotel, opens in June, port spokeswoman Lefeber said. The boutique hotel is central to the port’s Waterfront Place redevelopment project, which will feature housing, restaurants, docks and more. The new Pacific Rim Plaza, a public space that celebrates the port’s history, will open this spring, Lefeber said. Construction of a 266-unit apartment complex at Fisherman’s Harbor District is expected to get under way in a few months. Could the Boats Afloat Show, now held at Seattle’s South Lake Union, move north and become the county’s next big draw? The port is in talks to host the event in 2020. “That — would be a huge boon,” Lefeber said. Higher education Everett Community College expects to welcome a new president in July and bid farewell to President David Beyer. Beyer’s been at the helm for 13 years and plans to retire in June. “Having someone new here is good for the college and the community,” Beyer said. “I look at it as an opportunity.” Edmonds Community College is in the process of seeking final approval for its second applied baccalaureate degree, in computer applications, said President Amit Singh. Singh, EdCC’s new president, assumed the post last June. WSU Everett, meanwhile, is on a mission to boost enrollment and expand offerings. WSU plans to add degree programs in criminal justice, computer engineering and applied mathematics over the next few years, Everett Chancellor Paul Pitre said.

Downtown “All these things, incrementally, are making us better and stronger, so we’re ready to do something down the road,” said Skotdal, whose commercial real estate firm is renovating the former Opus Bank Building at 2828 Colby Ave. in Everett. The aim is to attract at least one major employer. Commercial flight is just one aspect of what Snohomish County has to offer, he said. “Getting this region to success is going to be a function of doing a lot of little things right.” Janice Podsada; jpodsada@heraldnet.com; 425-339-3097; Twitter: Janice Pods

MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 7

YEAR IN REVIEW

High-impact stories carry into 2019

It was a big year for Paine Field in Everett, but there were plenty of other important business stories during 2018. Here are 11 that are likely to resonate in the year ahead. By Sue Misao

table games and hundreds of new slot machines. The project was foreshadowed in December 2017, when the casino paid $3.4 million for naming rights to the former Xfinity Arena — now called Angel of the Winds Arena. This is the first expansion at the casino since the tribe opened a $27 million, five-story attached hotel in December 2014.

Herald Writer

New hotel anchors a waterfront transformation Hotel Indigo will offer 142 rooms on Everett’s waterfront by this summer or fall. It’s a major part of the Port of Everett’s multimillion-dollar waterfront makeover. The redevelopment’s first phase is called the Fisherman’s Harbor District. Apartments, hotels, restaurants and shops are envisioned in an area once occupied by the boating and maritime industries.

Massive Point Wells development is nixed

Angel of the Winds begins casino expansion With the goal of “becoming a major resort,” the Stillaguamish Tribe began work early in the year on a 300,000-square-foot expansion of its casino north of Arlington. Plans included adding amenities, such as a high-end restaurant, a new buffet, more

ANDY BRONSON / THE HERALD

Amanda Strong (left) tries on an Angel of the Winds Arena hat as she and Courtney Brown hand out gift bags after the arena’s renaming ceremony in December 2017 in Everett.

FLY HERE

In Snohomish County, we welcome businesses. Yours could be here, too. Commercial flights from Paine Field bring us closer to everywhere.

A plan for more than 3,000 high-rise waterfront condos at the Point Wells industrial site near Woodway seems dead — sort of. Maybe. A Snohomish County hearing examiner denied the project in June, and the County Council upheld the decision in October. Meanwhile, the town of Woodway and the city of Shoreline have designs on the property, and developer BSRE Point Wells might come back with a scaled-back proposal. Stay tuned. See REVIEW, Page 8

8 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

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Review From Page 7

Message to Boeing: Build the 797 right here In 2018, elected officials and business leaders got serious about convincing the Boeing Co. to build its next airplane model, unofficially dubbed the 797, in Washington. They hired one of the world’s top aerospace industry experts to help, and in June he told a gathering of state political, business and labor leaders, including Gov. Jay Inslee, that Washington is the most competitive state in the U.S. for aerospace manufacturing. Key factors cited in his report included electricity costs and the percentage of state residents with engineering degrees. The report didn’t delve into murkier, less quantifiable topics — for instance, political climate or labor issues. “We’re not qualified to address those,” said Richard Aboulafia, vice president of the Teal Group. “It’s our job to provide the numerical analysis.” The outlook is not all rosy: Another study concluded that a smarter workforce is needed to convince Boeing.

OLIVIA VANNI / HERALD FILE

Washing machines and dryers melted in the heat of the Judd & Black fire in Everett on Sept. 22.

its south terminal wharf, which was originally built in the 1970s for log operations. Work began in the spring to strengthen the wharf with steel pilings. And two 100-foot cranes — about twice the size of existing ones — will handle larger-than-normal containers, including the kind that will bear parts for the new Boeing 777X. The port had expected the project would cost $36 million, but the bids came in lower than the engineer’s estimate.

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Good riddance, Ikea: Residents welcome new Riverfront plan

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The Everett City Council passed regulations allowing buildings as tall as 25 stories, banning new medical clinics on downtown’s ground level and reducing off-street parking requirements for some apartments. The Metro Everett plan to revitalize the downtown area will also place future residents closer to transit and amenities. Addiction treatment providers don’t like the ban on street-level health clinics, and some residents are worried tall buildings will create an overshadowing canyon effect on old homes in the historic Norton Grand neighborhood.

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A new plan for the Everett Riverfront development’s commercial area would include a specialty grocery store, a movie theater, restaurants and, over the next 10 years, construction of up 1,250 additional residences. The property owner, Riverfront Commercial Investment, had to go back to the drawing board when Ikea abandoned a plan to build a big-box store on the 70-acre commercial site. Riverfront Commercial tried to woo Ikea for four years. Neighbors seemed generally happy that Ikea went away, saying they envisioned a walkable area with restaurants and “a sense of community.”

State and county prevail in high-stakes Tulalip tax lawsuit Retail cannabis is newest About $40 million or more in annual taxes was at stake when the Tulalip Tribes claimed money maker on reservation

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taxes collected at Quil Ceda Village should go to them and not the state of Washington or Snohomish County. The state and county prevailed in federal court. At one point during the trial, it was revealed that gaming has been a big money-maker, helping the Tribes amass nearly $1 billion in assets. Tribal leaders viewed the case as a matter of claiming rightful sovereignty over their land.

‘Suspicious’ fire destroys historic Judd & Black store

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Over a century of history was erased the night fire consumed the venerable Judd & Black appliance store on Hewitt Avenue in Everett. “Probably a hundred refrigerators, a couple hundred washers and dryers,” said one employee. An early estimate pinned the loss at $3.3 million, along with the destruction of local history and a big piece of an Everett institution that has been passed down for generations. Investigators were looking at the fire as a possible crime.

Port of Everett begins to modernize Everett wharf The Port of Everett needed to accommodate bigger ships and heavier cargo at

It’s a high-tech fortress with 62 security cameras. The windows are stylishly boarded with polished wood as a design accent. Inside is a weed wonderland. Tulalip Remedy is the first pot shop on tribal land in Snohomish County and the sixth in the state. The store sells tinctures, rubs and edibles. Indica, sativa and hybrid strains of flower. Pipes, bongs and vaporizers. Budtenders explain the ABCs of THC and CBD with user-friendly graphics and charts.

As an elegant terminal rises, 2 airlines firm up plans Early in 2018, it looked as though passenger flights out of Paine Field might begin by year’s end, maybe even by fall. But one last hurdle arose — an updated environmental assessment by the Federal Aviation Administration, which required more public input. Still, Alaska Airlines and United Airlines seemed confident enough to begin selling tickets for 24 daily flights. (Southwest Airlines had planned to serve PAE, too, but changed course and handed its five slots to United.) Meanwhile, terminal developer Propeller Airports put the finishing touches on an elegant building that puts Everett a plane change away from just about anywhere in the world.

MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 9

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Construction sector is building jobs Positions in that field may increase by 2.4 percent in 2019. That’s higher than most industries. By Stephanie Davey Herald Writer

The growth that’s happening in Snohomish County has helped create jobs. Apartment complexes and business spaces that have been built here in the past couple of years have made construction one of the top industries for employment. That’s expected to continue for at least the next five years. Positions in the field are anticipated to become some of the most available in the county going into 2019. Other industries expected to be doing more hiring include professional and business services, health and education, and leisure and hospitality. Openings in each of these trades are expected to increase by more than 2 percent. Overall, employment is expected to rise by more than 1 percent, said Anneliese Vance-Sherman, a regional labor economist for the state Employment Security Department. Her office is at WorkSource in Everett, which is an organization that helps people with resume building, interview techniques and other skills. The agency is one of her main clients. The industry with the highest decline also provides the most work in Snohomish See JOBS, Page 12

(OLIVIA VANNI / THE HERALD

Bryan Barnwell gets help with his resume at the WorkSource office in Everett Station on Dec. 7.

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THE HERALD BUSINESS JOURNAL 11

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12 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

Jobs From Page 10

County — about one in five jobs. Employment in manufacturing is expected to decrease by 1.4 percent. Availability in aerospace in particular should fall by more than 2 percent. About 38,900 positions in that field are expected to stay. “The long-run picture of aerospace is one of overall decline,” Vance-Sherman said. That’s mostly because new technology is being introduced all the time, she said. The state makes these sorts of projections by looking at historical data. The number of aerospace jobs has fallen in the past few years. “That being said, over the course of 2018 we have seen an increase,” Vance-Sherman said. About 2,200 jobs were established, which was an addition of 5.9 percent. Despite the projections, aerospace manufacturing classes at Everett Community College are expected to become more popular in the coming years, said Tammy Frankland, executive vice president of instruction and student services. Courses in the more prosperous industries also have been popular at local colleges. The nursing program at Everett enrolls 40 applicants three times per year. Usually the nursing school receives three times as many applicants as it can enroll. Edmonds Community College offers a construction management program. It’s one of four in the state to be accredited by the American Council for Construction Education. The others are at Central Washington University, Washington State University and the University of Washington. The construction industry can change quickly depending on the economy. During the recession in 2008, one in three jobs was lost. People stopped enrolling in the program at that time, said Andy Williams, dean of the

Brenda Banks points out some of the recent hires on a “hires tree” at the WorkSource office in Everett Station on Dec. 7.

business division at the college. He oversees the construction unit and has worked at the college for nearly 30 years. Now there are more jobs in the area than the program has graduates. Some leave the school before they receive certification because they’ve been offered work. Williams recommends that students stay until they finish all their courses. Though they can return, they won’t have the training

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to change employers any time they want, he said. Enrollment has climbed the past several years. There was a jump in fall quarter 2017, when nearly 300 people signed up. That’s about 50 more than this year. Williams thinks the program will continue to grow, but he’s aware that there are changes affecting the trade. “The challenge that we have here is the

OLIVIA VANNI / THE HERALD

same challenge we have in all of our fields, which is adapting to new technology,” Williams said. Most construction classes at Edmonds are in the evening because many students work full time. Most are trying to earn promotions. After graduation, they usually make about $70,000 per year. Stephanie Davey: 425-339-3192; sdavey@ heraldnet.com; Twitter: @stephrdavey.

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MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 13

SNOHOMISH COUNTY

The Place to Be home to these corporations and brands boeing • cascade coffee • electric mirror • funko • fortive fujifilm sonosite • philips healthcare • premera blue cross rick steve’s europe • SEATTLE GENETICS • zumiez

200

aerospace supply chain

will offer commercial flights

companies and boeing’s

from paine field to at least

largest assembly site

Center of Innovation designated by the state as the center of its medical device industry

10 u.s. destinations in 2019

Sustainable Energy home to world’s largest flow battery, on the cutting edge of smart grid technology for energy storage

Source: WA Employment Security Department

20,670

businesses

port of everett is the

growth in workforce and

5th largest on the us

highest concentration of

west coast based on us

advanced manufacturing jobs

customs export values

west of the rocky mountains

ST2 & ST3 Funding

higher education institutions fuel our

connecting our region with

innovative economy

lightrail by 2036; st2 arrives in 2024

$80,579

OUR MISSION Economic Alliance Snohomish County exists to be a catalyst for economic vitality resulting in stronger communities, increased job creation, expanded educational opportunities, and improved infrastructure.

advocate • develop • connect 425.743.4567 • info@economicalliancesc.org 808 134th St SW, Suite 101 • Everett, WA 98204 EconomicAllianceSC.org

Concentration of Manufacturing jobs

SNOHOMISH COUNTY

46%

of all aerospace workers in Washington State

Median household income, 2nd highest in state Population is forecasted to grow by

Number of Tech-based jobs

200,000 By 2040

55%

of residents work outside the county

14 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

County’s population estimated at 805,000

YOUR SUCCESS.

By Noah Haglund Herald Writer

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The new houses, town homes and apartments must be filling up. Snohomish County’s population tipped past 800,000, according to state figures released this year. The April 1 estimate of 805,120 people represented an increase of 15,720 compared with 2017 — roughly the equivalent of the populations of Snohomish and Sultan combined. That’s up nearly 2 percent. And it’s trending faster than the long-range average of 10,000 people per year predicted a few years back. “It’s not surprising based on what we’re seeing,” said Ken Klein, an executive director for the county. “The main thing that drives people to Snohomish County is affordable housing and a beautiful place to live.” Next door, in Island County, the population crept up by 1,070 this year and now stands at 83,860. Snohomish County grew slightly faster than Washington as a whole. The state Office of Financial Management pegged Washington’s overall population at 7,427,600 this spring, an increase of 1.6 percent over last year. The change for the state, as in Snohomish County, was a bit smaller than the year before. The main reason for the growth is

migration, or more people moving to the Evergreen state than away, demographers said. Migration accounted for 71 percent of the state’s population growth this year. Natural increase — births over deaths — made up the other 29 percent. The latest year-over-year change is hardly unprecedented. Snohomish County added more people in 2017 and 2015. From 1989 to 1991, the county added at least 20,000 people three years in a row. Snohomish County remains the thirdlargest county in Washington, but was adding people a little faster than Washington’s other four metro counties. Only King County’s population has increased more, percentage-wise, since 2010. No Snohomish County city, however, ranks among the top 10 for growth: Seattle, Vancouver, Spokane, Redmond, Pasco, Kent, Bellingham, Bellevue, Auburn and Kennewick, in that order. Everett remains Washington’s seventhlargest city. It added about 1,400 people since last year, or about 1.3 percent, and now has 111,200 inhabitants. Marysville was up 1.7 percent, adding 1,140 people for a population of 67,040. Edmonds added 560 people, expanding nearly 1.4 percent, for a population of 41,820. Lynnwood grew more: about 3.6 percent. It added 1,310 people and now is home to 38,260.

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THE HERALD BUSINESS JOURNAL 15

MARKET FACTS 2019

SNOHOMISH COUNTY POPULATION, 2008-2018 Municipality / jurisdiction

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Snohomish County

699,329

705,895

713,335

717,000

722,900

730,500

741,000

757,600

772,860

789,400

805,120

Unincorporated

326,382

329,476

302,292

304,435

308,445

312,500

320,335

330,260

338,995

349,800

357,555

Incorporated

372,947

376,419

411,043

412,565

414,455

418,000

420,665

427,340

433,865

439,600

447,565

Arlington

17,527

17,711

17,926

17,930

17,970

18,270

18,360

18,490

18,620

18,690

19,300

Bothell (part)

16,009

16,290

16,415

16,570

16,720

17,020

17,230

17,390

17,510

17,820

Brier

6,163

6,127

6,087

6,100

6,155

6,315

6,345

6,500

6,555

6,560

6,605

Darrington

1,371

1,365

1,347

1,345

1,350

1,400

Edmonds

39,828

39,846

39,709

39,800

39,950

40,490

40,900

41,260

41,820

101,413

102,520

103,019

103,100

103,300

104,200

104,900

105,800

108,300

109,800

111,200

Gold Bar

2134

2061

2,075

2,060

2,080

2,085

2,115

2,125

2,175

Granite Falls

3273

3359

3,364

3,370

3,380

3,385

3,390

3,395

3,485

3,615

165

166

178

180

160

165

175

Lake Stevens

15,233

15,483

28,069

28,210

28,510

28,960

29,170

29,900

30,900

31,740

32,570

Lynnwood

35,411

35,430

35,836

35,860

35,900

35,960

36,030

36,420

36,590

36,950

38,260

Marysville

39,019

39,628

60,020

60,660

61,360

62,100

62,600

64,140

64,940

65,900

67,040

Mill Creek

17,526

18,036

18,244

18,370

18,450

18,600

18,780

19,760

19,900

19,960

20,470

Monroe

17,038

17,272

17,304

17,330

17,390

17,510

17,660

17,620

18,120

18,350

18,860

Mountlake Terrace

20,084

20,009

19,909

19,990

20,090

20,160

20,530

21,090

21,290

21,560

Mukilteo

20,161

20,210

20,254

20,310

20,360

20,440

20,540

20,900

21,070

21,240

21,320

Snohomish

8,841

8,926

9,098

9,200

9,215

9,220

9,270

9,385

9,625

10,010

10,150

Stanwood

5,885

6,073

6,231

6,220

6,300

6,340

6,530

6,585

6,635

6,785

6,835

Sultan

4,600

4,624

4,651

4,655

4,660

4,665

4,680

4,860

5,030

5,050

Woodway

1,266

1,283

1,307

1,305

1,310

1,300

1,310

1,335

1,340

Everett

Index

SOURCE: EMPLOYMENT SECURITY DEPARTMENT

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MARKET FACTS 2019

SNOHOMISH COUNTY BANKS 1st Security Bank of Washington 6920 220th Street Sw, Suite 300, Mountlake Terrace, WA, 98043 www.fsbwa.com Branches (Snohomish Co.): 4 Deposits (Snohomish Co.): $432M Market Share: 0.56 percent CEO: Joseph Adams Bank of America 100 North Tryon St, Charlotte, NC, 28202 www.bankofamerica.com Branches (Snohomish Co.): 21 Deposits (Snohomish Co.): $2.67B Market Share: 27 percent

CEO: Brian T. Moynihan Bank of Hope 3200 Wilshire Blvd Suite 140, Los Angeles, CA 90010 www.hopebancorp.com Branches (Snohomish County): 2 Deposits (Snohomish Co.): $214M Market Share: 0.35 percent CEO: Kevin S. Kim Banner Bank 10 South First Avenue, Walla Walla, WA, 99362 www.bannerbank.com Branches (Snohomish Co.): 6 Deposits (Snohomish Co.): $213M

Market Share: 1.35 percent CEO: Mark J Grescovich

Market Share: 3.71 percent CEO: Hadley S. Robbins

Market Share: 8.57 percent CEO: Beth E. Mooney

Coastal Community Bank 5415 Evergreen Way, Everett, WA 98203 www.coastalbank.com Branches (Snohomish Co.): 10 Deposits (Snohomish Co.): $659M Market Share: 0.61 percent CEO: Eric Sprink

First Financial Northwest Bank 201 Wells Avenue South, Renton, WA, 98057 www.ffnwb.com Branches (Snohomish Co.): 5 Deposits (Snohomish Co.): $96M Market Share: 0.79 percent CEO: Joseph W. Kiley III

Mountain Pacific Bank 3732 Broadway, Everett, WA, 98201 www.mountainpacificbank.com Branches (Snohomish Co.): 2 Deposits (Snohomish Co.): $336M Market Share: 0.34 percent CEO: Mark Duffy

The Bank of Washington 5901 196th S. W., Lynnwood, WA, 98036 www.the-bank.com Branches (Snohomish Co.): 4 Deposits (Snohomish Co.): $138M Market Share: 0.15 percent CEO: Martin Steele

Columbia State Bank 1301 A Street, Tacoma, WA 98402 www.columbiabank.com Branches (Snohomish Co.): 5 Deposits (Snohomish Co.): $147M

First Interstate Bank 401 North 31st Street, Billings, MT, 59101 www.firstinterstatebank.com Branches (Snohomish Co.): 1 Deposits (Snohomish Co.): $37M Market Share: 0.03 percent CEO: Edward Garding

MUFG Union Bank 400 California Street, San Francisco, CA, 94104 www.unionbank.com Branches (Snohomish Co.): 6 Deposits (Snohomish Co.): $440M Market Share: 1.79 percent CEO: Steve Cummings

U.S. Bank 425 Walnut Street, Cincinnati, OH, 45202 www.usbank.com Branches (Snohomish Co.): 12 Deposits (Snohomish Co.): $719M Market Share: 10.16 percent CEO: Andrew Cecere

Opus Bank 19900 Macarthur Blvd., 12th Floor, Irvine, CA, 92612 www.opusbank.com Branches (Snohomish Co.): 9 Deposits (Snohomish Co.): $497M Market Share: 0.94 percent CEO: Paul Greig

Umpqua Bank 445 S.E. Main Street, Roseburg, OR, 97470 www.umpquabank.com Branches (Snohomish Co.): 1 Deposits (Snohomish Co.): $140M Market Share: 1.78 percent CEO: Cort L. O’Haver

Protecting Families since 1977

Protecting Heritage Bank 201 5th Avenue, S.W., Olympia, WA, 98501 Families www.heritagebanknw.com Branches (Snohomish Co.): 8 since 1977 Deposits (Snohomish Co.): $433M Market Share: 1.82 percent CEO: Jeff Deuel

HomeStreet Bank 601 Union Street, Suite 2000, Seattle, WA, 98101 www.homestreet.com Branches (Snohomish Co.): 4 Deposits (Snohomish Co.): $235M Market Share: 2.97 percent CEO: Mark K. Mason

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Pacific Crest Savings Bank 3500 188th Street, S.W., Suite 575, Lynnwood, WA, 98037 www.paccrest.com Branches (Snohomish Co.): 1 Deposits (Snohomish Co.): $169M Market Share: 0.17 percent CEO: Sheryl Nilson

JP Morgan Chase Bank 1111 Polaris Parkway, Columbus, OH, 43240 www.jpmorganchase.com Branches (Snohomish Co.): 25 Deposits (Snohomish Co.): $1.8B Market Share: 12.86 percent CEO: Jamie Dimon

People’s Bank 3100 Woburn Street, Bellingham, WA, 98226 Website: www.peoplesbank-wa.com Branches (Snohomish Co.): 5 Deposits (Snohomish Co.): $17M Market Share: 0.25 pecent CEO: Charles LeCocq

KeyBank National Association 127 Public Square, Cleveland, OH, 44114 www.key.com Branches (Snohomish Co.): 18 Deposits (Snohomish Co.): $627M n

Sound Community Bank 2001 5th Ave., Seattle, WA, 98121 www.soundcb.com Branches (Snohomish Co.): 1 Deposits (Snohomish Co.): $41M Market Share: 0.19 percent

UniBank 19315 Highway 99, Lynnwood, WA, 98036 www.unibankusa.com Branches (Snohomish Co.): 1 Deposits (Snohomish Co.): $128M Market Share: 0.22 percent CEO: Peter R. Park Washington Federal 425 Pike Street, Seattle, WA, 98101 www.washingtonfederal.com Branches (Snohomish Co.): 8 Deposits (Snohomish Co.): $419M Market Share: 3.83 percent CEO: Brent Beardall Wells Fargo Bank 101 N. Phillips Avenue, Sioux Falls, SD, 57104 www.wellsfargo.com Branches (Snohomish Co.): 20 Deposits (Snohomish Co.): $1.4B Market Share: 12.98 percent CEO: Timothy J. Sloan SOURCE: FDIC (JUNE 2018)

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MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 17

STATISTICAL SNAPSHOT

Selected demographic data for Snohomish County in 2017 TOTAL POPULATION

801,633

18 YEARS AND OVER

619,397

Some other race

22,898

Male

402,089

Male

308,795

White and Black or African American

9,736

Female

399,544

Female

310,602

White and American Indian and Alaska Native

12,739

White and Asian

12,162

Median age (years)

38.1 65 YEARS AND OVER

Under 5 years

50,932

104,218

5 to 9 years

48,168

Male

46,553

10 to 14 years

53,165

Female

57,665

15 to 19 years

46,291

20 to 24 years

47,838

25 to 34 years

117,156

35 to 44 years

112,758

One race

45 to 54 years

112,662

Two or more races

55 to 59 years

54,397

White

60 to 64 years

54,048

Black or African American

65 to 74 years

64,602

American Indian and Alaska Native

75 to 84 years

27,583

Asian

87,361

85 years and over

12,033

Asian Indian

16,064

Black or African American and American Indian and Alaska Native

369

HISPANIC OR LATINO AND RACE

RACE Total population

801,633 746,881 54,752 604,112 23,136 6,004

Under 18 years

182,236

Chinese

12,508

16 years and over

639,929

Filipino

19,045

18 years and over

619,397

Japanese

21 years and over

594,472

Korean

62 years and over

136,365

65 years and over

104,218

3,294

Hispanic or Latino (of any race)

81,809

Mexican

55,648

Puerto Rican

4,282

Cuban

2,839

Other Hispanic or Latino

19,040

NOT HISPANIC OR LATINO AND RACE

719,824

White alone

556,794

Black or African American alone

22,891

American Indian and Alaska Native alone

5,378

Asian alone

86,625

11,152

Native Hawaiian and other Pacific Islander alone

3,286

Vietnamese

11,257

Some other race alone

2,574

Other Asian

14,041

Two or more races

Native Hawaiian and Other Pacific Islander

3,370

42,276

Two races including some other race

1,602 SOURCE: U.S. CENSUS

CITIZEN, VOTING AGE POPULATION Citizen, 18 and over population

566,885

Male

281,402

Female

285,483 SOURCE: U.S. CENSUS

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18 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2019

STATISTICAL SNAPSHOT

Snohomish County median hourly wages, 2007-2017 Median Hourly Wage, All Industries, Unadjusted for inflation 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

Snohomish County

$20.53

$21.23

$22.33

$23.03

$24.09

$24.77

$25.03

$25.40

$24.17

$25.03

$25.63

State Less King

$17.26

$17.78

$18.32

$18.73

$19.04

$19.24

$19.57

$19.85

$20.24

$20.68

$22.00

State

$19.38

$20.11

$20.87

$21.01

$21.59

$21.68

$22.09

$22.61

$23.15

$23.91

$24.89

Median Hourly Wage, Private Sector Snohomish County

$19.64

$20.25

$21.28

$21.95

$23.24

$24.05

$24.47

$24.84

$23.42

$24.30

$24.72

State Less King

$16.03

$16.47

$16.89

$17.30

$17.67

$17.98

$18.28

$18.51

$19.00

$19.36

$20.60

State

$18.38

$18.98

$19.48

$19.92

$20.25

$20.56

$21.00

$21.48

$22.03

$22.72

$23.67

Median Hourly Wage, All Industries, Adjusted for Inflation (Using U.S. PCE Deflator) Snohomish

$23.82

$23.91

$25.17

$25.52

$26.04

$26.27

$26.20

$26.19

$24.86

$25.47

$25.63

Snohomish, Private Sector

$22.78

$22.81

$23.99

$24.33

$25.12

$25.51

$25.61

$24.09

$24.73

$24.72

State Less King

$20.02

$20.03

$20.65

$20.76

$20.58

$20.41

$20.48

$20.47

$20.82

$21.04

$22.00

State

$22.48

$22.65

$23.53

$23.29

$23.34

$23.00

$23.12

$23.31

$23.81

$24.33

$24.89

SOURCE: EMPLOYMENT SECURITY DEPARTMENT

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EDUCATION AND WORKFORCE TRAINING FOUR-YEAR UNIVERSITIES Central Washington UniversityLynnwood In partnership, CWU and EdCC let students earn their first two years of a degree at their community college of choice and stay local to complete a bachelor’s degree at CWU-Lynnwood. Phone: (425) 640-1574 Email: cwu_lynnwood@cwu.edu Web: www.cwu.edu/lynnwood Snoqualmie Hall, 20000 68th Ave. W, Lynnwood, WA 98036 University Center of North Puget Sound A partnership with colleges and

universities to provide baccalaureate and graduate degrees for the residents of North Snohomish, Island and Skagit counties. Phone: 425-405-1600 Email: everett.admissions@wsu.edu Web: https://everettuc.org/ 915 N Broadway, Everett, WA 98201 University of Washington Bothell Public university with more than 6,000 students and 55 undergraduate and graduate degree programs. Phone: 425-352-5000 Email: uwbinfo@uw.edu Web: www.uwb.edu 18115 Campus Way NE, Bothell, WA 98011 Washington State University Everett BRANCH CAMPUS ffers seven bachelor’s degrees available for juniors and seniors at a campus that opened in 2017. Phone: 425-405-1600 Email: everett.admissions@wsu.edu Web: https://everett.wsu.edu 915 N Broadway, Everett, WA 98201

COMMUNITY COLLEGES Cascadia Community College State’s newest community college shares the UW Bothell campus and had an enrollment of more than 5,000 students in 2016-17. Phone: 425-352-8000 Email: info@cascadia.edu Web: www.cascadia.edu 18345 Campus Way NE, Bothell,

WA 98011 Edmonds Community College Edmonds CC offers one bachelor of applied science degree, 63 associate degree and 64 professional certificates to more than 10,000 students. Phone: 425-640-1459 Email: info@edcc.edu Address: 20000 68th Ave. SW, Lynnwood, WA 98036 Web: www.edcc.edu Everett Community College Offers associates degrees in a variety of programs to more than 19,000 students every year at several locations in Snohomish County. Phone: 425-388-9100 Email: admissions@everettcc.edu Address: 2000 Tower St., Everett, WA 92801 Web: www.everettcc.edu

WORKFORCE TRAINING Workforce Snohomish Supports local workforce development for both businesses and job seekers, and oversees WorkSource Snohomish County. Phone: 425-921-3423 Web: www.workforcesnohomish.org 808 134th St. SW, Ste. 105, Everett, WA 98204 Aerospace-Advanced Manufacturing Training and Education Center Program trains students in the latest manufacturing technologies

at EvCC. Phone: 425-388-9570 Email: mfg@everettcc.edu Web: www.everettcc.edu/ccec/amtec 909 N Broadway, Everett, WA 98201 Embry-Riddle Aeronautical University Associate, bachelor’s and master’s degrees, as well as undergraduate certifications, at location near Boeing. Phone: 425-259-8939 Email: Everett@erau.edu Web: https://worldwide.erau.edu/ locations/everett Applied Technology Training Center, 2333 Seaway Blvd., Room 226, Everett, WA 98203 Center of Excellence for Aerospace and Advanced Manufacturing Partners with aerospace industry to develop job training and resources for job seekers. Phone: 425-388-9454 Web: www.coeaerospace.com 9711 32nd Place W, Building C-80, Paine Field, Everett, WA 98204 Washington Aerospace Technical Training and Research Center Education resource for careers in aerospace industry at Paine Field. Phone: 425-347-8928 Email: watrc@edcc.edu Web: www.washingtonaerospace. com 3008 100th St SW, Everett, WA 98204 Source: Snohomish County

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MARKET FACTS 2019

THE HERALD BUSINESS JOURNAL 19

STATISTICAL SNAPSHOT

Workforce averages for Snohomish County, 2014-2018 2018

Avg.

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

430,595

429,458

435,957

432,613

429,119

427,480

428,028

431,930

430,169

n/a

414,054

409,813

417,760

416,332

414,979

412,080

410,883

415,445

415,136

n/a

Total Unemp.

16,541

19,645

18,197

16,281

14,140

15,400

17,145

16,485

15,033

n/a

Unemp. Rate

3.8%

4.6%

4.2%

3.8%

3.3%

3.6%

4.0%

3.8%

3.5%

n/a

421,369

413,132

418,932

419,703

420,089

420,413

421,440

422,361

423,492

425,897

422,772

424,128

424,072

403,989

396,036

401,756

403,081

405,582

404,498

403,384

403,816

404,444

407,387

405,131

405,500

407,257

Total Unemp.

17,380

17,096

17,176

16,622

14,507

15,915

18,056

18,545

19,048

18,510

17,641

18,628

16,815

Unemp. Rate

4.1%

4.0%

3.5%

3.8%

4.3%

4.4%

4.5%

4.3%

4.2%

4.4%

4.0%

412,294

404,357

411,285

412,262

411,812

412,684

413,705

414,224

414,516

415,719

412,769

412,908

411,284

394,461

385,282

392,064

393,489

395,484

395,733

395,289

395,690

396,292

397,577

395,537

395,281

395,817

Total Unemp.

17,833

19,075

19,221

18,773

16,328

16,951

18,416

18,534

18,224

18,142

17,232

17,627

15,467

Unemp. Rate

4.3%

4.7%

4.6%

4.0%

4.1%

4.5%

4.4%

4.2%

4.3%

3.8%

401,650

394,985

400,125

399,457

401,290

402,723

403,174

402,872

403,048

403,501

402,571

403,055

403,003

382,890

375,695

381,019

381,295

385,307

384,872

384,168

383,421

384,250

384,358

383,336

382,522

384,440

Total Unemp.

18,760

19,290

19,106

18,162

15,983

17,851

19,006

19,451

18,798

19,143

19,235

20,533

18,563

Unemp. Rate

4.7%

4.9%

4.8%

4.5%

4.0%

4.4%

4.7%

4.8%

4.7%

4.8%

5.1%

4.6%

395,565

389,558

395,284

395,701

394,794

395,581

396,766

397,919

395,931

396,935

396,734

396,468

395,113

374,903

367,352

372,375

373,440

376,016

375,625

375,382

375,984

374,894

376,584

377,325

376,330

377,531

Total Unemp.

20,662

22,206

22,909

22,261

18,778

19,956

21,384

21,935

21,037

20,351

19,409

20,138

17,582

Unemp. Rate

5.2%

5.7%

5.8%

5.6%

4.8%

5.0%

5.4%

5.5%

5.3%

5.1%

4.9%

5.1%

4.4%