Market facts - Market Facts 2017

Medical devices made in Snohomish County rank as one of state’s biggest exports • 6-7

Market Facts

2017

The statistical profile of Snohomish County

2 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2017

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THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 3

TABLE OF CONTENTS

COVER STORY Bothell’s Philips plant produces medical devices that are one of Washington’s biggest exports, 6-7

BUSINESS NEWS Taxable retail sales went on rollercoaster ride. . . . . . . . . . . . . . . . 4 How Vancouver, B.C., real estate policies could impact state. . . . . . . . 8 What banks top the list of Snohomish County deposits . . . . . . . . . . . . . . . 11 A look back at the biggest business news of 2016. . . . . . . . . . . . . . . 14-15 Destroyers based in Everett help boost military presence . . . . . . . . 16

STATISTICAL SNAPSHOT Retail taxable sales for the state of Washington . . . . . . . . . . . . . . . . . . . 4 Closed sales and prices for county real estate. . . . . . . . . . . . . . . . . . 9-10 Listing of banks with branches in county . . . . . . . . . . . . . . . . . . . . . . 12 Snohomish County population, 2006-2016 . . . . . . . . . . . . . . . . . . . 17 Listing of aerospace suppliers in county . . . . . . . . . . . . . . . . . . . . 19-21

Metro area unleaded fuel prices, 2000-2016. . . . . . . . . . . . . . . . . . . . 22 Metro area piped natural gas, per therm, 2011-2016. . . . . . . . . . . . . . 22 Metro area electricity per kilowatt hour, 2007-2016 . . . . . . . . . . . . . . . 22 Snohomish County unemployment rate, 2013-2016. . . . . . . . . . . . . . . . 22 Total households and family breakdown in county. . . . . . . . . . . . 23 Breakdown of marital status for county residents . . . . . . . . . . . . . . . 23 Educational attainment for county residents . . . . . . . . . . . . . . . . . . . . . 23 Languages spoken at home in county. . . . . . . . . . . . . . . . . . . . . . . 23 Occupied, vacant housing count in county. . . . . . . . . . . . . . . . . . . . . . . 24 Range in value for housing within county. . . . . . . . . . . . . . . . . . . . . . . 24 Rent as a percentage of income for county. . . . . . . . . . . . . . . . . . . . . . . 24

Means of commuting for county workers. . . . . . . . . . . . . . . . . . . . . . 26

808 134th St SW, Ste 101 808 134th St98204 SW, Ste 101 Everett, WA Everett, WA 98204 808 134th St SW, Ste 101 Everett, WA 98204 (P) 425.743.4567 (P) 425.743.4567 www.economicalliancesc.org www.economicalliancesc.org (P) 425.743.4567 www.economicalliancesc.org

Houshold income for county residents . . . . . . . . . . . . . . . . . . . . . 26

Editor: Jim Davis 425-339-3097 jdavis@heraldnet.com businessnews@heraldnet.com

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For additional information about investing please contact our For additional information about investing please contact our EASC Representative: For additional information about investing please contact our EASC Representative: EASC Representative: Jim Stephanson Jim Stephanson (P) 425.248.4232 (P) 425.248.4232 Jim Stephanson JimS@economicalliancesc.org

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Publisher Josh O’Connor 425-339-3007 joconnor@soundpublishing.com

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COVER PHOTO

Send news, Op/Ed articles and letters to: The Herald Business Journal, P.O. Box 930, Everett, WA 98206, or email to businessnews@ heraldnet.com. We reserve the right to edit or reject all submissions. Opinions of columnists are their own and not necessarily those of The Herald Business Journal.

Materials handler Terry Cline prepares a Sparq Ultrasound machine for shipping at the Philips factory in Bothell.

Andy Bronson / The Herald

CONNECT ADVOCATEDEVELOP DEVELOP CONNECT

Employment status for county over age 16. . . . . . . . . . . . . . . . . . . . . . . 26

ADVERTISING SALES

Contributing Writers: Deanna Duff, Emily Hamann

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Snohomish County’s 50 largest employers. . . . . . . . . . . . . . . . . . . . 25

NEWSROOM

Contributing Editor: Jocelyn Robinson

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4 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

RETAIL NEWS

State, county see jump in retail sales

By Jim Davis

Washington sales tax revenue (billions)

The Herald Business Journal

One measure of the health of Washington’s economy: Taxable retail sales.

Now that sign is trending up.

The state just recorded its biggest quarter for taxable retail sales in years.

Washington saw $36.8 billion in sales for second quarter 2016, which runs from April to June, the most recent number available.

Taxable retail sales includes “everything a consumer might purchase from a vehicle to a book to clothing,” said Kim Schmanke, the state Department of Revenue director of communications. It also includes purchases made by businesses for construction, utilities, mining, forestry and fishing.

Taxable retail sales is a good indicator of consumer confidence, said

$140 billion $135.363

$130 $120 $110 $100

$111.442 $100.808

$90 $80 $70 $60 $50 2006 ‘07

‘08

‘09

Source: Department of Revenue

FILE PHOTO

Snohomish County and the rest of the state saw a drop in taxable retail sales during the recession, but those sales have rebounded.

Anneliese Vance-Sherman, a regional labor economist based in Everett for the state Employment Security Department.

Taxable retail sales have been on a rollercoaster ride for the state and Snohomish County over the past decade.

In 2006, the state recorded $111.4 billion in

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taxable retail sales. That rose to $118.9 billion in 2007. Then the recession took effect and the numbers dropped quickly.

The bottom hit in 2010 with $100.8 billion in taxable sales. Ever since then, the taxable retail sales for the state have been on an upward trajectory.

The state climbed above

the pre-recession level in 2014, reaching $124.8 billion.

In 2015, the figure climbed to $135.3 billion.

Snohomish County has followed a similar path.

The county reached $11.7 billion in taxable retail sales in 2007.

That dropped to a low of $9.6 billion in 2009

before making a steady climb upward. The county didn’t reach pre-recession levels of retail sales until 2015. Retail taxable sales, along with employment and household income, put together are telling a similar story, Vance-Sherman said.

People are spending more because they have more confidence in their employment and, in some cases, maybe have more disposable income.

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‘10

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The Herald

She noted that employment rebounded in Snohomish County more quickly than any other part of the state, even faster than King County.

But she noted that consumers didn’t seem to feel comfortable about their employment until the past couple of years. She pointed out that rising housing costs could have put a crimp in disposable income, holding back retail spending as well.

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 5

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6 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

COVER STORY

ANDY BRONSON / THE HERALD

Materials handler Terry Cline gets a Sparq Ultrasound machine ready for shipping at the Philips company off Bothell-Everett Highway in Bothell.

Overlooked export powerhouse Bothell’s Philips campus builds and designs medical devices from ultrasound machines to defribillators to Sonicare toothbrushes, which are sent around the world

R

andy Hamlin came to see the importance of his work firsthand five years ago as he waited for medical treatment for ongoing knee pain.

Hamlin is vice president and business segment leader for the ultrasound pointof-care division at Philips in Bothell.

On the day of the procedure, the medical team included an interventional radiologist who arrived with an ultrasound machine.

“They wheeled in the ultrasound and I realized I’d worked on designing that model,” Hamlin said. “I teared up. It had a profound impact that I was being personally impacted by a product I helped create. I walked out thinking how much I love my company and what I do.”

Philips, a Netherlands-based global company, produces a wide range of health care and consumer products. Long known for their lightbulb and television products, Philips divested from those divisions in recent years to focus more toward health care.

“The company has recently gone through a substantial strategic shift.

We’re excited to be part of the laser-beam

“We’re developing products that really facilitate lowering the costs of health care and taking better care of patients outside of just hospitals.”

— Randy Hamlin focus on health care technology. That’s our future,” Hamlin says.

The redirect included a restructuring of Philips’ three Washington-based sites.

All were relocated to the 8-acre Bothell site, which was already home to the ultrasound division.

The Emergency Care & Resuscitation group — designing and producing products such as defibrillators — was previously based in downtown Seattle. The Oral HealthCare group, which designs Sonicare, was located in Snoqualmie. The total Bothell workforce now numbers around 2,000 employees.

“Consolidating the team into one campus allows us to leverage our existing talent across completely different products,” Hamlin explains. “The Bothell ecosystem allows more cross sharing of technology

and design.”

The Bothell ultrasound division is a juggernaut for Philips internationally and for Washington’s economy. Approximately 80 percent of all Philips ultrasound equipment shipped worldwide is manufactured in Bothell.

For Washington in 2015, ultrasound equipment ranked among the state’s top 10 exports at $703 million. The majority is attributed to Philips.

“The state of Washington and the Bothell/I-405 corridor are national centers and a brain trust for medical ultrasound equipment,” says Matt Smith, director of industry and resource development, Economic Alliance Snohomish County (EASC).

The EASC commissioned a study eight years ago which determined there were

around 5,000 jobs related to medical device equipment in the greater Seattle region, with a concentration in Bothell, Smith said.

“Part of the benefit of having Philips in Bothell is that it contributes to the area’s economic diversification beyond aerospace. There is an entire industry (medical equipment) concentration in south Snohomish County that many people don’t recognize is even here,” Smith says.

In addition to its manufacturing capabilities, Philips’ Bothell site is a hub for research and design.

In November 2015, Philips launched Lumify, the world’s first app-based ultrasound device.

Users download the app to a smart device — such as a smartwphone or tablet — and connect the needed ultrasound

COVER STORY

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 7

ANDY BRONSON / THE HERALD

A row of Philips Sonicare toothbrushes and heads in a row at the Philips factory in Bothell. The toothbrushes are designed at the Bothell site.

ANDY BRONSON / THE HERALD

Lumify is an app-based ultrasound medical device developed by health care company Philips. The device attaches to tablets and Android phones.

equipment directly to the device.

Lumify was “heavily driven out of the Bothell division,” Hamlin said.

“We’re developing products that really facilitate lowering the costs of health care and taking better care of patients outside of just hospitals. We’re generally improving the quality of care and patient satisfaction,” Hamlin says. “It helps answer the need of how health care needs to transform.”

Bothell is also the de facto headquarters for Philips’ oral health-care division.

Everything from design to marketing, commercialization and shipping happens for products such as the Sonicare toothbrush.

Similar to the ultrasound division, oral healthcare is employing a tech-forward vision.

New generation Sonicare brushes were developed in Bothell; they use built-in sensors and Bluetooth technology to monitor brushing times and techniques.

The information is logged online for easy reference by both consumers and their approved dentists. The information helps guide effective personal behaviors and professional treatment especially for children.

“With our focus moving towards becoming a health-tech company, Sonicare is kind of of the crown jewel of what Philips wants to be,” says Brent Kokoskin, senior director, Philips Oral Healthcare.

“We provide products within the professional medical sphere for diagnosis and treatment, but also to consumers to achieve healthier living at home.”

Both Hamlin and Kokoskin cite formal and informal connections to regional institutions as key to Philips’ successful Bothell base.

“Software is such a strong attribute in the region from players like Amazon, Google and Microsoft. That really helps source an engineering demand and keeps our ultrasound industry fully supported with the needed technology and innovations,” Hamlin says. “It helps keep us strong and is critical as we continue to grow.”

Philips also collaborates with institutions such as the University of Washington.

Hamlin cites a “tight relationship” with the UW Medical Center. Philips funds employees’ onsite work and research collaborations. The oral health-care division offers multi-year internships to UW Foster School of Business post-MBA students.

“There is a great talent pool for us to pull from thanks to the high-quality educational institutions in Washington state,” Kokoskin says. “This region is a hotbed for creative thinking and innovation. We bring to bear that expertise and competency for Philips.”

Philips also draws on and contributes to the local community through ongoing philanthropy. Philips has been a partner of the Seattle/King County Clinic since its inaugural 2013 event.

The four-day event provides free medical, dental and vision care to those in need. Nearly 4,500 patients were treated during the October event, with more than $3.9 million in free care.

Patients arrive from across the state, with nearly 30 percent coming from Snohomish County in 2015.

While the Seattle Center Foundation is the lead organizer, the event is funded through corporate and individual donors as well as grants and in-kind contributions. Philips is a major supporter. In

CONTRIBUTED PHOTO

Philips’ defribrillators help ordinary people save lives during cardiac emergencies.

Washington’s top exports Civilian aircraft, engines and parts

$51,148,676,866

Oil (not crude) from petrol, bitum mineral Apples, fresh

$1,529,697,866 $796,675,189

Potatoes including prepared, frozen

$720,838,647

Ultrasonic scanning apparatus

$703,269,180

Coniferous wood in the rough, not treated

$680,851,921

Light oils, not biodiesel

$473,743,381

Forage products including hay, clover, vetch

$472,368,279

Cherries, fresh

$274,075,218

Source: Washington State Department of Commerce 2016, they provided X-ray, ultrasound and EKG machines and 2,000 Sonicare toothbrushes.

“Philips has been an amazing partner since the beginning,” says Julia Colson, project director, Seattle/King County Clinic.

Additionally, Philips employees are allowed to volunteer at the event on paid time. The company invited Colson and her colleagues to tour the Bothell campus and solicit volunteers.

The Seattle/King County Clinic requires nearly 4,000 volunteers to make the event happen. Kokoskin participated in 2015.

“An engaged and happy workforce is more effective and efficient,” Kokoskin says. “Events like the clinic allow employees to connect to the community, con-

tribute and see firsthand the results of their work. It reinforces the immediacy of healthcare.”

Philips designs, manufactures and ships equipment worldwide from Bothell. Their economic impact in terms of profit and jobs can be measured, but their community involvement soars above the bottomline.

“It means the world to have partners like Philips support the clinic and we regularly receive thank-you notes from patients,” Colson says. “We appreciate the actual resources Philips provides, but also the employee participation.

“They come to fully understand the meaning and benefit they’re providing through their work. Philips engages in a deep way that makes people feel seen and heard.”

8 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

REAL ESTATE

B.C. home prices soar, pushing buyers south

By Emily Hamann

For the Herald Business Journal

Over the past few years, home prices have skyrocketed around Vancouver, B.C., in part because of a large number of foreign buyers.

Now the city and the province have instituted measures to tamp down foreign demand.

Real estate experts say that will likely prod more foreign buyers to look at real estate in Seattle.

And that could have a ripple impact in Snohomish County.

The benchmark home price climbed to $1.2 million in the Vancouver metro area this summer.

That’s a 71-percent increase in just three years.

So the B.C. government instituted a 15-percent tax on anyone buying a home in Vancouver who is not a Canadian citizen or permanent resident.

“While investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure on a market struggling to build enough new homes to keep up.”

B.C. Finance Minister Michael de Jong said, in a statement. “This additional tax on foreign purchases will help manage foreign demand while new homes are built to meet local needs.”

The number of real estate transactions involving foreign buyers all but stopped.

The city of Vancouver is also instituting a tax on people who own homes in the city who don’t live in them or rent them for most of the year.

That tax goes into effect in January.

Vancouver Mayor Gregor Robertson told Bloomberg news that there are 20,000 empty or under-occupied properties in the city.

In mid-November, he reported that the residential rental vacancy rate was around 0.6 percent.

“It’s almost like they’re using Canadian real estate as a bank; put it in there and watch your net worth grow,” said Bliss Goldstein, a Bellingham Windermere real estate agent, who has been watching the Vancouver market.

It’s just a matter of time before those buyers come down to the Seattle metro area, if they haven’t already, said Peter Orser, director of the University of Washington’s Runstad Center for Real Estate Studies.

“Logically, we will see an impact,” he said. Figuring out the extent to which it is happening will be difficult to do, however.

New demand for housing is created all the time in the Seattle area.

Pinning down exactly how much of the increased demand is coming from overseas investors is tricky.

“You’re going to see it on the title — you’ll get a sense of it from that — you’ll see if from the stories the real estate community tells about their customers,” he said. “And you’ll see it in terms of price.”

TOM RYAN / TOURISM BRITISH COLUMBIA

Foreign buyers have helped drive up the price of homes in Vancouver, B.C.

“We have more foreign buyers who seem to be coming down from Vancouver. It’s sending a very clear message that Vancouver is a more expensive place to buy and that Seattle is friendlier to international buyers.”

— Anna Riley, Windermere real estate agent

King County has suffered from housing supply issues for a while now; as of October, the Northwest Multiple Listing Service reported that the county had just 1.12 months of inventory.

The median home price in King County was $495,500, up 14.50 percent over October 2015.

Many foreign buyers are buying houses in Bellevue and on the Eastside.

Anna Riley is a Windermere real estate agent who specializes in sales in Bellevue.

She’s seen an uptick in foreign buyers in the last three years, and even more this year.

Last year, around half of her listings were bought by international buyers.

This year, she said it’s about two-thirds.

“We have more foreign buyers who seem to be coming down from Vancouver,” she said.

Between the foreign buyer tax and the vacant house tax, Riley said potential buyers are dissuaded from purchasing in Vancouver.

“It’s sending a very clear message that

Vancouver is a more expensive place to buy and that Seattle is friendlier to international buyers,” she said.

Of those international buyers, she said, about an equal number of them are looking to move to the area, looking for a vacation home and looking to diversify their assets and don’t intend to live there.

The new buyers moving to the area have helped create a diverse international community in Bellevue, Riley said.

“Right now the positives vastly outweigh the potential negatives,” she said.

“On the Eastside we’re doing a really good job of creating a community with a more vibrant population.”

It’s a matter of balance, encouraging this international population while making sure housing prices stay affordable for everyone, she said.

The median home price on the Eastside was $665,900 as of October, and the area has just one month of inventory.

While places like Bellevue and Seattle

could be feeling an immediate impact, there’s little risk of direct foreign investment outside of the Seattle metro area, Orser said.

“They will invest where there is the highest return and the lowest risk, which would be closest to the job centers,” he said.

Instead, a ripple effect can start in Seattle and spread to Snohomish County as well as other counties.

“Prices are being pushed pretty high,” said David Maider, the designated broker/owner of the South Everett Windermere office. “We do see buyers that are choosing Snohomish County over King County right now.”

People are choosing to commute into Seattle, and willing to drive in from as far out as Mount Vernon to find more affordable properties, Maider said.

In counties further out, real estate agents are getting inquiries from people looking to retire and young families who are getting priced out of Seattle.

That creates a ripple effect of its own, said Goldstein, the Bellingham real estate agent.

“What are they going to do for jobs?

There’s also pressure on the job market here as well,” she said.

Retirees who sell out in the higher Seattle market can sometimes put down cash offers in surrounding counties. That can cause problems for buyers when there are multiple offers on a home.

“The winners are the people with the money and the losers are the people without,” she said.

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 9

REAL ESTATE

Snohomish County home sales and prices, Nov. 2016-Dec. 2015 November 2016 Residential and condos MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

210

132

59.09%

$564,975

$487,780

15.83%

730

241

196

22.96%

$420,000

$359,975

16.67%

740

323

299

8.03%

$365,000

$327,450

11.47%

750

125

86

45.35%

$355,000

$321,250

10.51%

760

149

108

37.96%

$329,950

$281,450

17.23%

770

222

152

46.05%

$312,650

$274,950

13.71%

Total

1270

973

30.52%

$379,950

$329,638

15.26%

Camano

27

43

-11.63%

$350,000

$326,980

7.04%

October 2016 Snohomish County Northwest Multiple Listing Service area zones

Residential and condos MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change 730

305

284

7.39%

$444,000

$377,975

17.47%

610

197

172

14.53%

$520,000

$480,000

8.33%

740

412

405

1.73%

$365,000

$329,950

10.62%

730

275

244

12.70%

$395,000

$378,000

4.50%

750

124

128

-3.13%

$322,475

$327,500

-1.53%

740

333

341

-2.35%

$350,000

$339,900

2.97%

760

198

149

32.89%

$330,432

$305,000

8.34%

750

150

95

57.89%

$368,850

$299,950

22.97%

770

237

221

7.24%

$312,000

$274,900

13.50%

760

193

147

31.29%

$350,000

$291,000

20.27%

Total

1515

1411

7.37%

$385,000

$343,000

12.24%

770

216

179

20.67%

$317,500

$279,000

13.80%

Camano

44

53

39.62%

$280,000

$305,000

-8.20%

Total

1364

1178

15.79%

$369,950

$342,475

8.02%

Camano

45

33

12.12%

$388,500

$375,000

3.60%

June 2016 Residential and condos

September 2016 Residential and condos

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

247

218

13.30%

$521,800

$457,000

14.18%

730

305

260

17.31%

$410,000

$389,740

5.20%

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

243

202

20.30%

$507,950

$458,530

10.78%

740

379

408

-7.11%

$372,000

$336,550

10.53%

730

306

240

27.50%

$415,975

$378,500

9.90%

750

122

128

-4.69%

$348,500

$314,841

10.69%

740

327

365

-10.41%

$355,000

$325,000

9.23%

760

193

150

28.67%

$319,950

$298,500

7.19%

750

133

113

17.70%

$353,000

$314,775

12.14%

770

247

210

17.62%

$305,000

$279,975

8.94%

760

147

170

-13.53%

$343,763

$292,495

17.53%

Total

1493

1374

8.66%

$372,150

$347,250

7.17%

770

275

200

37.50%

$314,950

$269,000

17.08%

Camano

56

52

23.08%

$334,497

$328,500

1.83%

Total

1431

1290

10.93%

$377,000

$333,375

13.09%

Camano

52

50

-4.00%

$357,475

$270,225

32.29%

May 2016 Residential and condos

August 2016 Residential and condos

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

198

228

-13.16%

$544,000

$503,440

8.06%

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

730

274

261

4.98%

$448,000

$375,000

19.47%

610

272

215

26.51%

$519,950

$469,900

10.65%

740

360

376

-4.26%

$390,000

$355,000

9.86%

730

329

289

13.84%

$406,000

$380,000

6.84%

750

124

120

3.33%

$374,000

$314,250

19.01%

740

373

416

-10.34%

$363,000

$340,000

6.76%

760

164

145

13.10%

$322,000

$315,247

2.14%

750

116

140

-17.14%

$384,237

$325,649

17.99%

770

266

185

43.78%

$318,000

$277,130

14.75%

760

180

163

10.43%

$326,075

$309,000

5.53%

Total

1386

1315

5.40%

$389,950

$350,000

11.41%

770

268

219

22.37%

$319,475

$280,000

14.10%

Camano

41

45

20.00%

$329,000

$278,350

18.20%

Total

1538

1442

6.66%

$380,000

$347,800

9.26%

Camano

55

44

52.27%

$340,000

$350,200

-2.91%

April 2016 Residential and condos

July 2016 Residential and condos MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

239

224

6.70%

14.57%

$519,000

$453,000

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

174

189

-7.94%

$496,250

$471,000

5.36%

730

237

266

-10.90%

$400,000

$377,500

5.96%

740

330

391

-15.60%

$356,000

$334,500

6.43%

10 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

REAL ESTATE 750

109

104

4.81%

$351,500

$301,750

16.49%

Total

848

740

14.59%

$327,500

$319,000

2.66%

760

151

118

27.97%

$306,000

$289,975

5.53%

Camano

19

25

76.00%

$329,000

$240,000

37.08%

770

212

204

3.92%

$294,000

$280,000

5.00%

Total

1213

1272

-4.64%

$357,000

$335,000

6.57%

January 2016

Camano

29

40

55.00%

$317,500

$263,500

20.49%

Residential and condos Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

March 2016

MLS Area

Residential and condos

610

117

128

-8.59%

$185

$218

3.05%

730

175

136

28.68%

$194

$206

24.81%

740

219

203

7.88%

$376

$378

11.36%

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

610

201

184

9.24%

$525,290

$454,925

15.47%

750

90

59

52.54%

$110

$93

19.28%

730

203

227

-10.57%

$381,000

$340,000

12.06%

760

85

65

30.77%

$164

$134

3.64%

740

333

294

13.27%

$350,000

$315,000

11.11%

770

125

95

31.58%

$220

$208

22.11%

750

93

89

4.49%

$338,000

$295,000

14.58%

Total

811

686

18.22%

$1,249

$1,237

11.59%

760

141

113

24.78%

$307,500

$297,000

3.54%

Camano

27

21

104.76%

$43

$37

21.26%

770

185

168

10.12%

$286,500

$266,250

7.61%

Total

1156

1075

7.53%

$365,000

$320,000

14.06%

December 2015

Camano

41

21

171.43%

$319,000

$249,000

28.11%

Residential and condos Sales 2015

Sales 2014

% change Median price Median price 2015 2014

% change

February 2016

MLS Area

Residential and condos

610

162

155

4.52%

$495,000

$475,000

4.21%

MLS Area

Sales 2016

Sales 2015

% change Median price Median price 2016 2015

% change

730

262

190

37.89%

$367,250

$335,538

9.45%

740

337

252

33.73%

$319,500

$306,694

4.18%

610

103

136

-24.26%

$499,950

$441,950

13.12%

750

113

90

25.56%

$309,000

$292,500

5.64%

730

155

138

12.32%

$376,000

$354,225

6.15%

760

118

94

25.53%

$324,475

$297,750

8.98%

740

261

208

25.48%

$320,000

$290,975

9.98%

770

197

139

41.73%

$280,000

$258,000

8.53%

750

82

70

17.14%

$290,500

$295,000

-1.53%

Total

1189

920

29.24%

$337,500

$318,250

6.05%

760

89

81

9.88%

$285,000

$278,000

2.52%

Camano

41

28

-3.57%

$310,000

$239,500

29.44%

770

158

107

47.66%

$279,975

$255,000

9.79%

Source: Northwest Multiple Listing Service

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BANKING

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 11

Bank of America tops county deposits

Institution

JIM DAVIS / HBJ

Bank of America leads banks in Snohomish County for total deposits. The North Carolina-based bank has 21 branches in the county, including the financial center at Hewitt and Colby avenues.

National banks hold top five spots when ranked by deposits; Coastal Community Bank heads list of community banks

By Jim Davis

The Herald Business Journal

Where does Snohomish County bank?

One way to measure that is to look at banking deposits.

The top five banks with the most deposits in the county are national banks headquartered in other states, according to the FDIC or Federal Deposit Insurance Corporation.

Top honors for the county is Bank of America, which has $2.37 billion in deposits in the county or 22 percent of the market share.

The North Carolina-headquartered chain has 21 offices in the county, accord-

ing to the FDIC. The numbers were tabulated by the FDIC on June 30.

JPMorgan Chase Bank, headquartered in Ohio, comes in second in the county with $1.5 billion in deposits or 14.39 percent deposit share.

Chase actually has the most offices in the county with 25.

Wells Fargo, based in South Dakota, comes in third with $1.4 billion in deposits or 13.25 percent. The bank has 20 offices in the county The community bank with the most deposits in the county is Coastal Community Bank, the Everett-headquartered bank which ranks eighth in the county with $501 million in deposits and 4.67 percent market share. It has 10 offices in

Snohomish Deposits Market Co. offices (millions) share

Bank of America

21

$2,367,094

22.05%

JPMorgan Chase Bank

25

$1,544,276

14.39%

Wells Fargo Bank

20

$1,421,100

13.24%

U.S. Bank

12

$668,378

6.23%

MUFG Union Bank

7

$548,695

5.11%

Opus Bank

10

$539,425

5.03%

KeyBank

17

$501,717 4.67%

Coastal Community Bank

10

$501,521

4.67%

Heritage Bank

12

$433,181

4.04%

Washington Federal

8

$396,784

3.70%

1st Security of Washington

4

$301,663

2.81%

Banner Bank

6

$178,432

1.66%

HomeStreet Bank

4

$172,561

1.61%

BBCN Bank

2

$160,919

1.50%

Mountain Pacific Bank

2

$155,554

1.45%

Pacific Crest Savings Bank

1

$153,528

1.43%

Columbia State Bank

5

$122,976

1.15%

The Bank of Washington

4

$118,354

1.10%

Peoples Bank

5

$105,843

0.99%

UniBank

1

$94,516 0.88%

Prime Pacific Bank

2

$79,197

0.74%

Umpqua Bank

2

$76,494

0.71%

Skagit Bank

1

$43,271

0.40%

Sound Community Bank

1

$38,539

0.36%

First Financial Northwest

1

$10,073

0.09%

Source: FDIC

the county.

Heritage Bank, headquartered in Olympia, comes in at ninth with $433 million in deposits or 4.04 percent market share. Heritage, which was formerly Whidbey Island bank, has 12 offices in the county.

The top bank in the county is the top bank in the state, according to the FDIC. Bank of America tops the list followed by Wells Fargo at No. 2, JPMorgan Chase Bank at No. 3, Ohio-headquartered U.S.

Bank and Ohio-based KeyBank.

In the state, King County has the most deposits with $76 billion or 53 percent of the state’s market share, according to the FDIC. Snohomish County ranks second with $10.7 billion in deposits or 7.5 percent of the state’s market share.

That’s ahead of Pierce and Spokane counties, with $10.3 billion and $6.8 billion respectively.

To learn more, go to www.fdic.gov.

12 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

1st Security Bank of Washington 6920 220th St. SW, Suite 300 Mountlake Terrace, WA 98043 Website: www.fsbwa.com CEO: Joseph Adams Bank of America 100 N Tryon St., Charlotte, NC 28202 Website: www.bankofamerica.com CEO: Brian T. Moynihan Bank of Hope 3200 Wilshire Blvd., Suite 1400 Website: www.bankofhope.com Los Angeles, CA 90010 CEO: Kevin S. Kim Bank of the Cascades 1100 NW Wall St., Bend,OR 97701 Website: www.botc.com CEO: Terry Zink Banner Bank 10 S. First Ave. Walla Walla, WA 99362 Website: www.bannerbank.com CEO: Mark J. Grescovich Coastal Community Bank 2817 Colby Ave., Everett, WA 98201 Website: www.coastalbank.com CEO: Eric Sprink

BANKING

Website: www.columbiabank.com CEO: Melanie J. Dressel First Financial Northwest Bank 201 Wells Ave. S, Renton,WA 98057 Website: www.ffnwb.com CEO: Joseph W. Kiley III

MUFG Union Bank 400 California St. San Francisco, CA 94104 Website: www.unionbank.com CEO: Stephen Cummings

Heritage Bank 201 Fifth Ave., SW Olympia,WA 98501 Website: www.heritagebanknw.com CEO: Brian Vance

Opus Bank 19900 Macarthur Blvd., 12th Floor Irvine, CA 92612 Website: www.opusbank.com CEO: Stephen H. Gordon

HomeStreet Bank 601 Union St., Suite 2000 Seattle, WA 98101 Website: www.homestreet.com CEO: Mark Mason

Pacific Crest Savings Bank 3500 188th St., SW, Suite 575 Lynnwood, WA 98037 Website: www.paccrest.com CEO: Sheryl Nilson

JPMorgan Chase Bank 1111 Polaris Parkway Columbus, OH 43240 Website: www.jpmorganchase.com CEO: James Dimon

Peoples Bank 3100 Woburn St., Bellingham, WA 98226 Website: www.peoplesbank-wa.com CEO: Charles LeCocq

KeyBank National Association 127 Public Square Cleveland, OH 44114 Website: www.key.com CEO: Beth Mooney Mountain Pacific Bank 3732 Broadway Everett, WA 98201 Website: www.mountainpacificbank.com

Columbia State Bank 1301 A St. Tacoma, WA 98402

CEO: Mark Duffy

Skagit Bank 301 East Fairhaven Avenue Burlington, WA 98233 Website: www.skagitbank.com CEO: Cheryl R. Bishop Sound Community Bank 2001 Fifth Ave. Seattle, WA 98121 Website: www.soundcb.com CEO: Laura Lee Stewart

The Bank of Washington 5901 196th S. W. Lynnwood, WA 98036 Website: www.the-bank.com CEO: Marty Steele U.S. Bank 425 Walnut Street Cincinnati, OH 45202 Website: www.usbank.com CEO: Richard K. Davis Umpqua Bank 445 S.E. Main Street Roseburg, OR 97470 Website: www.umpquabank.com CEO: Raymond P. Davis UniBank 19315 Highway 99 Lynnwood,WA 98036 Website: www.unibankusa.com CEO: Daniel C. Lee Washington Federal 425 Pike St.,Seattle, WA 98101 Website: www.washingtonfederal.com CEO: Roy M. Whitehead Wells Fargo Bank 101 N. Phillips Ave. Sioux Falls, SD 57104 Website: www.wellsfargo.com CEO: Timothy J. Sloan Source: FDIC

THANK YOU to the Snohomish County community for supporting our efforts to build a worldclass Washington State University campus in North Puget Sound. The journey to this point has taken this community more than 40 years and we’re proud that you chose WSU as your partner. We promise to continue building programs targeted to the business needs of this region.

WSU’s newest programs in Everett - Software Engineering and Data Analytics will support the success of our students and this community.

Go Cougs!

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THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 13

North Puget Sound at Everett

Chancellor Paul Pitre presents 2016 graduate Sapphire Chan with her degree in Integrated Strategic Communication

Now you can earn your degree in Software Engineering or Data Analytics from Washington State University in Everett Learn more about transfer-degree programs available from WSU North Puget Sound at Everett at everett.wsu.edu.

1744988

14 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

YEAR IN REVIEW

2016: Newsy business year in Everett Everett sees major changes with companies moving, expanding in town

By Jim Davis

The Herald Business Journal

By any measure, 2016 proved to be a newsy year for business in Snohomish County — and especially for Everett.

A Fortune 500 company landed in Everett. Boeing finished its advanced composite alloy wing plant at Paine Field.

Phenomally successful toys and collectibles maker Funko decided to bring its headquarters and sure-to-be tourist attraction to downtown Everett.

But what is to come overshadows what is and what was. Any election that ushers in a new president bears watching. None more so than the election of Donald J. Trump to the White House.

Trump rode an anti-free-trade message to the nation’s highest office.

That raises all sorts of questions about the impact of a Trump administration for heavily trade-dependent Snohomish County.

1. The president of the United States Nobody knows what President Trump means for the Pacific Northwest, let alone for Snohomish County.

Here are some guesses. The Trans-Pacific Partnership is probably dead. Boeing’s deal to sell $16.6 billion of planes to Iran likely faces turbulence.

And if you own a pot shop, there are concerns about Trump’s pick for attorney general, Alabama Sen. Jeff Sessions, who has been quoted as saying, “Good people don’t smoke pot.”

In the days and weeks following the election, President-elect Trump dominated the news cycle.

In just one week in December, Trump landed in a spat with China, one of America’s biggest trade partners, when he broke 40 years of diplomatic protocol by speaking by phone with Taiwan President Tsai Ing-wen.

He proposed a 35 percent tariff on goods from companies that leave the U.S. And he called on the U.S. government to dump its contract with Boeing for a new pair of planes to serve as Air Force One. Trump takes the oath of office on Jan. 20.

2. Wing factory takes flight Boeing opened its $1 billion, 1.3 million-square-foot Composite Wing Center in May at Paine Field in Everett.

The center is key to the 777X program because it will be where the jetliner’s innovative carbon-fiber composite wings

FILE PHOTO

Republican candidate Donald Trump, who would go on to win the presidential election, shakes hands as he arrives at a campaign rally at Xfinity Arena in Everett in August.

50 employees, it’s the first Fortune 500 company to put a headquarters in Everett.

4. Funko expands into downtown Everett

FILE PHOTO

Crews walk the autoclave at the 777X Composite Wing Center at Paine Field in Everett.

are manufactured.

The center features an autoclave — essentially a giant pressure oven used to cook and harden the carbon-fiber wing.

It also puts Everett on the map in the forefront carbon-fiber composites, a material that is being used more and more in manufacturing around the world.

3. Fortive launches in Everett Fortive opened its global corporate

headquarters at the Fluke campus in Everett, instantly becoming one of the state’s largest companies.

Fortive separated from Danaher Corp.

It’s a holding company of about 25 businesses that make a range of industrial products.

The companies under the Fortive umbrella had total revenues of about $6.2 billion in 2015, big enough to earn the overall company a spot on Fortune 500’s annual list of largest U.S. corporations.

While the company only added about

Funko has seen explosive growth.

The toys and collectibles maker went from $40 million in revenue in 2014 to an expected $400 million in revenue in 2016.

The company’s popular Pop! line — cute, cartoony, oversized-head pop culture vinyl figures of Batman, Wolverine, Darth Vader and other characters — line the shelves of every Target, Walmart and comic book store around the world.

In December, the company announced plans to move its headquarters to downtown Everett, bringing scores of employees, mainly in art, sales, marketing, finance and IT. The company is leasing the five-story former Trinity Lutheran College building at Wetmore Avenue and California Street.

The company plans to make its HQ a tourist destination with a flagship retail store, a place for fans to visit on the ground floor and cartoony Funko-style decorations on the exterior of the building.

5. Boeing’s after-market push Boeing created a new division called Boeing Global Services to greatly expand its after-market services, such as selling spare parts, modifying in-service airplanes

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 15

YEAR IN REVIEW and maintenance support for airlines.

The company’s other two major business units are Boeing Commercial Airplanes and Boeing Defense, Space & Security.

The new division, based in Dallas, will employ about 20,000 of the company’s roughly 153,000 employees.

Most of the workers will stay where they’re currently based. Boeing named Stanley Deal as the head of the new division.

Boeing aims to triple its revenue for aftermarket services in the next five to 10 years.

Boeing hopes to find new revenue sources because new-airplane sales are expected to stay flat for several years.

6. Everett grows out If Everett is to undergo a renaissance, people will need to live in and around downtown.

Thanks to two major projects, that will likely happen.

Polygon Northwest started work on the first homes of 425 planned in the Riverfront area, a new neighborhood of houses and condos planned next to the Snohomish River. The first homeowners were moving into the development in December.

Polygon is also obligated to the city to build at least 400,000-square-feet of commercial property on the land.

Then, the Port of Everett moved forward with a plan to add housing and eventually shops and restaurants to the central waterfront area on Port Gardner.

Mercer Island developer American Classic Homes was picked to build two buildings — with 254 apartments — in the first phase of the project.

The apartments are expected to be ready by 2019.

In all, the Port hopes to bring 660 homes to what is called the Waterfront Place project as well as 15 public gathering places, 10 restaurants and 662,000 square feet for businesses, shops and marine sales and services.

Those projects, along with projects from previous years, such as the Aero Apartments, are making downtown Everett a place not only to work and shop but to live.

Top: A Funko employee walks past jumbo figures of Star Lord, from left, C-3PO and Ant-Man. The Everett company announced plans in 2016 to move its headquarters to downtown Everett. Left: A construction worker builds a fence in the Riverfront property near the Snohomish River in Everett.

Bottom: Fortive CEO Jim Lico signs and adds a selfie to a banner on the first day the company opened its headquarters in Everett.

FILE PHOTOS

The one bright spot is that 55 barges had called on the port through mid-November, almost matching last year’s total.

And port officials said although the total number of ships is down, each ship has been hauling more cargo.

Two of the most visible projects are seven- and eight-story apartment buildings within view of I-5.

Those two apartment buildings alone will add more than 650 apartments to what is envisioned as the city’s future downtown near the Lynnwood Convention Center.

And more construction is expected to head Lynnwood’s way once light rail reaches the community in just six years.

7. Light rail headed north The train will be late, but it will come.

Voters in Snohomish, King and Pierce counties approved a $54 billion expansion of light rail in the Puget Sound area.

To pay for the expansion, voters agreed to increase sales and property taxes and vehicle license fees.

The expansion is scheduled to bring light rail to Everett via the Paine Field industrial area by 2036.

If completed on time, Sound Transit will run trains capable of holding 800 passengers every six minutes between Everett and Seattle.

The trip would take an hour.

Light rail will actually reach the county sooner. An expansion to Lynnwood is expected to be finished by 2023.

9. Port of Everett squeeze 8. Lynnwood grows up In the next four years, Lynnwood expects to see $1 billion in new construction.

Projects include both public — new schools and an expansion of Edmonds Community College — and private, including some major apartment complexes.

By mid-November, 77 ships had called on the Port of Everett. That’s just more than half of the ships that called on the port in 2015.

Port officials blame lower oil prices, a weaker Chinese economy and trade sanctions with Russia. There was also a dramatic drop in cargo for oil projects in Alaska and Canada.

“We took a big beating on that one,” said one port official.

10. CEO caught in flap over Mukilteo mosque Electroimpact CEO Peter Zieve apologized this year after he mailed an anonymous postcard to residents in Mukilteo as part of a campaign to oppose a local mosque.

Electroimpact is a prominent maker of automated machines for jet assembly.

The Boeing Co. is one of its biggest customers.

Zieve first sent out an email warning people to “understand the danger” of the mosque opening in Mukilteo. Then sent out postcards that included a mukilteostaysafe@gmail.com address.

Once it was pieced together who was behind the postcards, Zieve pointed to an attack in San Bernadino, California, as a reason to oppose the mosque.

Civil rights groups called on Zieve to apologize, and the Islamic Center of Mukilteo called on aerospace companies to boycott Electroimpact.

In the end, Zieve backed down: “The correct route is to apologize,” Zieve said.

16 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

MILITARY NEWS

Naval Station Everett returns to full power Sailors stand along the rails on the USS Gridley as the ship arrives at Pier 66 in Seattle for Seafair Fleet Week last summer. A Seattle fire boat is spraying water to welcome the ships.

FILE PHOTO

By Jim Davis

The Herald Business Journal

EVERETT — Naval Station Everett hasn’t been a ghost town.

But it hasn’t been exactly packed to capacity either.

The naval station, long one of Snohomish County’s biggest employers, has been in transition for the

past few years.

The base’s biggest vessel, the USS Nimitz, a carrier with 3,000 sailors and personnel, has been undergoing scheduled maintenance since 2015 at the Puget Sound Naval Shipyard in Bremerton.

And three Oliver Hazard Perry-class frigates that used to be based in Everett — the USS Ford,

USS Ingraham and USS Rodney M. Davis — have been decommissioned.

The Ford was decommissioned in 2013 and the Davis and Ingraham both in 2015.

Each of those ships had about 200 sailors aboard.

The Nimitz was originally scheduled to return to Everett this year, but the carrier has been delayed until at least 2019.

But the Navy is homeporting four newer, more technologically advanced destroyers in Everett.

The USS Gridley arrived in July, the USS Sampson in September and the USS Kidd arrived in November.

The final new destroyer, USS Ralph Johnson, is scheduled to arrive sometime in 2017.

It has been under construction at Huntington Ingalls Industries in Pascagoula, Mississippi, last year.

Those four destroyers will join two destroyers that had already been stationed in Everett, the USS Momsen and the USS Shoup.

All of the destroyers are Arleigh Burke-class guided missile destroyers.

After all the ships arrive, Naval Station Everett will have the carrier, six destroyers and two Coast Guard vessels, said Naval Station Everett public affairs officer Kristin Ching.

This full complement of ships would bring the approximate number of Naval Station Everett’s active duty military, reservists and federal civilian personnel to an estimated 7,000.

The base is also working on a 20-year development plan, which includes constructing new barracks for unaccompanied sailors, and also improving ship maintenance and waterfront facilities.

The base produces $318 million in activity per year, according to Gov. Jay Inslee’s office.

The arrival of the four destroyers will amount to an additional $43 million in salaries alone coming into the region.

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THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 17

SNOHOMISH COUNTY POPULATION, 2006-2016 Municipality

2016

2015

2014

2013

2012

2011

2010

2010

2009

2008

2007

2006

Snohomish County

772,860

757,600

741,000

730,500

722,900

717,000

713,335

713,335

705,894

699,330

689,314

676,126

338,995

330,260

320,335

312,500

308,445

304,435

302,292

302,292

329,476

326,382

321,055

320,132

Unincorporated

433,865

427,340

420,665

418,000

414,455

412,565

411,043

411,043

376,418

372,948

368,259

355,994

Arlington

Incorporated

18,620

18,490

18,360

18,270

17,970

17,930

17,926

17,926

17,711

17,527

17,094

15,693

Bothell (part)

17,390

17,230

17,020

17,020

16,720

16,570

16,415

16,415

16,290

16,009

15,723

15,413

Brier

6,555

6,500

6,345

6,315

6,155

6,100

6,087

6,087

6,126

6,163

6,202

6,240

Darrington

1,350

1,350

1,350

1,350

1,345

1,345

1,347

1,347

1,365

1,371

1,380

1,379

Edmonds

40,900

40,490

39,950

39,950

39,800

39,800

39,709

39,709

39,846

39,828

39,758

39,680

Everett

108,300

105,800

104,900

104,200

103,300

103,100

103,019

103,019

102,520

101,413

100,980

100,411

Gold Bar

2,125

2,115

2,085

2,080

2,060

2,060

2,075

2,075

2,061

2,134

2,109

2,073

Granite Falls

3,395

3,390

3,390

3,385

3,380

3,370

3,364

3,364

3,359

3,274

3,186

3,094

Index

165

160

180

180

180

180

178

178

166

165

166

163

Lake Stevens

30,900

29,900

29,170

28,960

28,510

28,210

28,069

28,069

15,483

15,233

13,996

9,873

Lynnwood

36,590

36,420

36,030

35,960

35,900

35,860

35,836

35,836

35,430

35,411

35,279

35,062

Marysville

64,940

64,140

62,600

62,100

61,360

60,660

60,020

60,020

39,628

39,019

37,875

33,821

Mill Creek

19,900

19,760

18,780

18,600

18,450

18,370

18,244

18,244

18,036

17,526

17,442

17,325

Monroe

18,120

17,620

17,660

17,510

17,390

17,330

17,304

17,304

17,272

17,038

16,701

16,526

Mountlake Terrace

21,090

21,090

20,530

20,160

20,090

19,990

19,909

19,909

20,009

20,084

20,082

19,757

Mukilteo

21,070

20,900

20,540

20,440

20,360

20,310

20,254

20,254

20,210

20,161

20,049

19,702

Snohomish

9,625

9,385

9,270

9,220

9,215

9,200

9,098

9,098

8,926

8,841

8,829

8,812

Stanwood

6,635

6,585

6,530

6,340

6,300

6,220

6,231

6,231

6,073

5,885

5,593

5,287

Sultan

4,860

4,680

4,665

4,660

4,660

4,655

4,651

4,651

4,624

4,600

4,564

4,455

Woodway

1,335

1,335

1,310

1,300

1,310

1,305

1,307

1,307

1,283

1,266

1,251

1,228

Source: Office of Financial Management

100% Women Owned Full Service Furniture Dealership Washington OMWBE W2F0023997

Office | School | Healthcare Government | Nonprofit

Design, Project Management, Installation

Our experienced team is known for a high level of service and attention to detail. With carefully selected lines of commercial furnishings, we can meet any aesthetic and budget.

THE PEKING ACROBATS Wednesday, January 25, 2017 7:30 pm | Tickets $24–$49

The Peking Acrobats perform daring maneuvers atop a precarious pagoda of chairs; are experts at trick-cycling, precision tumbling, somersaulting, and gymnastics; and defy gravity with amazing displays of contortion, flexibility, and control. Masters of agility and grace, they push the envelope of human possibility.

JESSE COOK

Friday, January 27, 2017 7:30 pm | Tickets $24–$59 Jesse Cook is a Canadian guitarist, composer and producer. Widely considered one of the most influential figures in “nuevo flamenco” music, he incorporates elements of flamenco, rumba, jazz, and many forms of world music into his work.

ECA SPECIAL ENGAGEMENT:

NATURALLY 7

Sunday, February 15, 2017 7:30 pm | Tickets $24–$59 This 7-man crew is more than just your average singing group. Its members have perfected an intriguing a cappella style they’ve branded as “Vocal Play” — singing as instruments.

Naturally 7 not only sings but also creates every backing instrument heard on its songs.

18521 76th Ave W, Suite 104, Edmonds, WA 98026 1765232

www.re-juiced.com | (425) 673-2670

ec4arts.org | 425.275.9595 410FOURTHAVENUENORTH EDMONDSWA98020

1765203

18 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

EVENTS.

You’re invited …

STATE OF EVERETT PRESENTED BY EVERETT COMMUNITY COLLEGE & WSU NORTH PUGET SOUND Edward D. Hansen Conference Center 7:30 - 9:00 a.m.

This photo of Everett is courtesy of TripAdvisor

January 2017

18th State of Everett Presented by Everett Community College & WSU North

Puget Sound at Everett @ Ed D. Hansen Conference Center, 7:30 – 9:00 a.m.

February 2017

23rd Economic Forecast - Presented by Banner Bank @ Embassy Suites, Lynnwood, 7:30 – 9:00 a.m.

March 2017

28th Snohomish County Update @ XFINITY Arena, 11:30a.m. – 1:00 p.m.

April 2017

13th State of the Station @ Naval Station Everett, 12:00 - 1:30 p.m.

May 2017

TBD EASC’s Annual Meeting - Presented by Frontier Communications @ Tulalip Resort Casino, 11:30 a.m. - 1:30 p.m.

July 2017

13th

Port Report & Summer Cruise @ Port of Everett, 4:30 - 7:30 p.m.

August 2017

17th

EASC’s Annual Summer Networking @ Future of Flight, 4:00 - 7:00 p.m.

October 2017

TBD

Public Officials Reception @ Courtyard Marriott, 4:30 - 6:30 p.m.

TBD

North Puget Sound Small Business Summit @ TBD, 8:00 a.m. - 3:00 p.m.

• ADVOCATE • DEVELOP • CONNECT •

• ADVOCATE • • DEVELOP • • CONNECT •

economicalliancesc.org

1748494

November 2017

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 19

AEROSPACE

Listing of Snohomish County aerospace suppliers A&B Quality Finishers, Inc.

Consulting and Design

Machining

Cascade Precision Inc.

Manufacturing-finishing

8928 Vernon Road, Everett

2919 Pine St., Everett

Machining

5712 207th Ave. SE, Snohomish

425-377-9525

425-787-9968

10809 47th Ave. W, Mukilteo

425-742-7665

Aerospace Machining Specialists (Division of ASCO)

www.bccustommfg.com/home

425-742-0888

Repair of various aircraft components

B/E Aerospace (FSI)

http://caspre.com/index.shtml

20325 71st Ave NE, No. C, Arlington

Structures and integration; oxygen and PSU systems

Cayley Aerospace Inc.

360-474-0175

11404 Commando Road, Everett

http://askogroup.com

360-657-5197

18830 38th Ave., Lynnwood

Aerospace Manufacturing Technologies (Senior plc)

www.beaerospace.com

Machining and assemblies 20100 71st Ave W, Arlington

Military and commercial aerospace electronics and avionics

360-435-1119

11400 Airport Road, Everett

www.amtnw.com

425-339-0281

Aircraft Maintenance and Support (Division of LRT Inc.)

www.ballardtech.com

Maintenance-accessories and components parts supplier

Finishing and surface treatment

A.E. Petsche Wiring-supplies 2525 W. Casino Road, Everett 425-227-6047 www.aepetsche.com Absolute Manufacturing, Inc. (Senior plc) Machining 6914 204th St. NE, Arlington 360-435-1116 Accurate Machining and Fabricating Machining 12128 Cyrus Way, B100, Mukilteo 425-745-0227 www.accurate-machining.com ACRO Machining, Inc. Machining 3817 168th St. NE, Arlington 360-653-1492 http://acromachining.com Action Grinding and Machining Corp.

Machining 17611 OK Mill Road, Snohomish 425-742-3917 www.agmco.net Advanced Integration Technology (AIT) Engineering 22745 29th Drive SE, Suite 220, Bothell 425-398-7329 www.aint.com Advanced Prototype Technologies Prototyping 4208 Russell Road,Units K, L, M, Mukilteo 425-315-8605 http://aptiprotos.com Aero Mac, Inc. Machining

15712 Mill Creek Blvd. No. 1, Mill Creek 425-742-0333 www.lrt-inc.com Apache Aerospace Machining tools 9700 Harbour Place, Ste. No. 223, Mukilteo 425-349-5800 www.apacheaerospace.com Applied Aerosystems Surface treatment-paint 10727 47th Pl W, Mukilteo 425-876-7615 http://appliedaerosystems.com/ Applied Finishing, Inc. Finishing 4216 Russell Road, Mukilteo 425-513-2505 http://afipainting.com/ Aritex Aerospace interior parts 3500 188 St SW, Ste. 300, Everett 425-922-3819

4602 Chennault Beach Road, No. 1, Mukilteo

www.aritex-es.com

425-348-4140

Finishing

http://aeromacinc.com

www.askogroup.com

AeroAcoustics, Inc.

Aviation (Cunningham) Aircraft Covers, Inc.

GA aircraft aftermarket parts

Aircraft covers

9802 29th Ave W, Hanger B104, Everett

19018 59th Drive NE, Arlington

425-438-0215

360-435-0342 / 206-890-1103

www.aeroacoustics.com

www.aviationcovers.com

Aeroform Company

Aviation Instrument Service Int’l, Inc.

Sheet Metal and Welding

Avionics repair and installation

15008 Smokey Point Blvd., Unit E, Marysville

8223 44th Ave W., Suite A, Mukilteo

360-659-4044

425-347-7677

www.aeroforminc.com/index.html

www.aviationinstrument.com

AeroMech Incorporated

Aviation Technical Services (ATS)

RSVM Certification

Maintenance, repair, overhaul-fixed xing

1616 Hewitt Ave, Suite 312, Everett

3100 112th St. SW, Paine Field, Everett

425-252-3236

425-423-3016

www.aeromechinc.com

www.atsmro.aero

Aeronautical Testing Service

Avtech/Tyee

Aircraft design, certification and testing

Electronic systems

18820 59th Drive NE, Arlington 360-435-8859

ASKO Group

Ballard Technology, Inc. (Astronics)

Blue Streak Finishers 1520 80th St. SW No. A, Everett

Engineering and technical services 425-710-9701 www.cayleyaerospace.com Coastal Manufacturing, Inc. Sheet metal fabricated components and assemblies 6700 Hardeson Road, Everett 425-407-0624 www.coastal-mfg.com Cobalt Enterprises, Inc. Machining and assemblies

425-347-1944

10917 Mountain Loop Highway, Granite Falls

www.bluestreak-finishers.com

360-691-2298

BMG Industries

www.cobaltent.com

Machining

Color Tech (ASKO Group)

19111 61st Ave. NE No. 2, Arlington

Finishing

(360) 435-3928

6304 215th St SW, Mountlake Terrace

Boeing Commercial Airplanes

206-634-2089

Manufacturing-structures

www.askogroup.com/companies/colortech/ default.htm

3003 W Casino Road, Everett www.boeing.com

Commet Precision Products

Boundary Layer Research, Inc.

Machining

Aftermarket aircraft performance modifications-fixed wing and rotary

15328 Highway 530 NE, Arlington 360-403-7800

9730 29th Ave. W C-106, Everett

Component Products Corporation

425) 353-6591

Machining

www.blraerospace.com/

11623 Cyrus Way, Mukilteo

Bridgeways

425-355-6800

Contract manufacturing

www.cpc-web.com

1220 75th St. SW, Everett

Composites One

425-513-8213

Composites distribution

https://bridgeways.org

19105 63rd Ave. NE, Arlington

Bucher Aerospace Corp.

800-283-0809

Interior components

www.compositesone.com

1310 Industry St., Suite 100, Everett

Compotool

425-355-2202

Tooling

www.bucher-group.com

14582 172nd Drive SE, Suite 7, Monroe

Cadence/Giddens Industries

425-418-0628

Machining

www.compotool.com

2600 94th St. SW, Suite 150, Everett

Covlet Machine and Design Inc.

425-353-0405

Machining

www.giddens.com

13115 41st Ave NE, Marysville

Can-Am Aerospace

360-658-1977

Avionics repair and installation

Craig Craft Powder Coating

3101 111th St. SW, Everett

Finishing

877-523-2945

11324 Mukilteo Speedway No. 7, Mukilteo

www.canamaero.ca

425-743-4393

Cannon Aircraft Interiors

http://powdercoatinginc.com/

Interiors and Completion

Crane Aerospace-Eldec Corp.

10108 32nd Ave. W, Bldg. C3 Bay 4, Everett

Manufacturing-Systems, Components and Ancillary Equipment

425-348-6924 www.cannonaircraftinteriors.com

16700 13th Ave W

Cascade Aviation Services

PO Box 97027, Lynnwood 425-743-8291

6500 Merrill Creek Parkway, Everett

Interiors, reconfigurations, and structures-engineering and fabrication

www.craneaerospace.com

425-622-8664

9800 Harbor Place, Suite 205, Mukilteo

Crown Aviation

www.aerotestsvc.com

www.avtechtyee.com

425-493-1708

10300 28th Ave W., Bldg. C11, Everett

Aerospace Consulting

B&C Manufacturing (Advanced Designs)

www.cascade-aviation.com

425-355-4088

20 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

AEROSPACE www.crownaviation.com

Engines

www.quietlysuperior.com

www.liebherr.com

D3 Technologies (LMI Aerospace)

6500 Harbour Pointe Heights, Mukilteo

K&T Machine, Inc.

LMI Aerospace

Consulting and Design

509-248-5000 or 425-245 0500

Machining

Composite parts and assemblies; testing

8223 44th Ave. W, Suite G, Mukilteo

www.geaviation.com/

12315 Mukilteo Parkway, Lynnwood

1910 Merrill Creek Parkway, Everett

425-355-4903

General Aero

425-347-2157

425-293-0304

www.d3tech.com

Interior parts

Kaas Tailored

www.lmiaerospace.com/

Damar Aerosystems (Senior plc)

3500 188 St SW, Lynnwood

Custom upholstery

Lord Corporation

Machining and assemblies

425-673-7515

13000 Beverly Park Road, Mukilteo

Composites

14767 172nd Dr. SE, Monroe

www.general-aero.com/

425-743-1886

1230 233rd Place SW, Bothell

360-794-4448

Givon USA

www.kaastailored.com

425-488-3292

www.damaraerosystems.com

Machining and assemblies

Kaman Engineering Services

www.lord.com

Diehl Aerospace

2300 Merrill Creek Pkwy, Ste 300, Everett

Contract engineering

Lytle Machine

Interior lighting

425-355-3330

Machining

11002 29th Ave W, Suite C, Everett

www.hrgivon.com

10108 32nd Ave W. Bldg. C-3, Ste. M, Everett

425-353-8080

Glasair Aviation

425-367-4477

425-290-3538

www.diehl.com/en/diehl-aerosystems.html

Kit planes plus Merlin sport aircraft

Diversified Industrial Services

18810 59th Ave. NE, Arlington

Sheltered Workshops

360-435-8533

13008 Beverly Park Road, Mukilteo

www.glasairaviation.com

425-355-1253

Global Machine Works, Inc.

www.godiversified.com

Machining

Eaton Aerospace

19130 59th Dr. NE, Arlington

Avionics

360-403-8432

6500 Harbour Heights Pkwy, Mukilteo

www.globalmachineworks.com

425-349-5281

H&H Machine

www.eaton.com

Machining

EDJ Precision Machine, Inc.

22824 85th Place W, Edmonds

Machining

425-776-1994

13317 Ash Way, B-1, Everett

Honeycutt Manufacturing, Inc.

425-745-3937

Machining

www.edjprecision.com

12402 Evergreen Drive, Mukilteo

Electroimpact

425-745-1775

Tooling

www.honeycutt-mfg.com/

4604 107th St. SW, Mukilteo

Honeywell

425-348-8090

Systems, Components and Ancillary Equipment

www.electroimpact.com Element Testing services 2200 222nd St SE, Bothell 425-964-2715 www.element.com Esterline Control Systems Electronics 11910 Beverly Park Road, Everett 425-297-9700

3215 97th Pl SW, Bldg. 78-Suite A, Everett 877-841-2840 www.honeywell.com/ Horizon Manufacturing Industries Machining 11417 Cyrus Way No. 1, Mukilteo 425-493-1220 www.horizonman.com/ ID Integration, Inc.

www.esterline.com/controlsystems/KORRY/ KORRYHome/tabid/2394/Default.aspx

Inventory management/tracking systems

Excell Aerofab

425-438-2533

Machining

www.id-integration.com

19222 62nd Ave. NE, Arlington

IDL Precision Machining

360-403-8994

Machining

http://excellaerofab.com/ (under construction)

11600 49th Pl. W, B, Mukilteo

Exotic Tool Welding

http://idlprecision.com/

Precision welding, brazing, and light fabrication 2909 Seaway Blvd., Suite B, Everett 425) 353-3040 www.exotictoolwelding.com Fokker Aerostructures 12121 Harbour Reach Dr., Mukilteo 206-384 5644 www.fokkeraerostructures.com G&M Manufacturing Machining 19009 61st Ave. NE, Arlington 360-435-5966 www.gandm.com/index.html GE Aviation

13024 Beverly Park Road No. 104, Mukilteo

425-315-8080

www.kaman.com/ Kaman Fluid Power Hydraulics 2303 Pacific Ave. Suite 200, Everett 425-252-0974 www.kamanfluidpower.com/ Keltia Design Inc. Training, Recruiting and Design 16824 44th Ave. W, Suite 240-H, Lynnwood 206-734-4658 http://keltia-design.com/ King Machine, Inc. Machining 11710 Cyrus Way, Mukilteo 425-743-5464 www.kingmach.com/ Kitplane Northwest Kit airplane manufacturer, aircraft service and maintenance 17415 51st Ave. NE, Arlington 360-403-0679 www.kitplanesnorthwest.com Koch Machine and Tool Machining 19010 66th Ave. NE, Arlington 360-474-8017 www.kochmachinetool.com/ Labinal Inc. Electrical harnesses 2300 Merrill Creek Parkway, Suite 100, Everett 425-438-1378 www.labinal-power.com LaFarge and Egge, Inc. Sheet Metal and Welding 5820 188th St SW, Lynnwood 425-778-4123 www.lafargeinc.com Lamar Technologies Corp.

Infinity Fabrication, Inc.

Voltage regulators for general aviation engines

Machining

14900 40th Ave. NE, Marysville

19225 62nd Ave NE, Arlington

360-651-6666

360-435-7460

www.lamartech.com

www.infinityfabrication.com/

Laz Tool and Manufacturing, Inc.

Innovative Technologies, Inc.

Tooling

Rubber, plastic, urethane parts

14816 Roosevelt Road, Snohomish

3318 Hill Ave., Everett

360-568-5749

425-258-4773

www.laztool.com

www.innovativetechnologies.biz

Liebherr-Aerospace SAS

JR Engineering

Manufacturing-Systems, Components and Ancillary Equipment

Acoustical engineering 1902 120th Pl. SE No. 202, Everett 425-337-9472

7327 Olympic Drive, Everett MDI Manufacturing Design IncMachining 4420 Russell Road, Mukilteo 425-356-2648 http://mfgandesign.com/501.html Messier Dowty-Bugatti Landing gear 7501 Hardeson, Everett 425-438 1378 www.safranmbd.com/ Metal Motion Machining 19003 59th Dr. NE, Arlington 360-403-7330 www.metalmotion.com Metal Tech, Inc. Finishing 14792 172nd Dr. SE, Monroe 360-794-1945 www.mtmw.com/ MOOG Aircraft Group Manufacturing-Systems, Components and Ancillary Equipment 808 134th Ave. SW, Ste. 213, Everett 425-787-8673 www.moog.com Morgan Aero Products Hoists; Oxygen systems service 1450 80th St. SW,Everett 425-438-9600 www.morganaero.com MTM Robotics Tooling 11323 Commando Road W, No. 103, Everett 425-438-8127 http://mobiletoolmanagement.com/ MTORRES America/ Pacifica Engineering Tooling design and fabrication 21520 30th Drive SE, Ste 210, Bothell 425-984-2700 www.pacifica-engineering.com New Tech Industries, Inc. Consulting and Design 7911 44th Ave W, Mukilteo 425-778-1200 www.newtechind.com Newell Corporation Machining 6922 204th St. NE PO Box 477, Arlington

906 SE Everett Mall Way, Ste 404, Everett

360-435-8955

425-348-9070

www.newellcorp.com Nova-Tech Engineering

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 21

AEROSPACE Tooling Design

425-513-6789

Composite parts and assemblies

20818 44th Ave. W, Lynnwood

www.precisionfuel.com

18660 58th Ave. NE, Arlington

425-245-7000

Primus International (Accra)

360-435-6455

www.ntew.com/

Machining and assemblies

www.stoddardintl.com

Novator

17703 15th Ave, SE, Bothell

Structural Integrity Engineering, Inc.

Aerospace Tools

425) 424-1000

Consulting and Design

2210 Hewitt Ave., Suite 300, Everett

www.primusint.com/

909 SE Everett Mall Way, Everett

425-248-4225

Primus International (University Swaging)

425-710-7646

www.novator.eu

Tube swaging

www.sieinc.com

Omega Precision

6525 240th St. SW, Bldg A, Woodinville

T N T Enterprises

Manufacturing of electro-mechanical and hydro-mechanical devices.

425-318-4500

Sheet Metal and Welding

7929 44th Ave. W, Mukilteo

www.primusint.com/

17121 Third Ave. SE, Mill Creek

Procam Machine, Inc.

425-742-8210

Machining

www.tntsheetmetal.com

Onamac Industries

18421 Bothell Everett Hwy No. 150, Mill Creek

Talon Manufacturing

Machining and assemblies

425-485-9889

6300 Merrill Creek Parkway, Everett

www.procammachine.com

17617 49th Place NE, Hangar D, Arlington

425-743-6676

Production Plating, Inc.

www.onamac.com/home

Plating and powder coating services

PAC-Aero, Inc.

4412 Russell Road, Mukilteo

Other aircraft parts and auxiliary equipment manufacturing

Machining

425-347-4635

7501 Hardeson Road, Everett

2720 34th St., Everett

www.productionplating.com/home-2.html

425-438-1378

425-258-2741

RBM Machining

www.technofan.fr/societe/?lang=en

http://pacaero.com/

Machining

TECT Aerospace

Panasonic Avionics

12108 Mukilteo Speedway No. B4, Mukilteo

Machining and assemblies

In-flight entertainment systems

425-743-5373

11002 29th Ave W, Everett

3303 Monte Villa Parkway, Bothell

www.rbmmachine.com/

425-353-8080

425-415-9053

RG Machine

www.tectaero.com

www.panasonic.aero/Default.aspx

Machining

Terry’s Machine and Manufacturing

Paragon Manufacturing

2100 196th St. SW. Suite No. 102, Lynnwood

Machining

Wire Harness

425-775-7009

1102 Shuksan Way, Everett

2615 W. Casino Road, Everett

www.rgmachine.com/

425-315-8866

425-438-0800

Rockwell Collins

http://terrysmachine.com

www.paragonmfgcorp.com/

Avionics

Para-Phernalia Inc.

3350 Monte Villa Parkway, Ste 200, Bothell

Triumph Aviation Services – NAAS Division Inc.

Parachutes

425-492-1318

19018 59th Dr. NE

rockwellcollins.com

P.O. Box 3468, Arlington

Rolls Royce North America, Inc.

360-435-7220

Engines

www.softieparachutes.com

6300 Merrill Creek Parkway, Suite A300, Everett

425-356-3124 www.ometech.net/

Pineda Precision Machining 13127 Beverly Park Road, Everett 425-290-5928 Plexus Manufacturing Inc. Materials-Plastics 4416 Russell Road, Mukilteo 425-348-7745 http://plexus-mfg.com/

425-349-4100 www.rolls-royce.com Royell Manufacturing, Inc. Machining 3817 Smith Ave, Everett 425-259-9258 www.royell.com Sealth Aero-Marine

Polaris Machining (Integrated Aerospace Manufacturing)

Materials-Metals

Machining

425-481-0727

103 Cedar Ave., Marysville

www.sealth.com

360-653-7676

Soundair Aviation Services (Wencor Group)

www.polarismachining.com

Part 145 repair station

Precision Airmotive Corp

1826 Bickford Ave., Snohomish

Fuel controls for general aviation

360-453-2300

14800 40th Ave NE, Bld. D, Marysville

www.soundair.com

360-651-8282

Star Aviation

www.precisionairmotive.com

Engineering and Technical Services

Precision Engines Corp.

728 134th SW, Suite 211, Everett

Radial engine overhaul

www.staraviation.com

3220 100th St SW, Bldg. C1-Suite E, Everett

Steel-Fab, Inc.

425-347-2800

Materials-Metals

www.precisionengines.com

6525 188th St NE, Arlington

Precision Fuel Components LLC

360-435-5564

Small turbine engine fuel controls

www.steel-fab.com

3220 100th St SW, Bldg. E, Everett

Stoddard International, LLC

16001 Mill Creek Blvd., Mill Creek

Machining 360-403-8910 Technofan (Safran)

3100 112th St. SW, Paine Field, Everett

Manufacturing-Systems, Components and Ancillary Equipment 6700 Hardeson Road, Suite 104, Everett 425-407-1191 http://utcaerospacesystems.com/ UTC Aerospace Systems Landing gear 2701 94th St. SW, Everett 425-261-8700 http://utcaerospacesystems.com/ Vaupell (Sumitomo Bakelite) Interior parts 10108 32nd Ave W., Bldg. C-3, Everett 206-676-8231 www.vaupell.com Vector Industries Integrated Aerospace Manufacturing Machining 1520 80th St. SW, Bldg. B, Everett (425) 347-6696 www.vectorindustries.com Walter Dorwin Teague Design-aircraft interiors.Boeing Dreamliner showroom 6600 Merrill Creek Parkway, Everett 425-342-2270 www.teague.com Westwood Precision, Inc. Machining 7509 Hardeson Road, Everett 425-742-7011 www.westwoodprecision.com XP Modifications GA parts-tail wheel 18306 59th Dr. NE PO Box 3163, Arlington 800-819-9270

www.aoginc.com

www.jcaviation.com/xp.htm

Triumph Structures (formerly Contour Aerospace)

XPO Logistics Logistics-parts distribution

Machining-structural parts

2600 94th St. SW, Everett

1415 75th St. SW, Everett

425-249-5000

425-438-7101

http://xposc.com/

www.contouraerospace.com

Zaercon Marketing

Turning Point Machining

Marketing/branding services

Machining

425-263-9476

710 Ash Ave., Marysville

http://zaerocon.com/

425-252-7300

Zodiac Aerospace (C&D)

Umbra Cuscinetti

Composite interiors

Machining

12810 State Ave, Marysville

6707 Hardeson Road, Everett

360-653-2211

425-743-2577

www.zodiacaerospace.com/fr

umbrausa.com

Zodiac Aerospace

Universal Aerospace Co., Inc.

Interior reconfigurations

Machining and assemblies; finishing

15100 40th Ave. NE, Suite 201, Marysville

18640 59th Drive NE, Arlington

425-828-2777

360-435-9577

www.greenpnt.com/

universalaero.com

Zodiac Aerospace (Monogram)

UTC-Aerostructures

Engineering

Engine integration

6300 Merrill Creek Parkway, Ste B-100, Everett

2615 94th St. SW, Everett 425-923-1848 http://utcaerospacesystems.com/ UTC-Interiors Maintenance-Fixed Wing 6700 Hardeson Road, Ste 104, Lynnwood 425-771-1214 http://utcaerospacesystems.com/ UTC-Sensors and Integrated Systems

425-347-4919 www.zodiacaerospace.com Zodiac Aerospace (NAT) Conversion/modification 2210 Hewitt Ave., Suite 300, Everett 425-257-2044 www.zodiacaerospace.com/en/ zodiac-northwest-aerospace-technologies

22 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

STATISTICAL SNAPSHOT

Seattle metro area unleaded fuel prices, 2000-2016 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2000

$1.39

$1.43

$1.60

$1.69

$1.63

$1.59

$1.64

$1.64

$1.71

$1.72

$1.70

$1.66

2001

$1.59

$1.55

$1.55

$1.54

$1.58

$1.62

$1.59

$1.52

$1.66

$1.63

$1.49

$1.28

2002

$1.20

$1.17

$1.23

$1.43

$1.46

$1.46

$1.48

$1.49

$1.47

$1.41

$1.41

$1.38

2003

$1.39

$1.64

$1.86

$1.79

$1.63

$1.55

$1.60

$1.76

$1.88

$1.66

$1.59

$1.52

2004

$1.61

$1.67

$1.79

$1.90

$2.20

$2.27

$2.01

$1.93

$1.99

$2.06

$2.06

$1.92

2005

$1.81

$1.92

$2.15

$2.44

$2.43

$2.30

$2.44

$2.60

$2.88

$2.80

$2.50

$2.23

2006

$2.24

$2.29

$2.40

$2.76

$3.11

$3.11

$3.02

$3.00

$2.80

$2.53

$2.44

$2.57

2007

$2.60

$2.47

$2.76

$3.08

$3.36

$3.14

$2.96

$2.79

$2.88

$2.98

$3.20

$3.13

2008

$3.08

$3.16

$3.46

$3.57

$3.86

$4.29

$4.27

$3.98

$3.74

$3.12

$2.19

$1.81

2009

$2.01

$2.16

$2.15

$2.30

$2.51

$2.84

$2.70

$2.84

$2.91

$2.76

$2.82

$2.79

2010

$2.87

$2.81

$2.98

$3.05

$3.01

$2.94

$2.98

$3.07

$2.94

$3.01

$3.08

$3.15

2011

$3.23

$3.34

$3.70

$3.92

$3.99

$3.86

$3.78

$3.75

$3.86

$3.80

$3.67

$3.44

2012

$3.44

$3.57

$4.00

$4.08

$4.16

$4.00

$3.57

$3.81

$4.01

$3.96

$3.47

$3.34

2013

$3.37

$3.62

$3.80

$3.64

$3.83

$3.79

$3.82

$3.79

$3.66

$3.44

$3.24

$3.29

2014

$3.37

$3.31

$3.58

$3.75

$3.87

$3.93

$3.96

$3.83

$3.75

$3.40

$3.00

$2.83

2015

$2.30

$2.31

$2.85

$2.70

$3.00

$3.05

$3.14

$3.03

$2.73

$2.49

$2.41

$2.35

2016

$2.33

$2.02

$2.12

$2.25

$2.44

$2.57

$2.56

$2.49

$2.60

$2.64

Source: U.S. Bureau of Labor Statistics, December 2016

Seattle metro area natural gas, per therm, 2011-2016 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2011

1.275

1.275

1.275

1.301

1.307

1.307

1.307

1.307

1.307

1.306

1.253

1.253

2012

1.253

1.253

1.253

1.246

1.264

1.264

1.264

1.264

1.264

1.266

1.175

1.175

2013

1.176

1.176

1.176

1.176

1.169

1.169

1.188

1.188

1.188

1.19

1.195

1.195

2014

1.195

1.195

1.195

1.195

1.187

1.187

1.187

1.187

1.187

1.186

1.214

1.214

2015

1.216

1.216

1.216

1.216

1.253

1.25

1.25

1.25

1.25

1.252

1.056

1.056

1.058

1.085

1.123

1.123

1.123

1.119

1.119

2016 1.056 1.056 1.058 Source: U.S. Bureau of Labor Statistics, December 2016

Seattle metro area electricity per kilowatt hour, 2007-2016 Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2007

$0.075

$0.075

$0.075

$0.076

$0.076

$0.080

$0.080

$0.080

$0.081

$0.080

$0.080

$0.080

2008

$0.080

$0.080

$0.080

$0.073

$0.082

$0.082

$0.082

$0.082

$0.082

$0.081

$0.080

$0.080

2009

$0.080

$0.080

$0.080

$0.082

$0.082

$0.082

$0.082

$0.082

$0.082

$0.082

$0.082

$0.082

2010

$0.085

$0.085

$0.085

$0.088

$0.089

$0.089

$0.090

$0.090

$0.090

$0.089

$0.088

$0.088

2011

$0.088

$0.088

$0.088

$0.089

$0.090

$0.090

$0.090

$0.090

$0.090

$0.089

$0.089

$0.089

2012

$0.089

$0.089

$0.089

$0.092

$0.093

$0.093

$0.093

$0.093

$0.093

$0.092

$0.092

$0.092

2013

$0.093

$0.092

$0.092

$0.095

$0.095

$0.095

$0.096

$0.096

$0.096

$0.095

$0.094

$0.094

2014

$0.096

$0.096

$0.096

$0.098

$0.099

$0.096

$0.096

$0.096

$0.096

$0.095

$0.095

$0.083

2015

$0.096

$0.096

$0.096

$0.098

$0.098

$0.102

$0.102

$0.102

$0.102

$0.102

$0.102

$0.102

2016

$0.103

$0.103

$0.103

$0.106

$0.108

$0.108

$0.108

$0.108

$0.108

$0.105

Source: U.S. Bureau of Labor Statistics, December 2016

Snohomish County unemployment rate, 2013-2016 Jan

Feb

Mar

Apr

May

Jun

July

Aug

Sep

Oct

Nov

Dec

2013

6.4%

6.1%

5.8%

5.0%

5.1%

6.1%

6.0%

5.9%

5.7%

5.8%

5.8%

5.3%

2014

5.7%

5.9%

5.8%

4.8%

4.9%

5.6%

5.6%

5.4%

5.1%

4.9%

5.1%

4.5%

2015

4.9%

4.9%

4.7%

4.0%

4.3%

4.9%

5.0%

4.9%

4.9%

5.0%

5.5%

5.0%

2016

5.6%

5.3%

5.2%

4.6%

4.8%

4.7%

4.8%

4.3%

4.3%

4.0%

Source: Employment Security Department

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 23

STATISTICAL SNAPSHOT

Social characteristics of Snohomish County 2011-2015 Estimates

2006-2010 Estimates

274,766

263,931

68.2%

68.2%

With own children under 18 years

31.2%

Married-couple family

Less than 9th grade

2.9%

2.8%

9th to 12th grade, no diploma

5.5%

6.4%

High school graduate (includes equivalency)

24.3%

25.6%

Some college, no degree

26.9%

26.4%

Associate’s degree

10.4%

10.5%

33.6%

Bachelor’s degree

20.9%

19.9%

52.7%

53.2%

Graduate or professional degree

9.1%

8.3%

22.8%

24.3%

Percent high school graduate or higher

91.6%

90.7%

5.1%

4.8%

Percent bachelor’s degree or higher

29.9%

28.2%

2.7%

2.8%

10.3%

10.2%

568,081

517,861

5.8%

6.5%

9.5%

11.7%

31.8%

31.8%

24.4%

25.0%

746,653

694,219

8.2%

7.1%

85.2%

86.4%

Households with one or more people under 18

33.9%

35.9%

Born in United States

83.6%

84.8%

Households with one or more people 65 and over

22.2%

18.6%

State of residence

51.4%

51.2%

Average household size

2.68

2.60

Different state

32.2%

33.6%

Average family size

3.19

3.11

1.6%

1.5%

14.8%

13.6%

110,383

94,702

HOUSEHOLDS BY TYPE Total households Family households (families)

With own children under 18 years Male householder, no wife present, family With own children under 18 years Female householder, no husband present, family With own children under 18 years Nonfamily households Householder living alone 65 years and over

MARITAL STATUS Males 15 years and over

VETERAN STATUS Civilian population 18 years and over Civilian veterans PLACE OF BIRTH Total population Native

Born in Puerto Rico, U.S. Island areas, or born abroad to American parent(s)

300,744

274,645

Never married

33.5%

31.3%

U.S. CITIZENSHIP STATUS

Now married, except separated

52.6%

54.6%

Foreign-born population

Separated

1.3%

1.4%

Naturalized U.S. citizen

51.9%

46.7%

Widowed

1.9%

1.7%

Not a U.S. citizen

48.1%

53.3%

Divorced

10.7%

10.9%

301,245

278,080

122,553

105,430

Never married

24.9%

24.0%

12,170

10,728

Now married, except separated

51.7%

53.2%

Entered 2010 or later

7.2%

(X)

Separated

1.8%

2.0%

Entered before 2010

92.8%

99.2%

Widowed

7.1%

7.2%

Divorced

14.6%

13.6%

Females 15 years and over

GRANDPARENTS Number of grandparents living with grandchildren under 18 years Grandparents responsible for grandchildren

Foreign born

YEAR OF ENTRY Population born outside the United States Native

Foreign born

110,383

94,702

Entered 2010 or later

9.2%

(X)

Entered before 2010

90.8%

99.5%

110,383

94,702

Europe

17.1%

17.4%

13,347

11,119

WORLD REGION OF BIRTH OF FOREIGN BORN

25.5%

35.6%

Foreign-born population, excluding population born at sea

Years responsible for grandchildren Less than 1 year

5.0%

14.2%

Asia

47.6%

45.5%

1 or 2 years

5.1%

6.1%

Africa

6.5%

5.3%

3 or 4 years

4.2%

6.1%

Oceania

1.7%

1.3%

5 or more years

11.2%

9.3%

Latin America

22.5%

24.6%

3,400

3,963

Northern America

4.7%

5.9%

699,461

647,799

English only

80.8%

82.4%

Language other than English

19.2%

17.6%

7.9%

7.9%

6.3%

6.0%

2.5%

2.9%

4.5%

3.9%

Number of grandparents living with grandchildren under 18 years

LANGUAGE SPOKEN AT HOME

Who are female

60.2%

55.0%

Who are married

68.7%

72.6%

SCHOOL ENROLLMENT Population 3 years and over enrolled in school

Population 5 years and over

Speak English less than “very well” 183,152

174,667

Nursery school, preschool

6.1%

5.8%

Kindergarten

5.6%

5.5%

Elementary school (grades 1-8)

41.5%

42.9%

Speak English less than “very well”

1.4%

1.5%

High school (grades 9-12)

22.3%

24.1%

Asian and Pacific Islander languages

7.0%

6.7%

College or graduate school

24.5%

21.7%

Speak English less than “very well”

3.6%

3.2%

1.4%

1.0%

506,719

459,785

0.4%

0.4%

EDUCATIONAL ATTAINMENT Population 25 years and over Source: U.S. Census Bureau

Spanish Speak English less than “very well” Other Indo-European languages

Other languages Speak English less than “very well”

24 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

STATISTICAL SNAPSHOT

Housing characteristics of Snohomish County 2011-2015 Estimates

2006-2010 Estimates

HOUSING OCCUPANCY Total housing units

Moved in 2000 to 2009

39.2%

(X)

Moved in 1990 to 1999

15.1%

20.5%

Moved in 1980 to 1989

6.4%

8.0%

Moved in 1979 and earlier

4.8%

6.1%

274,766

263,931

294,147

281,161

Occupied housing units

93.4%

93.9%

Vacant housing units

6.6%

6.1%

Homeowner vacancy rate

1.2

1.9

Utility gas

41.2%

40.1%

Rental vacancy rate

4.3

4.9

Bottled, tank, or LP gas

4.1%

4.6%

Electricity

48.8%

48.3%

294,147

281,161

Fuel oil, kerosene, etc.

1.2%

1.6%

No bedroom

1.6%

1.2%

Coal or coke

0.0%

0.0%

1 bedroom

9.4%

10.0%

Wood

3.7%

4.6%

2 bedrooms

23.3%

24.8%

Solar energy

0.0%

0.0%

3 bedrooms

41.4%

40.2%

Other fuel

0.5%

0.6%

4 bedrooms

19.5%

19.5%

No fuel used

0.3%

0.2%

5 or more bedrooms

4.8%

4.2%

274,766

263,931

274,766

263,931

Lacking complete plumbing facilities

0.4%

0.4%

Owner-occupied

66.0%

68.1%

Lacking complete kitchen facilities

0.7%

0.6%

Renter-occupied

34.0%

31.9%

No telephone service available

1.8%

2.9%

Average household size of owner-occupied unit

2.75

2.72

Average household size of renter-occupied unit

2.55

2.34

BEDROOMS Total housing units

HOUSING TENURE

Occupied housing units

SELECTED CHARACTERISTICS Occupied housing units

Occupied housing units

YEAR HOUSEHOLDER MOVED INTO UNIT Occupied housing units

HOUSE HEATING FUEL

VALUE Owner-occupied units

181,256

179,763

Less than $50,000

4.5%

3.5%

274,766

263,931

$50,000 to $99,999

2.0%

1.5%

Moved in 2015 or later

1.7%

(X)

$100,000 to $149,999

4.5%

2.3%

Moved in 2010 to 2014

32.8%

(X)

$150,000 to $199,999

10.9%

5.6%

$200,000 to $299,999

30.2%

25.9%

$300,000 to $499,999

35.5%

44.2%

$500,000 to $999,999

11.2%

15.1%

$1,000,000 or more

1.1%

1.8%

Median (dollars)

293,000

338,600

181,256

179,763

Housing units with a mortgage

76.2%

79.7%

Housing units without a mortgage

23.8%

20.3%

90,353

81,579

Less than $500

6.8%

5.7%

$500 to $999

29.2%

35.4%

$1,000 to $1,499

39.2%

37.7%

$1,500 to $1,999

18.5%

14.9%

$2,000 to $2,499

4.5%

4.8%

$2,500 to $2,999

1.2%

0.9%

$3,000 or more

0.7%

0.6%

Median (dollars)

1,153

1,094

No rent paid

3,157

2,589

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80,998

Less than 15.0 percent

9.6%

10.6%

15.0 to 19.9 percent

12.9%

13.6%

20.0 to 24.9 percent

13.7%

13.5%

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25.0 to 29.9 percent

13.9%

13.5%

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30.0 to 34.9 percent

10.2%

10.0%

35.0 percent or more

39.7%

38.8%

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3,170

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GROSS RENT AS A PERCENTAGE OF HOUSEHOLD INCOME (GRAPI) Occupied units paying rent

Source: U.S. Census Bureau

THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017 25

STATISTICAL SNAPSHOT

Snohomish County’s largest employers 2016

COMPANY

BUSINESS LINE

Total* 2016 est

public/ private

2015 Rank

27

Edmonds Community College

Higher education

855

public

31

1

Boeing

Aircraft manufacturing

38,000

private

1

28

Everett Community College

Higher education

840

public

32

2

Washington State (includes colleges)

State government

4,600

public

3

29

Frontier Communications Northwest

Communications

800

private

26

3

Naval Station Everett

U.S. Navy Base

3,669

public

2

30

QFC

Retail-grocery

731

private

27

4

Providence Regional Medical Center

Medical services

3,500

private

4

31

Esterline Control Systems

Aerospace electronics 700

private

24

5

Tulalip Tribes Enterprises

Gaming, real estate, government services

3,200

private

5

31

Stillaguamish Tribe

Gaming, government services, investments

700

private

28

6

Snohomish County government

County government

2,700

public

6

31

Senior plc (AMT Senior)

Aerospace parts

700

private

42

7

Edmonds School District

School district

2,558

public

12

34

Community Transit

Public transit

650

public

29

8

Premera Blue Cross

Health insurer

2,400

private

8

35

Electroimpact

Aerospace tooling & automation

620

private

38

9

Everett School District School district

2,157

public

10

36

Seattle Genetics

Biotechnology

600

private

46

10

Everett Clinic

Health care

2,150

private

7

36

Sonosite

Medical devices

600

private

47

11

Walmart

Retail

2,056

private

9

38

City of Lynnwood

City government

533

public

39

12

Philips Medical Systems

Ultrasound technology

2,000

private

11

39

CEMEX

Sand/gravel mining operations

500

private

21

13

Swedish Edmonds Hospital

Health care

1,850

private

14

39

Hos Brothers Construction

Construction contractor

500

private

35

14

Mukilteo School District

School district

1,717

public

N/A

39

Jamco

Aerospace interiors

500

private

49

15

Fred Meyer

Retail-grocery

1,600

private

15

42

Travis Industries

Manufacturing-fireplaces

450

private

33

16

Safeway

Retail-grocery

1,350

private

13

43

Cadence Aerospace

Aerospace parts

440

private

N/A

17

City of Everett

City government

1,327

public

19

44

Panasonic Avionics

Aircraft equipment

430

private

36

18

Marysville School District

School district

1,305

public

17

45

Cascade Valley Hospital

Health care

430

private

40

19

Fluke Corp. (Fortive)

Electronic test and measurement

1,200

private

16

46

Associated Materials

Manufacturer, vinyl siding

400

private

41

20

Snohomish School District

School district

1,101

public

N/A

46

Macy’s

Retail

400

private

48

21

Albertsons

Retail-grocery

1,000

private

18

48

Electric Mirror

Manufacturing

360

private

N/A

21

Aviation Technical Services

Aircraft repair/ maintenance/parts

1,000

private

20

49

Romac

Foundry products

330

private

N/A

50

Health Care

300

private

43

21

Monroe Correctional Complex

State government -Corrections

1,000

public

22

Community Health Center

50

Funko

Toys-collectibles

300

private

N/A

21

Zodiac Aerospace

Aerospace supplier; composites

1,000

private

30

50

Honeywell Scanning and Mobility

Wireless data collection

300

private

44

25

Snohomish PUD

Electric utility

980

public

23

50

National Food Corp.

Food distribution

300

private

45

26

Crane Aerospace & Electronics

Aerospace electronics 900

private

25

50

CMC Biologics

Biopharmaceuticals

300

private

N/A

Source: Economic Alliance Snohomish County

Snohomish County occupational and industrial employment, 2006-2015 2011-2015 Estimates

2006-2010 Estimates

OCCUPATION Civilian employed population 16 and over

367,655

350,071

Management, business, science, and arts

37.2%

35.8%

INDUSTRY

Finance, insurance, real estate, rental, leasing

5.9%

6.9%

Professional, scientific, management, administrative, waste management services

10.7%

10.5%

Educational services, health care, social assistance

19.5%

18.2%

Arts, entertainment, recreation, accommodation, food services

8.6%

7.8%

4.4% 2.8%

Other services, except 5.1% public administration

4.6%

Civilian employed population 16 and over

367,655

350,071

Agriculture, forestry, fishing, hunting, mining

0.8%

0.9%

Construction

7.1%

9.5%

Manufacturing

16.8%

15.5%

Service

17.4%

16.0%

Wholesale trade

2.6%

2.6%

Sales and office

23.3%

25.7%

Retail trade

12.5%

12.2%

Natural resources, con- 10.5% struction, and maintenance

11.7%

Production, transportation, material moving

10.8%

11.6%

Source: U.S. Census Bureau

Transportation, ware- 4.2% housing, utilities Information

2.3%

Public administration

3.9%

4.2%

26 THE HERALD BUSINESS JOURNAL – MARKET FACTS 2017

STATISTICAL SNAPSHOT

Economic characteristics of Snohomish County 2011-2015 Estimates

2006-2010 Estimates

EMPLOYMENT STATUS Population 16 and over

$25,000 to $34,999

7.3%

7.7%

$35,000 to $49,999

12.0%

12.3%

$50,000 to $74,999

18.6%

18.9%

592,358

542,635

$75,000 to $99,999

15.7%

16.0%

67.7%

70.2%

$100,000 to $149,999

18.7%

19.5%

67.1%

69.5%

$150,000 to $199,999

7.5%

7.4%

Employed

62.1%

64.5%

$200,000 or more

5.3%

4.9%

Unemployed

5.0%

5.0%

Median household income

$70,722

$71,904

Armed Forces

0.7%

0.7%

With Social Security

24.6%

21.7%

Not in labor force

32.3%

29.8%

In labor force Civilian labor force

COMMUTING TO WORK Workers 16 and over Car, truck, or van -- alone Car, truck, or van -- carpool Public transportation (excluding taxicab)

With retirement income 364,135

344,354

74.8%

74.3%

11.2%

13.0%

5.5%

5.2%

Walked

1.8%

1.7%

Other means

1.6%

1.3%

Worked at home

5.1%

4.6%

Mean travel time (minutes)

30.6

29.7

INCOME AND BENEFITS (INFLATION-ADJUSTED) Total households

274,766

263,931

Less than $10,000

4.8%

3.8%

$10,000 to $14,999

2.9%

2.8%

$15,000 to $24,999

7.2%

6.6%

Source: U.S. Census Bureau

1748064

Mean Soc. Sec. income $18,855 16.2%

Mean retirement income $23,443

$17,616 15.2% $23,677

With Supplemental Security Income

4.4%

3.1%

Mean Supplemental Security Income

$9,790

$8,813

With cash public assistance income

3.8%

89.3%

(X)

With private insurance

73.3%

(X)

With public coverage

25.9%

(X)

10.7%

(X)

174,573

(X)

5.0%

(X)

477,398

(X)

In labor force:

377,524

(X)

Employed:

349,983

(X)

With coverage

88.1%

(X)

With private insurance

84.5%

(X)

With public coverage

5.8%

(X)

No coverage

11.9%

(X)

27,541

(X)

No coverage Civilian noninstitutionalized population under 18 No coverage Civilian noninstitutionalized population 18 to 64

Unemployed: 3.1%

Mean cash public assis- $3,132 tance income

$3,925

With Food Stamp/SNAP benefits in the past 12 months

7.9%

12.5%

HEALTH INSURANCE COVERAGE Civilian noninstitutionalized population

With coverage

737,109

(X)

With coverage

59.3%

(X)

With private insurance

44.4%

(X)

With public coverage

17.5%

(X)

No coverage

40.7%

(X)

Not in labor force:

99,874

(X)

With coverage

83.1%

(X)

With private insurance 58.1%

(X)

With public coverage

31.6%

(X)

16.9%

(X)

No coverage

MARKET FACTS 2017

1748067

THE HERALD BUSINESS JOURNAL 27

28 THE HERALD BUSINESS JOURNAL

MARKET FACTS 2017

Mike Morse, Morse Steel 4th generation owner Runner Sports dad

Each and every one of us is an original. Shaped by unique inuences that make us who we are today.

Here at Heritage Bank, we think differences can build a better bank, too. That’s why we share the best ideas from across all of our branches and local communities with one goal in mind: to serve our customers better every day. By sharing our strengths, we’re able to offer customers like Mike Morse—and you—more than a community bank.

But rather, a community oƒ banks.

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