Herald Business Journal - Market Facts 2020

Market Facts

JANUARY 2020 • VOL. 19, NO. 12

2020

IT’S FULL STEAM AHEAD IN EVERETT Businesses aim to capitalize on the city’s waterfront renaissance

Bayside Marine co-owners Dan Hatch (left) and Jeff LaLone

2 January 2020

The Herald Business Journal

EVERYTHING YOU NEED TO RUN YOUR

BUSINESS

Contact us today to learn about our full suite of business services and commercial financing options.

coastalbank.com | 425.257.9000

Market Facts 2020 • The Herald Business Journal

January 2020

3

CONTENTS Snohomish County statistical snapshots

SMJ MANAGEMENT

This rendering shows the Marriott brand hotels in the 11400 block of Airport Road, on the east side of Paine Field Airport.

Cover story Like its airport, Everett’s waterfront is poised to take off in 2020. Page 3

Home sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Population growth. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Demographic data. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Commuting statistics. . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Social characteristics. . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Roster of banks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 Electricity use in region . . . . . . . . . . . . . . . . . . . . . . . . . 24 Natural gas consumption in region. . . . . . . . . . . . . . . . 25 Employment by sector. . . . . . . . . . . . . . . . . . . . . . . . . . 26 Largest employers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 Median hourly wages. . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Higher education and workforce training. . . . . . . . . . . . 28 Workforce averages. . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Also inside

Credits

Year in Review: A look back at the local business scene in 2019. Page 7 Real Estate: The region’s housing market has cooled off — but just a bit. Page 12 Population: County’s growth levels off in 2019. Page 17

Sound Publishing president/publisher: Josh O’Connor, 424-339-3007, joconnor@soundpublishing.com

Cover photo Bayside Marine co-owners Dan Hatch (left) and Jeff LaLone at their current dry dock facility on Everett’s developing waterfront . Photo by Olivia Vanni / The Herald

Business reporter: Janice Podsada, 425-339-3097, jpodsada@heraldnet.com, businessnews@heraldnet.com Statistics reporter: Jocelyn Robinson

Business succession planning before you need it.

When a business experiences a sudden event, like the death or disability of the owner or a partner or major stockholder, it’s a tough time for everyone. But in addition to the personal impact, there are a lot of things that impact the business – from the immediate, like who signs contracts and write checks? To the long-term, like what does the future of the business look like?

Here are some steps your business can take now to make what’s bound to be a difficult time a little easier.

•

• •

First, in the next few months, make sure someone, in addition to the owner, is fully aware of the key aspects of the business.

This includes everything from knowing where the checkbook and banking records are -- to knowing key customers and vendors.

Second, if there are multiple owners of the business, consider some form of buy/sell agreement. Often, a relatively simple document can provide a framework for the sale of ownership.

Also, it’s important that the business owner’s estate plan is up to date. With successful companies, surviving family members are often forced into company sale decisions just to pay estate taxes.

•

And—make sure key individuals, like family members, important employees, partners and trusted advisors are aware of the owner’s wishes, thoughts and ideas.

Obviously, these are not pleasant issues to consider; however, for the benefit of the business owner’s family and the employees (and customers), some planning can make a large difference.

For more information or to find support for small business owners, contact your local Coastal Community Bank branch, or try one of these helpful resources: • • •

Small Business Administration—www.sba.gov SCORE — www.score.org Small Business Development Center — www.sba.gov/tools/ local-assistance/sbdc

To find a business banker call 425.257.9000 or visit coastalbank.com.

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January 2020

The Herald Business Journal • Market Facts 2020

COVER STORY

The Waterfront Place development district of the Port of Everett, with the Hotel Indigo (bottom center).

CHUCK TAYLOR / THE HERALD

Like the airport, Everett’s waterfront is ready to take off

There and elsewhere, big projects are under way or completed, fueling even more growth in the region.

By Janice Podsada Herald Writer

E

VERETT —The owners of Everett Bayside Marine are looking forward to the opening of a 266-unit

apartment on the Everett waterfront.

It will bring housing to the waterfront for the first time and add several hundred residents — many of whom “are going to want a boat,” said Jeff LaLone, who owns Bayside Marine with Dan Hatch.

Bayside, which sells used boats and provides dry dock storage, is banking on the port’s continued expansion in 2021.

The 34-year-old business plans to enlarge its indoor storage facility, raising

dry-stack storage capacity from 154 boats to 204, LaLone said.

Boats up to 32 feet are stacked and stored in the heated facility. When owners wants to go for a spin, “they call an hour or two ahead of time and we have it in the water when they arrive,” LaLone said.

A string of high-profile projects cut the ribbon in 2019 and opened their doors. Now those big projects — some completed, some under way — are fueling

further development or inspiring existing businesses, like Bayside, to expand.

It’s an impressive list: ■ Commercial airline service began at Paine Field’s new two-gate passenger terminal in March.

■ Hotel Indigo, the first completed private development at the Port of Everett’s Waterfront Place district, welcomed its Continued on Page 5

Market Facts 2020 • The Herald Business Journal

January 2020

5

From Page 4

first guests last summer. It’s generated about 50 jobs so far, and that’s expected to rise to 70 during the summer.

■ A block east of the hotel, heavy-equipment crews are readying a 5-acre site for construction of the 266-unit Waterfront Place Apartments.

■ In Lynnwood, the city’s planned light-rail station has become a focal point for private developers. One plan would construct 1,370 housing units and 750,000 square feet of office and retail space near 196th Street SW, just blocks from I-5 and the planned Sound Transit Link station.

Bayside has waited more than a decade for the port to pop.

In the early 2000s, “we had stars in our eyes,” LaLone said.

“There was supposed to be a city springing up with 660 waterfront condos at the port.” By 2010 the project was officially scuttled after its sponsor, Maritime Trust, filed for bankruptcy.

In 2018, SeaLevel Properties, a division of Mercer Islandbased American Classic homes, purchased the property at 1300 West Marine View Drive and announced plans to build.

“It was a great month when we saw the groundbreaking for the (Waterfront Place) apartments,” LaLone said.

SeaLevel is partnering with Calgary-based development firm Gracorp to complete the two-building complex in spring and summer 2021.

“We always felt that this was going to happen — it just kind of chugged along slower than we thought,” he said.

The apartments clinched the deal on Bayside’s decision to boost dry-stack storage capacity.

The service is especially prized by apartment dwellers with limited parking space, LaLone said.

“They don’t have to have a truck or trailer or a slip at the marina,” he said.

LaLone expects the added capacity will allow mechanics to draw a full-time paycheck during the off season instead of working reduced hours. And more boat sales could equal more new hires.

Port officials are working with

CHUCK TAYLOR / THE HERALD

Site of the proposed Northline Village development in Lynnwood. This view looks south, with 44th Avenue West at left and 196th Street SW in the foreground.

Leibsohn & Co., a Bellevue real estate firm, to identify potential tenants for six retail buildings and an office building the port plans to build over the next few years, as demand dictates. The port plans to begin construction of an office building near Pacific Rim Plaza this year.

“Retail follows rooftops,” said Terrie Battuello, the port’s chief of business development. With Waterfront Place Apartments expected to house more than 500 people, residents will need nearby restaurants, a grocery store and other shops within walking distance, Battuello said.

Liftoff On March 4, the first Alaska Airlines commercial passenger flight took off from Paine Field’s new two-gate passenger terminal, built and now operated by privately held Propeller Airports.

At the end of March, United Airlines followed suit with

daily round trips to hubs in San Francisco and Denver.

The two carriers quickly reached the Paine Field limit of 24 daily departures and 24 arrivals set by federal regulators.

It took decades for Snohomish County officials to approve commercial airline service at Paine Field and it was a lengthy process for the airlines and terminal to obtain federal approval. But once the wheels left the ground, new development came calling.

A month after the start of airline service, in mid-April, Everett city officials saw a proposal for construction of two Marriott-brand hotels on Airport Road near the new passenger terminal.

SMJ Management, which manages hotels in the Everett area and Burlington, presented plans to build a 128-room SpringHill Suites and a 74-unit TownPlace Suites in the 11400 block of Airport Road, on the east side near 112th Street SW,

sometime in 2021. Parking for 208 vehicles is planned.

The hotels will be side by side, share a front desk and offer a coveted perk — park-and-fly privileges for guests: Spend a night at the hotel and you can leave your car in the parking lot and take the shuttle to the airport.

“Now we’re working on a final interior design to submit to Marriott International for approval,” Pyung Woo Lee, the firm’s project and finance manager, told The Daily Herald.

The firm hopes to break ground on the project this winter and roll out the red carpet in 12 to 18 months. “We’ve submitted a land use permit to the City of Everett,” Lee said.

In Lynnwood, officials are preparing for the emergence of a new downtown core centered around the arrival of light rail.

Last month, the Lynnwood City Council voted in favor of a 15-year development agreement for Northline Village, a project

that would reshape the present Lynnwood Square block with 1,370 housing units, sevenstory office buildings, 170,000 square feet of retail space and 4,700 parking spots — all within walking distance of the light rail station.

Northline Village is one of many projects expected to benefit from light rail, which is set to open in 2024.

Farther north, Web Industries, a Boston-based aerospace company that specializes in carbon fiber, broke ground in October on a new manufacturing plant at Cascade Industrial Center. The 4,000acre center is on the borders of Marysville and Arlington.

Web’s products are used in the production of Boeing’s 787 and the wings of the 777X. It’s expected to bring more than 70 jobs to the region.

Janice Podsada; jpodsada@ heraldnet.com; 425-339-3097; Twitter: JanicePods

January 2020

The Herald Business Journal • Market Facts 2020

PORT REPORT

JANUARY 2020

Creating Economic Opportunities

JANUARY • Jan. 7/14: Port Commission Meetings • Jan 8: Special Commission Meeting • Jan. 24-Feb.1: Seattle Boat Show

Port of Everett Named Large ‘Marina of the Year’ by Marina Dock Age “Earning this title is such an honor,” said Jeff Lindhout, Port of Everett Chief of Marina Operations. “This award is a true testament of the collective effort our team puts in every day to better serve our slipholders, visiting boaters and the greater Everett community in support of our vision to create a vibrant and welcoming waterfront that balances industry and recreation.”

EXECUTIVE

On Tuesday, December 10, the Port of Everett Commission unanimously approved and adopted a new Strategic Plan, setting the roadmap for the Port’s next 10 years of service. The Strategic Plan incorporates input received during a nearly two-year stakeholder engagement process that kicked off in the Port’s Centennial year in 2018.

View the Strategic Plan at www.portofeverett.com/next100.

SEAPORT

The Port of Everett continues to play a key role in keeping critical military cargo moving. Last month, longshoremen successfully transported a locally made, high and heavy military asset from truck to barge for use at one of our regions U.S. Navy installations.

MARINA

Come visit us at the Seattle Boat Show, East Hall, Booth #626, for more information about moorage and amenities. Visit the show and its special events, including Sails & Ales, a night of craft beer, and activities for kids!

REAL ESTATE

On December 4, the Port of Everett and project partners celebrated the grand opening of Hotel Indigo® Seattle Everett Waterfront. The hotel is the first completed private development of the Port of Everett’s 65-acre mixeduse Waterfront Place development.

Photo courtesy of Hotel Indigo.

6

Port of Everett Marina Operations Director Jim Weber (left), Communications Specialist Kate Anderson (center) and Chief of Marina Operations Jeff Lindhout (right), accept the 2019 Marina of the Year award at The Dock Expo in Nashville, Tennessee on December 5, 2019.

On December 5, at The Docks Expo in Nashville, Tennessee, the Port of Everett Marina was honored by Marina Dock Age Magazine as the 2019 Marina of the Year in the large marina category.

The Port of Everett Marina – the largest publicly operated marina on the West Coast – was among more than 20 marinas nation-wide considered for the prestigious industry award. Recent in-water and upland developments, quality customer service, high environmental standards, community and industry engagement and unique special events were among the attributes bringing Port of Everett’s ranking to the top.

Since the early 2000s, the Port of Everett has invested more than $165 million into its destination waterfront, including its multi-million-dollar effort to strategically recapitalize its marina facilities, clean up historic contamination from years of industry on the waterfront and work toward the full build out of its 65-acre mixed-use Waterfront Place development.

In addition to taking home the 2019 Marina of the Year trophy, Port of Everett employee Kate Anderson was also recognized at The Docks Expo with a Young Leader Award. Anderson, who has a strong passion for boating both personally and professionally, was among 14 young professionals honored for their work in making significant contributions to the marine industry today and into the future.

“I feel very humbled to have received one of the Young Leader Awards,” Port of Everett Communications Specialist Kate Anderson said. “It’s great to see so many young people getting more involved in the recreational marine industry, as they are the next generation of boating.”

“The Port of Everett is so much more than its 2,300 slips, which is an incredible amount of boaters to serve,” Marina Dock Age Editor Anna Townshend said. “Beyond all those vessels and the boatyard, it’s a local public treasure for anyone that wants to enjoy the waterfront. Not many marinas may be as big as the Port of Everett, but everyone can take away something from its amazing operation.”

Every year, Marina Dock Age presents the Marina of the Year award to two marinas; one small marina and one large marina (250+ slips).

Marina facilities are judged on exemplary business practices in many categories, including business operations, facility improvements, advertising/marketing, environmental responsibility, community involvement and more.

Guest Dock 5 and K-Dock were both completed in 2019 as part of the Port of Everett's Central Marina Improvements Phase 3 project.

Market Facts 2020 • The Herald Business Journal

January 2020

7

YEAR IN REVIEW

Constant change: Here’s what happened in business in 2019 Herald Staff

I

t’s been a year of big changes in Snohomish County commerce. Here are some of the most important and most popular business stories of 2019:

March 5: And we’re off! First passenger flight leaves Everett The new commercial passenger terminal at Paine Field opened to great fanfare. The first plane took off to Portland. It was filled with dignitaries. The first opportunity for fare-paying passengers came on a trip to Las Vegas. The new service was expected to save time and money for more than 1 million travelers living in the region.

July 16: Can the little guy survive Lake Stevens Costco?

A tiny market was less than a mile from a proposed Costco in Lake Stevens. Doug Turner, 65, had owned the nearly centuryold Turner’s Grocery, formerly called Rodland’s, for the past 30 years. Turner had been trying to sell his store for several years, but with Costco coming, he feared it would be impossible to get a buyer. He also worried that his customers would find it more convenient and economical to shop at Costco. Ironically, he got much of his inventory from the big-box store.

OLIVIA VANNI / THE HERALD

Aug. 5: Farmers Market move livens up downtown After a controversial experiment in charging Farmers Market customers a parking fee at its tightly packed waterfront Boxcar Park locale, the Sunday operation up and moved to downtown Everett in August. Shoppers and vendors alike were pleased with the open space, free weekend parking and paved (rather than rocky) walking area. Local businesses that lined the streets along Wetmore between Wall and Hewitt seemed to enjoy the extra crowds.

Sept. 5: Everett Mall Sears to close by December It was one of the first anchor stores at Everett Mall. Now, after a half-century, the city’s Sears has closed its doors. The

Doug Turner chats with his beer delivery man outside of his grocery store on July 12 in Lake Stevens. Turner’s store is less than 1 mile from the site of a proposed Costco.

once-venerable retailer filed for Chapter 11 bankruptcy last fall. In the past few years, it has closed hundreds of stores, including the one at Lynnwood’s Alderwood mall in 2017. The company isn’t dead, though.

People can still buy bathrobes at Sears. com, the company said.

Sept. 9: Everett business park getting a big tenant: Amazon Amazon is expanding its footprint in Snohomish County. The Seattle-based online retail giant opened a new distribution center at the Riverside Business Park in northeast Everett, next to the FedEx Freight distribution center at the Port of Everett’s 86-acre industrial waterfront Continued on Page 8

ANDY BRONSON / THE HERALD

With the Olympic Mountains in the background, the first passenger flight by Alaska Airlines departs for Portland, Oregon, on opening day of the Paine Field Terminal on March 4.

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January 2020

The Herald Business Journal • Market Facts 2020

YEAR IN REVIEW Continued from Page 7

business park along the Snohomish River. Everett’s economic development director expected the new facility would employ at least 100 people.

In 2017, Amazon leased a 92,000-square-foot warehouse in south Everett for its “last-mile efforts,” part of a drive to deliver packages to customers more quickly.

Sept. 10: Bev’s auto tabs: 45 years, 400 square feet For nearly 45 years, Beverly’s Auto Licensing was the go-to place in south Everett for vehicle tabs and titles, operating in a 400-square-foot area crammed in the back of a narrow space shared by an insurance agency. Now

Beverly has retired, and her granddaughter has taken over. She’s moved the business into a sleek, roomy shop, but loyal customers will always have fond memories for the old folksy one.

Oct. 17: Emergency wedding plans after venue closes Couples who had planned to get married at the Monte Cristo Ballroom received a text message around 3:30 on a midOctober afternoon. It said the business was closing due to a decline in the owner’s health. Phone numbers listed for the business were disconnected.

Emails to the owner went unanswered. Already Continued on Page 9

Nancy Cody shops a produce stand at the Everett Farmers’ Market on Aug. 4.

KEVIN CLARK / THE HERALD

WHAT IS YOUR CHILD’S DREAM? Soundview School is now accepting applications.

(425) 778-8572 www.soundview.org

Ethical, rigorous, and compassionate.

Soundview School 6515 196th ST SW Lynnwood, WA 98036 A private, International Baccalaureate school

Market Facts 2020 • The Herald Business Journal

January 2020

9

YEAR IN REVIEW Continued from Page 8

stressed with wedding planning, many soon-to-be newlyweds were left scrambling. Some were resigned to losing their deposits.

Now the ballroom’s owner is being sued for theft of wages.

Nov. 3: Port of Everett takes control of mill property

The warehouse (lower left) and vacant land of the former Kimberly-Clark paper mill on the Everett waterfront, as seen Oct. 22.

The Port of Everett finalized a $33 million purchase of the former site of Kimberly-Clark’s waterfront paper mill, which had been on the market since 2012. The 58-acre site site includes a 360,000-square-foot warehouse and has more than 2,500 linear feet of

CHUCK TAYLOR / THE HERALD

Continued on Page 10

Count The Ways Your Business Can Save!

Snohomish County PUD is here to help every type of business – large and small – find energy savings to help reduce your operating costs.

Check our website or call for details about our rebates and custom incentives for: 1. Lighting & Lighting Controls 2. HVAC & Controls, Heat Pumps & Thermostats 3. Advanced Rooftop Controllers & Variable Speed Drives 4. Process Equipment & Compressed Air Systems 5. Insulation & Windows (for electrically heated facilities) 6. Other Energy-Saving Opportunities

snopud.com/bizprograms 425.783.1012 (M-F, 8a to 5p)

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January 2020

The Herald Business Journal • Market Facts 2020

THANK YOU

to our investors!

Gabe and Jessica Miller’s Squid Socks business took off in 2019.

Continued from Page 9

waterfront. The port expects to develop the site for maritime use, aquatic management and public access. But first it needs to be cleaned up.

Nov. 5: Orders pour in after Everett startup appears on ‘Shark Tank’ An Everett couple invented socks that won’t slip off the feet of babies and toddlers. Once their story aired on the TV

ANDY BRONSON / THE HERALD

show “Shark Tank,” they were slammed with sock orders, and now the whole family is pitching in to keep up with demand.

Dec. 3: Lynnwood expects an influx of shoppers — from Seattle Northgate Mall is a mere shadow of its former retail self, and that means people who like to shop in person at stores that are real are beginning to head north to Alderwood mall in Lynnwood. Is Lynnwood ready?

Interested in joining our community?

(P) 425.743.4567 info@economicalliancesc.org advocate • develop • connect

EconomicAllianceSC.org

OLIVIA VANNI / THE HERALD

Shoppers make their way through the lines and crowds of people during Black Friday at Alderwood mall on Nov. 29,

Market Facts 2020 • The Herald Business Journal

January 2020

THANK YOU

to our investors!

Interested in joining our community?

(P) 425.743.4567 info@economicalliancesc.org advocate • develop • connect

EconomicAllianceSC.org

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January 2020

The Herald Business Journal • Market Facts 2020

REAL ESTATE

The region’s crazy market is calmer — for now And with mortgage rates at less than 4%, real estate brokers say it’s a great time to go home shopping.

PHOTO ILLUSTRATION / HERALD FILE

By Janice Podsada Herald Writer

E

VERETT — The region’s frenzied real estate market has calmed, but some potential home buyers haven’t gotten the memo.

“The average consumer thinks it’s crazy, crazy out there,” said Courtney McClasky, a broker with Keller Williams Everett.

The “crazy” market that sometimes saw a half-dozen or more would-be buyers bidding on one property is no longer the norm, she said.

But the perception lingers that that’s still the situation, prompting some potential buyers to pull out, McClasky said.

“The reality is we’re seeing far fewer offers, maybe one or two on a property,” she said. “It’s a great time to buy because interest rates are so low.”

Last year at this time, bankers and economists were predicting that interest rates would top 6% by the end of 2019.

That didn’t happen. In recent

months, interest rates for a 30-year fixed-rate mortgage have hovered around 3.7% and are expected to remain below 4% for the first part of this year, McClasky said.

McClasky expects higher inventory levels to prevail this year, which means buyers should have a greater choice of more homes.

“I think we’re shifting gears into a more balanced market,” she said.

While a normal or ideal real estate market might offer a four- or five-month supply of homes for sale, the current supply is about two months, McClasky said.

(If there are 50 homes on the market, and 10 homes sell each month, that’s a five-month supply of homes for sale.)

Other brokers aren’t as optimistic and expect new listings will continue to be in short supply.

“People are moving here, home prices will continue to increase, inventory shortages will occur.

That’s our future,” Dick Beeson, principal managing broker at RE/ MAX Northwest in Gig Harbor, recently said.

The number of days on the

market is trending upward, McClasky said, citing figures from recent Northwest Multiple Listing Service reports. The crazy days saw some properties under contract within a week or even a day or two of being listed.

Still, buyers should be ready to pounce, particularly if they spot an appealing property in the $350,000 to $500,000 price range, considered the mid range, she said.

“If there’s a bargain out there, others will find it, too, and they’ll be competing once again,” said Beeson, who is a member of the Northwest Multiple Listing Service board of directors.

Dori Archuleta, senior real estate loan officer at Peoples Bank on Colby Avenue in Everett, said rising rents are motivating renters to consider a home purchase.

In some cases, “the price of rent equals a mortgage payment,” Archuleta said.

“I had one client who was paying $2,400 a month for rent,” Archuleta said. “We were able to get her into a home for $2,000 a month.”

More than half of properties sell within 30 days.

In 2017-18, homes in Snohomish County were selling, on average, at nearly 102% of list price, often a reflection of multiple bids.

In that sales climate, a home listed at $300,000 would have sold for about $306,000.

Last year, the percentage inched downward, McClasky said, with homes selling closer to the list price, at 99.7%.

The prices don’t say what homes are worth — just what’s they’re selling for in a given period.

On the other hand, median home prices are continuing to rise throughout the Puget Sound region.

In November, the median home price for houses and condos in Snohomish County was $471,000, up 5% year over year, according to Northwest Multiple Listing Service.

The median is the point at which half of all homes sold for more and half sold for less.

In King County, the median

home price was at $612,000 in November, up from $605,000 in 2018, the NMLS said.

Sellers who want to make a sale are having to spiff up the old homestead.

“We’re seeing fewer as-is properties,” McClasky said.

“Buyers are looking for movein-ready homes. They don’t want to fix it up after they move in,” Beeson said.

McClasky expects a good showing of home buyers this spring and summer.

Fall, however, could be a different story.

Some would-be buyers could pull out of the market, spooked by the volatility that typically accompanies presidential election years.

In fact, remaining in, or entering, the real estate market at that point might be a good idea, McClasky said.

There’s usually less competition and sellers may be more willing to work with you, she said.

Janice Podsada; jpodsada@ heraldnet.com; 425-339-3097; Twitter: JanicePods

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Market Facts 2020 • The Herald Business Journal

SNOHOMISH COUNTY HOME SALES AND PRICES «

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January 2020

13

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300TH ST NW

« ¬

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MAR INE D R

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Median price 2018

% change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median price 2018

% change 2009

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610

124

112

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$675,000

$690,000

-2.2%

610

193

165

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730

157

183

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$526,000

-8.9%

730

187

171

9.4%

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$530,000

-6.4%

730

232

272

-14.7% $510,000

$503,497

1.3%

740

176

238

-26.1% $409,250

$384,000

6.6%

740

239

239

0.0%

$426,500

$429,000

-0.6%

740

247

332

-25.6% $420,000

$435,995

-3.7%

750

81

83

-2.4%

$419,950

$405,000

3.7%

750

79

55

43.6%

$460,000

$437,000

5.3%

750

103

88

17.1%

$474,995

$415,500

14.3%

760

95

95

0.0%

$386,500

$370,000

4.5%

760

89

91

-2.2%

$415,000

$406,000

2.2%

760

142

133

6.8%

$442,500

$370,000

19.6%

770

126

132

-4.6%

$371,000

$344,500

7.7%

770

125

144

-13.2% $377,250

$375,000

0.6%

770

190

176

8.0%

$410,000

$381,750

7.4%

Total

725

836

-13.3% $430,000

$426,250

0.9%

Total

843

812

3.8%

$454,995

$460,000

-1.1%

Total

1,107 1,166

-5.1%

$479,995

$452,450

6.1%

Camano

22

25

28.0%

$390,000

1.0%

Camano

20

35

2.9%

$412,900

$459,000

-10.0%

Camano

53.3%

$379,950

$449,750

-15.5%

$393,950

33

30

14

January 2020

The Herald Business Journal • Market Facts 2020

2019 SNOHOMISH COUNTY HOME SALES AND PRICES April 2019

May 2019

June 2019

Residential and condos

Residential and condos

Residential and condos

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

610

191

171

11.7%

$692,500

$689,900

0.4%

610

225

225

0.0%

$670,000

$722,675

-7.3%

610

235

230

2.2%

$635,000

$684,566

-7.2%

730

269

252

6.8%

$525,000

$559,950

-6.2%

730

297

293

1.4%

$525,000

$545,915

-3.8%

730

267

358

-25.4% $550,000

$539,975

1.9%

740

301

350

-14.0% $440,000

$445,500

-1.2%

740

346

389

-11.1%

$452,475

$465,000

-2.7%

740

387

414

-6.5%

$463,500

$455,000

1.9%

750

105

92

14.1%

$460,000

$452,250

1.7%

750

133

122

9.0%

$465,000

$445,000

4.5%

750

141

123

14.6%

$510,000

$465,000

9.7%

760

142

124

14.5%

$434,995

$420,013

3.6%

760

170

148

14.9%

$449,972

$407,000

10.6%

760

168

176

-4.6%

$455,000

$410,000

11.0%

770

193

196

-1.5%

$399,950

$375,000

6.7%

770

225

250

-10.0%

$410,000

$385,000

6.5%

770

249

225

10.7%

$403,000

$405,000

-0.5%

Total

1,201 1,185

1.4%

$479,000

$475,000

0.8%

Total

1,396

1,427

-2.2%

$476,025

$478,615

-0.5%

Total

1,447

1,526

-5.2%

$488,950

$485,000

0.8%

66.7%

$379,750

$402,450

-5.6%

Camano

47

35

122.9% $425,000

$389,000

9.3%

Camano

53

73

-23.3% $439,500

$430,000

2.2%

Camano

32

30

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Market Facts 2020 • The Herald Business Journal

January 2020

15

2019 SNOHOMISH COUNTY HOME SALES AND PRICES July 2019

August 2019

September 2019

Residential and condos

Residential and condos

Residential and condos

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median % price 2018 change

610

203

194

4.6%

$645,000

$690,000

-6.5%

610

196

202

-3.0%

$658,100

$705,000

-6.7%

610

201

172

16.9%

$660,000

$695,370

-5.1%

730

285

331

-13.9% $532,500

$517,500

2.9%

730

278

282

-1.4%

$520,000

$514,997

1.0%

730

220

250

-12.0% $531,875

$495,000

7.5%

740

351

349

0.6%

$470,000

$431,500

8.9%

740

352

359

-2.0%

$465,000

$450,000

3.3%

740

298

323

-7.7%

$448,500

$440,000

1.9%

750

124

117

6.0%

$450,000

$455,000

-1.1%

750

159

141

12.8%

$490,000

$465,000

5.4%

750

126

94

34.0%

$459,000

$467,500

-1.8%

760

161

152

5.9%

$445,000

$401,250

10.9%

760

200

157

27.4%

$432,250

$415,000

4.2%

760

172

137

25.6%

$450,000

$425,000

5.9%

770

252

262

-3.8%

$415,000

$381,700

8.7%

770

301

245

22.9%

$417,950

$380,000

10.0%

770

238

204

16.7%

$400,000

$386,750

3.4%

Total

1,376 1,405

-2.1%

$480,000

$465,000

3.2%

Total

1,486

1,386

7.2%

$470,000

$461,832

1.8%

Total

1,255

1,180

6.4%

$470,000

$458,197

2.6%

-3.8%

$464,000

$440,000

5.5%

Camano

42

39

48.7%

$474,950

$440,000

7.9%

Camano

41

42

-2.4%

$458,000

$408,725

12.1%

Camano

49

53

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

16

The Herald Business Journal • Market Facts 2020

January 2020

2019 SNOHOMISH COUNTY HOME SALES AND PRICES October 2019

November 2019

Residential and condos

Residential and condos

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median price 2018

% change

MLS Area

Sales 2019

Sales 2018

% change

Median price 2019

Median price 2018

% change

610

187

177

5.7%

$682,500

$685,000

-0.4%

610

180

177

1.7%

$601,413

$649,995

-7.4%

730

228

225

1.3%

$529,500

$489,900

8.1%

730

195

205

-4.8%

$512,500

$475,000

7.8%

740

289

288

0.4%

$458,075

$428,500

6.9%

740

292

271

7.7%

$450,000

$431,200

4.3%

750

144

107

34.6%

$493,250

$435,000

13.4%

750

116

91

27.4%

$504,997

$485,000

4.1%

760

157

125

25.6%

$442,000

$420,000

5.2%

760

131

98

33.6%

$439,995

$376,122

16.9%

770

263

210

25.2%

$409,000

$372,000

10.0%

770

214

177

20.9%

$413,475

$380,000

8.8%

Total

1,268

1,132

12.0%

$475,000

$445,000

6.7%

Total

1,128

1,019

10.7%

$471,747

$450,000

4.8%

Camano

38

31

-3.2%

$443,725

$375,000

18.3%

Camano

17

31

32.2%

$490,000

$410,000

19.5%

SOURCE: NORTHWEST MULTIPLE LISTINGS SERVICE

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Market Facts 2020 • The Herald Business Journal

January 2020

17

POPULATION

County continues growing, but at a slower pace Snohomish County has 818,700 residents, according to an annual state estimate — a modest 1.7% increase.

By Joseph Thompson Herald Writer

Snohomish County is still growing — just not as fast as it used to.

The county’s population is pegged at 818,700, according to state figures. The April 1 estimate from the state Office of Financial Management reported 13,580 new residents in the county, a 1.7% increase, the lowest yearto-year bump since 2014. But the number is still above previous predictions of growth of 10,000

Snohomish County Unincorporated Incorporated Arlington Bothell (part) Brier Darrington Edmonds Everett Gold Bar Granite Falls Index Lake Stevens Lynnwood Marysville Mill Creek Monroe Mountlake Terrace Mukilteo Snohomish Stanwood Sultan Woodway

people per year.

“Based on our adopted countywide population target of 955,257 for the year 2035, we are expecting the annual population growth rate to average 1.0% for the period 2019-35,” said Stephen Toy, principal demographer for the county.

“This is lower than the average annual population growth rate of 1.5% shown for Snohomish County during the period 2010-19.”

Snohomish County still has the second-fastest rising population for the the state’s four metro counties, trailing only King County.

Within the county, no city added more residents than Bothell (46,750 total, with 18,180 in Snohomish County), with 1,490

people moving to town in the past year.

The city, split between Snohomish and King counties, has seen a nearly 40% population increase since 2010, the 10th-highest rate statewide.

Next in line in terms of growth in the county are Lynnwood (39,600), Marysville (67,820) and Everett (111,800).

While Everett remains the state’s seventh-largest city, its 600 new residents represented a slowdown in growth.

Nine other cities in the county also experienced smaller population increases than previously: Marysville (67,820), Lake Stevens (33,080), Arlington (19,740), Monroe (19,250), Edmonds

(42,170), Mill Creek (20,590), Snohomish (10,200), Mountlake Terrace (21,590) and Mukilteo (21,350).

Those numbers are explained by the fact that 60% of new county residents between 2010 and 2019 flocked to unincorporated areas.

The estimated population last April 1 of unincorporated areas of Snohomish County was 365,480.

That trend is expected to change, Toy said. Projections call for 70% of new residents through 2035 to move into cities, especially Everett.

Snohomish County’s largest city is expected to take 26% of the county’s growth, a jump from 8% of new county residents between 2010 and 2019.

State numbers also show that for at least the second straight year, Snohomish County grew faster than the state as a whole.

Washington’s population was estimated at 7,546,410, a 1.6% increase from 2018.

Up north in Skagit County, the population (129,200) also continues to rise. And the rate of growth has risen steadily over the past 10 years. Since 2018, that county has grown by more than 2%.

In nearby Island County, about 1,000 people have moved in, bringing the total population to 84,820 residents.

Joey Thompson: 425-339-3449; jthompson@heraldnet.com. Twitter: @byjoeythompson.

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

699,329

713,335

717,000

722,900

730,500

741,000

757,600

772,860

789,400

805,120

818,700

326,382 372,947 17,527 16,009 6,163 1,371 39,828 101,413 2,134 3,273 165 15,233 35,411 39,019 17,526 17,038

302,292 411,043 17,926 16,415 6,087 1,347 39,709 103,019 2,075 3,364 178 28,069 35,836 60,020 18,244 17,304

304,435 412,565 17,930 16,570 6,100 1,345 39,800 103,100 2,060 3,370 180 28,210 35,860 60,660 18,370 17,330

308,445 414,455 17,970 16,720 6,155 1,345 39,800 103,300 2,060 3,380 180 28,510 35,900 61,360 18,450 17,390

312,500 418,000 18,270 17,020 6,315 1,350 39,950 104,200 2,080 3,385 180 28,960 35,960 62,100 18,600 17,510

320,335 420,665 18,360 17,020 6,345 1,350 39,950 104,900 2,085 3,390 180 29,170 36,030 62,600 18,780 17,660

330,260 427,340 18,490 17,230 6,500 1,350 40,490 105,800 2,115 3,390 160 29,900 36,420 64,140 19,760 17,620

338,995 433,865 18,620 17,390 6,555 1,350 40,900 108,300 2,125 3,395 165 30,900 36,590 64,940 19,900 18,120

349,800 439,600 18,690 17,510 6,560 1,400 41,260 109,800 2,125 3,485 175 31,740 36,950 65,900 19,960 18,350

357,555 447,565 19,300 17,820 6,605 1,400 41,820 111,200 2,175 3,615 175 32,570 38,260 67,040 20,470 18,860

365,480 453,220 19,740 18,180 6,665 1,410 42,170 111,800 2,150 3,900 175 33,080 39,600 67,820 20,590 19,250

20,084

19,909

19,990

20,090

20,160

20,530

21,090

21,090

21,290

21,560

21,590

20,161 8,841 5,885 4,600 1,266

20,254 9,098 6,231 4,651 1,307

20,310 9,200 6,220 4,655 1,305

20,360 9,215 6,300 4,660 1,310

20,440 9,220 6,340 4,660 1,300

20,540 9,270 6,530 4,665 1,310

20,900 9,385 6,585 4,680 1,335

21,070 9,625 6,635 4,860 1,335

21,240 10,010 6,785 5,030 1,340

21,320 10,150 6,835 5,050 1,340

21,350 10,200 7,020 5,180 1,350

SOURCE: WASHINGTON STATE OFFICE OF FINANCIAL MANAGEMENT

18

January 2020

The Herald Business Journal • Market Facts 2020

SELECTED DEMOGRAPHIC DATA FOR SNOHOMISH COUNTY, 2018 SEX AND AGE Total population Male Female Under 5 years 5 to 9 years 10 to 14 years 15 to 19 years 20 to 24 years 25 to 34 years 35 to 44 years 45 to 54 years 55 to 59 years 60 to 64 years 65 to 74 years 75 to 84 years 85 years and over Median age (years) RACE One race Two or more races White Black or African American

Estimate

Percentage

814,901 407,880 407,021 51,607 49,801 53,060 46,209 46,606 120,993 116,255 110,788 57,204 52,495 68,890 28,962 12,031 37.8

50.10% 49.90% 6.30% 6.10% 6.50% 5.70% 5.70% 14.80% 14.30% 13.60% 7.00% 6.40% 8.50% 3.60% 1.50% (X)

764,245 50,656 609,055 26,594

93.80% 6.20% 74.70% 3.30%

Estimate American Indian and Alaska Native 6,849 Asian 94,095 Asian Indian 22,237 Chinese 10,444 Filipino 13,264 Japanese 4,741 Korean 14,207 Vietnamese 12,813 Other Asian 16,389 Native Hawaiian and Other Pacific Islander 4,557 Native Hawaiian 861 Samoan 216 Other Pacific Islander 3,215 Two or more races 50,656 HISPANIC OR LATINO Hispanic or Latino (of any race) 85,109 Mexican 60,175 Puerto Rican 3,813 Cuban 1,068 Other Hispanic or Latino 20,053 Not Hispanic or Latino 729,792

Percentage 0.80% 11.50% 2.70% 1.30% 1.60% 0.60% 1.70% 1.60% 2.00% 0.60% 0.10% 0.00% 0.40% 6.20% 10.40% 7.40% 0.50% 0.10% 2.50% 89.60% SOURCE: US CENSUS BUREAU

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Market Facts 2020 • The Herald Business Journal

January 2020

CLINT BLACK

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Great Big Sea Holly Near India.Arie Indigo Girls Jake Shimabukuro Jane Lynch Jeff Bridges & The Abiders Jesse Cook Joan Armatrading Joan Osborne John Hiatt Johnny Clegg Keb’ Mo’ Keller Williams Ladysmith Black Mambazo Lila Downs Lily Tomlin Lorrie Morgan Los Lobos Lúnasa Lyle Lovett Mandy Patinkin Manhattan Transfer Marc Cohn Martin Sexton Marty Stuart Mary Chapin Carpenter The Mavericks Mavis Staples

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Michael Feinstein Natalie MacMaster Naturally 7 Nitty Gritty Dirt Band Patti LuPone Paula Cole Paula Poundstone Pilobolus Pink Martini Poncho Sanchez Preservation Hall Jazz Band Randy Newman Richard Thompson Ricky Skaggs Robert Cray Rodney Crowell Roger McGuinn Rosanne Cash Rufus Wainwright Sérgio Mendes Shawn Colvin Smothers Brothers Taj Mahal Take 6 The Tenors Tom Papa Travis Tritt Trombone Shorty The Weepies Willie K

19

20

January 2020

The Herald Business Journal • Market Facts 2020

SNOHOMISH COUNTY COMMUTING CHARACTERISTICS IN 2018 Worked in county of residence Worked outside county of residence TIME LEAVING HOME TO GO TO WORK 12:00 a.m. to 4:59 a.m.

5:00 a.m. to 5:29 a.m.

5:30 a.m. to 5:59 a.m.

6:00 a.m. to 6:29 a.m.

6:30 a.m. to 6:59 a.m.

7:00 a.m. to 7:29 a.m.

7:30 a.m. to 7:59 a.m.

8:00 a.m. to 8:29 a.m.

8:30 a.m. to 8:59 a.m.

9:00 a.m. to 11:59 p.m.

TRAVEL TIME TO WORK Less than 10 minutes 10 to 14 minutes 15 to 19 minutes 20 to 24 minutes 25 to 29 minutes 30 to 34 minutes 35 to 44 minutes 45 to 59 minutes 60 or more minutes Mean travel time to work (minutes)

Total 63.00% 36.70%

Drove alone 63.80% 36.00%

Carpooled 53.20% 46.20%

Public transportation 19.80% 79.40%

8.40% 7.00% 6.80% 11.70% 9.40% 11.00% 8.90% 7.60% 4.80% 24.30%

8.20% 7.20% 6.70% 11.50% 8.60% 10.60% 9.30% 8.00% 5.20% 24.70%

10.60% 7.70% 4.80% 10.70% 9.40% 13.00% 8.30% 6.80% 3.00% 25.80%

7.20% 5.70% 12.90% 14.30% 15.20% 13.00% 7.70% 5.50% 3.40% 15.20%

8.60% 10.00% 10.40% 12.20% 6.00% 14.80% 8.50% 12.40% 17.10% 33.3

8.50% 10.60% 10.90% 13.50% 6.80% 15.40% 8.60% 12.10% 13.40% 31.1

5.60% 7.80% 11.10% 10.50% 4.80% 16.10% 11.30% 13.40% 19.30% 35.6

0.40% 0.20% 1.10% 3.20% 0.70% 10.30% 4.80% 15.80% 63.60% 63.5 SOURCE: US CENSUS BUREAU

Thank You For Trusting Us With Your Legal Issues Since 1946 _ The lawyers and staff of Beresford Booth thank the Snohomish

County business community for continuing to trust us with your

complex and critical legal issues. Every day, we strive to provide

clear and independent counsel to our clients. We are only able to provide that counsel because of your trust, and for that, we offer our humble thanks. We will continue to strive to earn your trust.

425.776.4100

beresfordlaw.com

Market Facts 2020 • The Herald Business Journal

Beresford Booth is a full-service law firm based in Snohomish County.

We have provided first-class, sophisticated legal services since 1946.

WE WOULD BE HONORED TO SERVE YOU.

425.776.4100 | beresfordlaw.com

January 2020

21

22

January 2020

The Herald Business Journal • Market Facts 2020

REALLY?

YES, REALLY. Mobile Branches We will pick up deposits at any location

Mobile Branches

in Snohomish County. Leave the driving We will pick up deposits at any location

to in usSnohomish and haveCounty. more time on Leaveto thefocus driving what matters—your business. to usreally and have more time to focus on what really matters—your business.

Mobile Branches So if your bank claims to offer Mobile Branches We will up deposits at any location in Snohomish So ifpick your bank claims to offer convenient locations, consider County.

Leave the driving to us havelocation more time to We will pick up depositsand at any

Mobile Branches

convenient locations, consider focus on what really matters—your business.

switching to aCounty. bank that put in Snohomish Leavecan the driving switching to a bank that can put

will pick up to deposits at anylocations, location SoWe if to your bank claims offertime convenient us and have more to focus on a branch anywhere you need one. branch anywhere need one. consider switching toCounty. a bankyou that can put a branch ina Snohomish Leave the driving what really matters—your business. anywhere you need one. to us and have more time to focus on So if your bank claims to offer

what really matters—your business. convenient locations, consider

Soswitching if your bank claims offer to a bank thattocan put convenient locations, a branch anywhere youconsider need one. switching to a bank that can put

mp.bank

a branch anywhere you need one. mp.bank EVERETT 425.263.3500 3732 Broadway

LYNNWOOD 425.493.5200 19705 Highway 99 LYNNWOOD

425.493.5200 19705 Highway 99

mp.bank

BALLARD 206.397.3110 2244 NW 56th St BALLARD

BURLINGTON 360. 953.5100 110 Cascade Mall Dr BURLINGTON

206.397.3110 2244 NW 56th St

SELECTED SOCIAL CHARACTERISTICS OF SNOHOMISH COUNTY HOUSEHOLDS BY TYPE Total households Family households (families) With own children of the householder under 18 years Married-couple family With own children of the householder under 18 years Male householder, no wife present, family With own children of the householder under 18 years Female householder, no husband present, family Householder living alone 65 years and over Average household size Average family size MARITAL STATUS Males 15 years and over Never married Now married, except separated Separated Widowed Divorced Females 15 years and over Never married Now married, except separated Separated Widowed Divorced GRANDPARENTS Number of grandparents living with own grandchildren under 18 years Grandparents responsible for grandchildren EDUCATIONAL ATTAINMENT Population 25 years and over Less than 9th grade 9th to 12th grade, no diploma High school graduate (includes equivalency) Some college, no degree Associate's degree Bachelor's degree Graduate or professional degree PLACE OF BIRTH Total population Born in United States Foreign born U.S. CITIZENSHIP STATUS Naturalized U.S. citizen Not a U.S. citizen WORLD REGION OF BIRTH OF FOREIGN BORN Foreign-born population Europe Asia Africa Oceania Latin America Northern America

360. 953.5100 110 Cascade Mall Dr

300,215 211,582 90,958 162,473 66,008 16,721 7,377 32,388 66,316 25,604 2.68 3.11 328,807 106,074 177,844 4,149 6,779 33,961 331,626 85,717 175,140 3,783 23,984 43,002

70.50% 30.30% 54.10% 22.00% 5.60% 2.50% 10.80% 22.10% 8.50%

32.30% 54.10% 1.30% 2.10% 10.30% 331,626 25.80% 52.80% 1.10% 7.20% 13.00%

15,811 3,720

23.50%

567,618 16,189 28,090 133,029 143,894 60,532 125,602 60,282

2.90% 4.90% 23.40% 25.40% 10.70% 22.10% 10.60%

814,901 668,319 134,715

82.00% 16.50%

69,420 65,295

51.50% 48.50%

134,715 19,297 67,360 11,469 3,171 29,005 4,413

134,715 14.30% 50.00% 8.50% 2.40% 21.50% 3.30%

SOURCE: US CENSUS BUREAU

Market Facts 2020 • The Herald Business Journal

January 2020

23

SNOHOMISH COUNTY BANKS 1st Security Bank of Washington 6920 220th Street SW, Suite 300, Mountlake Terrace, WA, 98043 Website: www.fsbwa.com Branches (Snohomish County): 5 Deposits (Snohomish County): $435 million CEO: Joseph Adams

Bank of America 100 North Tryon St, Charlotte, NC, 28202 Website: www. bankofamerica.com Branches (Snohomish County): 21 Deposits (Snohomish County): $2.67 billion CEO: Brian T. Moynihan

Bank of Hope 3200 Wilshire Blvd Suite 140, Los Angeles, CA 90010 Website: www.hopebancorp. com Branches (Snohomish County): 2 Deposits (Snohomish County): $214 million CEO: Kevin S. Kim

Walla, WA, 99362 Website: www.bannerbank. com Branches (Snohomish County): 6 Deposits (Snohomish County): $213 million CEO: Mark J Grescovich

Renton, WA, 98057 Website: www.ffnwb.com Branches (Snohomish County): 5 Deposits (Snohomish County): $96 million CEO: Joseph W. Kiley III

First Interstate Bank

Coastal Community Bank

401 North 31st Street, Billings, MT, 59101 Website: www. firstinterstatebank.com Branches (Snohomish County): 1 Deposits (Snohomish County): $37 million CEO: Kevin P. Riley

5415 Evergreen Way, Everett, WA 98203 Website: www.coastalbank. com Branches (Snohomish County): 10 Deposits (Snohomish County): $659 million CEO: Eric Sprink

Heritage Bank

Columbia State Bank

201 5th Avenue, S.W., Olympia, WA, 98501 Website: www. heritagebanknw.com Branches (Snohomish County): 8 Deposits (Snohomish County): $433 million CEO: Jeff Deuel

1301 A Street, Tacoma, WA 98402 Website: www. columbiabank.com Branches (Snohomish County): 5 Deposits (Snohomish County): $147 million CEO: Hadley S. Robbins

Banner Bank

First Financial Northwest Bank

10 South First Avenue, Walla

201 Wells Avenue South,

HomeStreet Bank 601 Union Street, Suite 2000, Seattle, WA, 98101 Website: www.homestreet. com

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We proudly support:

JP Morgan Chase Bank 1111 Polaris Parkway, Columbus, OH, 43240 Website: www. jpmorganchase.com Branches (Snohomish County): 25 Deposits (Snohomish County): $1.8 billion CEO: Jamie Dimon

KeyBank National Association 127 Public Square, Cleveland, OH, 44114 Website: www.key.com Branches (Snohomish County): 18 Deposits (Snohomish County): $627 million CEO: Beth E. Mooney

Mountain Pacific Bank 3732 Broadway, Everett, WA, 98201 Website: www. mountainpacificbank.com Branches (Snohomish County): 2 Deposits (Snohomish County): $336 million CEO: Mark Duffy

MUFG Union Bank

COMPANY’S EMPLOYEE BENEFIT PLANS: • Executive Retirement Plans • Business Valuation Estimates • Buy-Sell Agreements & Funding

Branches (Snohomish County): 4 Deposits (Snohomish County): $235 million CEO: Mark K. Mason

(425)595-5158

www.business-wize.com

a registered investment adviser

400 California Street, San Francisco, CA, 94104 Website: www.unionbank. com Branches (Snohomish County): 6 Deposits (Snohomish County): $440 million CEO: Stephen Cummings

Opus Bank 19900 Macarthur Blvd., 12th Floor, Irvine, CA, 92612 Website: www.opusbank. com Branches (Snohomish County): 6 Deposits (Snohomish County): $384 million CEO: Paul W. Taylor

Pacific Crest Savings Bank 3500 188th Street, S.W., Suite 575, Lynnwood, WA, 98037 Website: www.paccrest.com Branches (Snohomish County): 1 Deposits (Snohomish County): $188 million CEO: Sheryl Nilson

Peoples Bank 3100 Woburn Street, Bellingham, WA, 98226 Website: www. peoplesbank-wa.com Branches (Snohomish County): 5 Deposits (Snohomish County): $171 million CEO: Charles LeCocq

Sound Community Bank 2400 3rd Ave., Seattle, WA, 98121 Website: www.soundcb.com Branches (Snohomish County): 1 Deposits (Snohomish County): $41 million CEO: Laura Lee Stewart

U.S. Bank 425 Walnut Street, Cincinnati, OH, 45202 Website: www.usbank.com Branches (Snohomish County): 12

Deposits (Snohomish County): $719 million CEO: Andrew Cecere

Umpqua Bank 445 S.E. Main Street, Roseburg, OR, 97470 Website: www.umpquabank. com Branches (Snohomish County): 1 Deposits (Snohomish County): $140 million CEO: Cort L. O’Haver

UniBank 19315 Highway 99, Lynnwood, WA, 98036 Website: www.unibankusa. com Branches (Snohomish County): 1 Deposits (Snohomish County): $128 million Market Share: 0.22 percent CEO: Peter R. Park

Washington Federal (WaFdBank) 425 Pike Street, Seattle, WA, 98101 Website: www.wafdbank. com Branches (Snohomish County): 8 Deposits (Snohomish County): $419 million CEO: Brent Beardall

Wells Fargo Bank 101 N. Phillips Avenue, Sioux Falls, SD, 57104 Website: www.wellsfargo. com Branches (Snohomish County): 19 Deposits (Snohomish County): $1.4 billion CEO: Charles W. Scharf Source: FDIC (June 2019)

24

January 2020

The Herald Business Journal • Market Facts 2020

SEATTLE-EVERETT METRO AREA ELECTRICITY PER KILOWATT HOUR Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

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

0.105

0.104

2017

0.106

0.106

0.106

0.111

0.112

0.112

0.112

0.112

0.112

0.109

0.109

0.109

2018

0.111

0.111

0.111

0.114

0.111

0.111

0.111

0.111

0.111

0.108

0.108

0.108

2019

0.110

0.110

0.110

0.112

0.112

0.112

0.111

0.111

0.111

0.109 SOURCE: U.S. BUREAU OF LABOR STATISTICS

Expert Realtors® in Snohomish County.

Have questions on buying or selling? Talk to an expert.

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Market Facts 2020 • The Herald Business Journal

January 2020

25

SEATTLE-EVERETT METRO AREA NATURAL GAS PER THERM Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2009

1.463

1.457

1.457

1.463

1.463

1.438

1.438

1.438

1.438

1.206

1.206

1.206

2010

1.207

1.207

1.207

1.224

1.224

1.249

1.249

1.249

1.249

1.250

1.274

1.274

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

1.190

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

1.250

1.250

1.250

1.250

1.252

1.056

1.056

2016

1.056

1.056

1.058

1.058

1.085

1.123

1.123

1.123

1.119

1.119

1.122

1.122

2017

1.122

1.122

1.122

1.122

1.149

1.150

1.150

1.150

1.150

1.150

1.127

1.078

2018

1.078

1.078

1.078

1.078

1.086

1.086

1.086

1.083

1.083

1.081

0.983

0.983

2019

ANOTHER GOOD YEAR FOR RELATIONSHIPS. ANOTHER GOOD YEAR FOR RELATIONSHIPS. 0.987

0.987

1.012

1.018

0.999

0.999

0.999

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Member FDIC We get to know your specific needs, goals and dreams. So no matter what’s on your list, we’re there to help you succeed, year after year.

Visit ColumbiaBank.com.

Member FDIC

0.999

0.999

1.000

SOURCE: U.S. BUREAU OF LABOR STATISTICS

26

January 2020

The Herald Business Journal • Market Facts 2020

SNOHOMISH COUNTY EMPLOYMENT BY SECTOR Total Nonfarm Total Private Goods Producing Mining, Logging, and Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing Durable Goods Wood Product Manufacturing Fabricated Metal Product Manufacturing Computer and Electronic Product Mfg. Aerospace Product and Parts Mfg. Nondurable Goods Service Providing Trade, Transportation, and Utilities Wholesale Trade Retail Trade Motor vehicle and parts dealers Food and beverage stores General merchandise stores Transportation, Warehousing, and Utilities Information Telecommunications Financial Activities Finance and Insurance Credit intermediation and related activities Insurance carriers and related activities Real estate and rental and leasing Professional and Business Services Professional, Scientific, and Technical Serv.

Architectural, Engineering, & Related Serv.

Admin., Support, Waste Mgmt., & Remediation Employment services Educational and Health Services Ambulatory health care services Nursing and residential care facilities Social assistance Leisure and Hospitality Arts, entertainment, and recreation Food services and drinking places Other Services Government Federal Government State Government State Educational Services Local Government Local Educational Services

2010 247.6 208.8 68.6 15.9 2.5 1.8 11.3 52.6 48.8 1.3 3.1 4.9 35.3 3.8 179.1 42.2 7.9 30.6 3.8 6.1 6.8 3.8 5.4 3.8 11.3 8.2 3.4 4.5 3.2 20.4 9.2 2.1 9.8 2.8 29.8 10.2 4.7 9.0 21.7 3.4 17.4 9.4 38.8 2.5 5.8 2.6 30.5 14.3

2011 255.4 218.2 73.3 15.0 2.5 1.6 10.6 58.3 54.5 1.2 3.5 4.9 40.4 3.8 182.1 42.6 8.1 30.6 3.8 6.0 7.2 3.9 5.7 4.1 11.4 8.3 3.5 4.6 3.1 21.4 9.4 2.2 10.7 3.1 31.6 10.5 4.9 9.3 22.4 3.6 17.7 9.8 37.3 2.3 5.7 2.6 29.3 14.1

2012 265.8 228.6 79.5 15.5 2.6 1.7 10.9 64.0 60.8 1.1 3.7 5.8 45.5 3.3 186.4 43.8 8.1 31.9 3.9 6.3 7.3 3.9 5.9 4.2 11.2 8.1 3.3 4.5 3.1 23.1 10.2 2.3 11.7 3.9 31.9 10.9 4.9 9.5 23.2 3.6 18.4 10.1 37.2 2.3 5.9 2.9 29.1 13.9

2013 268.4 230.9 80.5 16.1 2.7 1.7 11.4 64.4 61.3 1.2 3.7 5.7 45.6 3.1 187.9 44.3 7.9 32.4 4.2 6.4 7.3 4.0 5.7 4.1 12.0 8.9 3.4 5.3 3.1 23.1 10.3 2.2 11.7 3.9 32.0 10.9 4.9 9.4 23.3 3.6 18.5 9.9 37.5 2.1 6.1 3.1 29.4 14.1

2014 272.7 234.5 80.6 17.5 3.0 1.7 12.5 63.1 59.9 1.1 3.8 5.6 43.9 3.2 192.1 45.4 8.0 33.3 4.3 6.4 7.5 4.2 5.7 4.1 12.2 9.1 3.3 5.6 3.0 23.7 10.6 2.2 11.8 4.1 32.9 11.0 5.1 9.9 24.1 3.5 19.2 10.0 38.2 2.1 6.2 3.1 29.9 14.4

2015 280.6 241.9 83.2 19.6 3.4 1.8 14.2 63.7 60.2 1.0 4.0 5.5 43.9 3.5 197.4 47.4 8.1 34.8 4.5 6.7 8.0 4.5 5.8 4.2 12.3 9.1 3.1 5.8 3.2 24.9 10.8 2.2 12.7 4.4 33.3 11.4 5.1 9.5 24.9 3.5 19.9 10.1 38.8 2.0 6.3 3.3 30.5 14.7

2016 287.0 247.4 84.5 21.5 3.5 2.1 15.7 63.0 59.3 1.0 4.1 5.3 43.4 3.7 202.5 47.7 8.2 34.8 4.7 6.7 8.1 4.7 6.0 4.1 12.6 9.4 3.1 6.0 3.2 26.8 11.4 2.3 13.8 4.8 33.7 11.9 5.1 9.2 26.0 3.5 21.0 10.1 39.6 2.1 6.5 3.4 31.1 15.1

2017 287.1 247.1 81.4 22.7 3.8 2.1 16.6 58.7 54.9 0.8 3.9 5.1 39.2 3.9 205.6 48.2 8.3 35.1 4.9 6.6 7.8 4.8 5.7 3.9 12.8 9.5 3.2 5.9 3.4 27.9 12.0 2.3 14.4 4.9 34.7 12.1 5.4 9.3 26.1 3.6 21.1 10.3 40.0 2.1 6.0 3.0 31.8 15.6

2018 290.0 250.1 82.7 24.2 4.1 2.2 17.7 58.5 54.4 0.8 4.1 5.1 38.8 4.1 207.3 48.4 8.5 35.0 4.9 6.6 7.8 4.9 5.2 3.4 13.0 9.5 3.3 6.0 3.4 28.5 12.5 2.3 14.4 5.0 35.5 12.3 5.4 9.7 26.5 3.7 21.4 10.3 39.9 2.1 5.4 2.5 32.5 16.0

SOURCE: EMPLOYMENT SECURITY DEPARTMENT

Market Facts 2020 • The Herald Business Journal

27

January 2020

SNOHOMISH COUNTY’S LARGEST EMPLOYERS Company/Agency

Business Line

public/private

Total 2019

The Boeing Company

Aircraft manufacturing

private

35,000

Providence Regional Medical Center

Medical services

private

4,906

Edmonds School District

School district

public

3,616

The Tulalip Tribes

Gaming, real estate, gov’t services

public

3,500

Washington State gov’t (exludes higher ed)

State government

public

3,000

Naval Station Everett

U.S. Navy Base

public

2,900

The Everett Clinic

Health care

private

2,871

Snohomish County Government

County government

public

2,759

Everett School District

School district

public

2,443

Premera Blue Cross

Health insurer

private

2,200

Albertsons / Safeway (21 locations)

Retail - grocery

private

2,177

U.S. Federal Gov’t

Federal government

public

2,100

Mukilteo School District

School district

public

2,020

Philips Healthcare

Ultrasound technology

private

2,000

Swedish Medical Center | Edmonds campus

Health care

private

1,850

Edmonds Community College

Higher Education

public

1,635

Fred Meyer / QFC (19 loc.)

Retail - grocery

private

1,351

Walmart ( 8 locations)

Retail

private

1,342

Marysville School District

School district

public

1,341

City of Everett

City government

public

1,225

Fluke Corp. (Fortive)

Electronic test and measurement

private

1,200

Snohomish School District

School district

public

1,010

Snohomish PUD

Electric utility

public

1,004

Aviation Technical Services

Aircraft repair/maintenance/parts

private

1,000

Crane Aerospace & Electronics

Aerospace electronics

private

955

Everett Community College

Higher Education

public

954

McDonald’s (21 location)

Restaurant

private

942

Lake Stevens School District

School district

public

912

Seattle Genetics

Biotechnology

private

900

Safran (formerly Zodiac Aerospace)

Aerospace supplier

private

825

Monroe School District

School district

public

800

Stillaguamish Tribe

Gaming, gov’t services, investments

public

750

Community Transit

Public transit

public

748

Senior Aerospace

Aerospace parts

private

739

Esterline Control & Communications Systems

Aerospace electronics

private

710

Collins Aerospace (formerly B/E Aerospace)

Aerospace supplier, interiors

private

700

Arlington School District

School district

public

677

FUJIFILM Sonosite

Medical devices

private

600

Travis Industries

Manufacturing - fireplaces

private

600

Frontier Communications Northwest

Communicators

private

593

City of Lynnwood

City government

public

543

Electroimpact

Aerospace tooling

private

510

SOURCE: ECONOMIC ALLIANCE SNOHOMISH COUNTY

28

January 2020

The Herald Business Journal • Market Facts 2020

SNOHOMISH COUNTY MEDIAN HOURLY WAGES Median hourly wage, all industries, unadjusted for inflation 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Snohomish County

$21.23

$22.33

$23.03

$24.09

$24.77

$25.03

$25.40

$24.17

$25.03

$25.81

$26.44

State Less King

$17.78

$18.32

$18.73

$19.04

$19.24

$19.57

$19.85

$20.24

$20.68

$21.53

$22.37

State

$20.07

$20.70

$20.72

$21.32

$21.45

$21.88

$22.36

$22.95

$23.83

$24.85

$25.98

Median hourly wage, private sector 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Snohomish County

$20.25

$21.28

$21.95

$23.24

$24.05

$24.47

$24.84

$23.42

$24.30

$24.72

$25.46

State Less King

$16.47

$16.89

$17.30

$17.67

$17.98

$18.28

$18.51

$19.00

$19.36

$20.60

$20.99

State

$18.98

$19.48

$19.92

$20.25

$20.56

$21.00

$21.48

$22.03

$22.72

$23.67

$24.94

Median hourly wage, all industries, adjusted for inflation (using U.S. PCE deflator) 2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Snohomish, All Industries

$24.40

$25.69

$26.04

$26.57

$26.81

$26.73

$26.72

$25.37

$25.99

$26.34

$26.44

Snohomish, Private Sector

$23.27

$24.48

$24.82

$25.63

$26.03

$26.13

$26.14

$24.58

$25.23

$25.22

$25.46

State Less King

$20.43

$21.07

$21.18

$21.00

$20.82

$20.90

$20.89

$21.24

$21.47

$21.97

$22.37

State

$23.06

$23.81

$23.43

$23.51

$23.22

$23.37

$23.53

$24.09

$24.74

$25.36

$25.98

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Phone: 425-405-1600 Email: everett.admissions@wsu.edu Address: 915 N Broadway, Everett, WA 98201 Web: https://everettuc.org/

University of Washington Bothell Fast growing four-year public university with more than 6,000 students and 55 programs undergraduate and graduate degree programs.

Phone: 425-352-5000 Email: uwbinfo@uw.edu Address: 18115 Campus Way NE, Bothell, WA 98011 Web: www.uwb.edu Washington State University Everett Offers 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 Address: 915 N Broadway, Everett, WA 98201 Web: https://everett.wsu.edu

COMMUNITY COLLEGES Cascadia Community College The newest community college in the state shares a campus with UW Bothell and had an enrollment of more than 5,000 students in 2016-17.

Phone: 425-352-8000 Email: info@cascadia.edu Address: 18345 Campus Way NE, Bothell,

WA 98011 Web: www.cascadia.edu Edmonds Community College Edmonds CC offers one bachelor of applied science degree, 63 associate degrees 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, supporting both businesses and job seekers, and oversees WorkSource Snohomish County.

Phone: 425-921-3423

Address: 808 134th St. SW, Ste. 105, Everett, WA 98204 Web: www.workforcesnohomish.org Washington Workforce Training and Education Coordinating Board Partnership that oversees a workforce development system that includes 18 education and training programs.

Phone: 360-709-4600 Email: workforce@wtb.wa.gov Address: 128 10th Ave. SW, Olympia, WA 98504 Web: wtb.wa.gov

AEROSPACE-ADVANCED MANUFACTURING TRAINING

tions, at their location near Boeing.

Phone: 425-259-8939 Email: Everett@erau.edu Address: Applied Technology Training Center, 2333 Seaway Blvd., Room 226, Everett, WA 98203 Web: https://worldwide.erau.edu/locations/ everett 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 Address: 9711 32nd Place W, Building C-80, Paine Field, Everett, WA 98204 Web: www.coeaerospace.com

Advanced Manufacturing Training and Education Center Program trains students in the latest manufacturing technologies at EvCC. Phone: 425-388-9570 Email: mfg@everettcc.edu Address: 909 N Broadway, Everett, WA 98201 Web: www.everettcc.edu/ccec/amtec

Washington Aerospace Technical Training and Research Center An educational resource for careers in the aerospace industry at Paine Field.

Phone: 425-347-8928 Address: 3008 100th St SW, Everett, WA 98204 Email: watrc@edcc.edu Web: www.washingtonaerospace.com

Embry-Riddle Aeronautical University Offers associate, bachelor’s, and master’s degrees, as well as undergraduate certifica-

Source: Snohomish County Workforce Training

Market Facts 2020 • The Herald Business Journal

WORKFORCE AVERAGES FOR SNOHOMISH COUNTY 2019

AVG.

JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

Labor Force

439,851

435,819

441,912

441,883

435,651

437,266

436,979

440,904

442,908

445,331

N/A

N/A

N/A

Total Emp.

424,683

418,494

423,819

424,360

422,551

423,835

423,668

426,347

428,489

430,582

N/A

N/A

N/A

Total Unemp.

15,168

17,325

18,093

17,523

13,100

13,431

13,311

14,557

14,419

14,749

N/A

N/A

N/A

Unemp. Rate

3.4%

4.0%

4.1%

4.0%

3.0%

3.1%

3.0%

3.3%

3.3%

3.3%

N/A

N/A

N/A

Labor Force

430,470

426,307

432,678

430,979

429,262

429,047

429,678

432,279

430,520

432,102

430,162

431,336

431,289

Total Emp.

414,289

407,965

415,020

414,573

415,333

414,372

412,832

415,682

414,566

416,075

414,600

414,674

415,777

Total Unemp.

16,181

18,342

17,658

16,406

13,929

14,675

16,846

16,597

15,954

16,027

15,562

16,662

15,512

Unemp. Rate

3.8%

4.3%

4.1%

3.8%

3.2%

3.4%

3.9%

3.8%

3.7%

3.7%

3.6%

3.9%

3.6%

Labor Force

422,511

416,340

422,095

422,754

421,989

421,954

422,801

424,474

424,741

426,245

421,503

422,273

422,960

January 2020

29

WAREHOUSE WITH YARD STORAGE

FOR LEASE OR SALE

2018

2017

Total Emp.

405,449

398,848

404,769

406,027

407,469

405,971

405,021

406,182

406,587

408,391

404,876

404,512

406,737

Total Unemp.

17,062

17,492

17,326

16,727

14,520

15,983

17,780

18,292

18,154

17,854

16,627

17,761

16,223

Unemp. Rate

4.0%

4.2%

4.1%

4.0%

3.4%

3.8%

4.2%

4.3%

4.3%

4.2%

3.9%

4.2%

3.8%

Labor Force

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

Total Emp.

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%

4.7%

4.6%

4.0%

4.1%

4.5%

4.5%

4.4%

4.4%

4.2%

4.3%

3.8%

Labor Force

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

2016

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206.486.3114

2015

Total Emp.

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%

4.7%

4.8%

5.1%

4.6%

INMENT ENTERTA ARTS & E LIFE MORE

MAK

2014 Labor Force

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

Total Emp.

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%

THURSDAYS in the Daily Herald

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January 2020

The Herald Business Journal • Market Facts 2020

Change your life, our community, the world.

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