Happy Friday!

There’s plenty of buzz in Seattle and Snohomish County this week!

We’re looking at the area’s hottest zip codes for home appreciation and Everett is getting state-of-the- art green aerospace startup!

I’ve also got some key spring home maintenance tips for you to take a look at to make sure your home is ready for the warmer weather.

— Lisa

💪 Snohomish County Has WA State’s Lowest Unemployment Rate

Driving the news: Snohomish County has one of the lowest unemployment rates in Washington State at 4.1%, tied with neighboring King County, according to the latest report from the Washington State Employment Security Department.

Details:

• Snohomish County has a total civilian workforce of approximately 455,229, with 436,340 currently employed and 18,889 unemployed.
  

• The county's labor force participation has recovered to pre-pandemic levels, growing slightly from 67.3% in 2019 to 67.5% in 2022.
  

• Over half of all jobs in Snohomish County are concentrated in manufacturing, government, health care and social assistance, and retail trade sectors.

Why it matters: Snohomish County's relatively low unemployment rate and commitment to workforce development initiatives position it as a leader in addressing labor market issues.

The big picture: Washington State, along with Illinois, New Jersey, California, Nevada, and the District of Columbia, has one of the highest unemployment rates in the nation at 4.8%, according to the U.S. Bureau of Labor Statistics.

Between the lines: While Snohomish County's unemployment rate is relatively low, the county and the state still face challenges in addressing workforce shortages and attracting workers to fill open positions, requiring collaborative efforts from various officials.

The bottom line: While Washington State grapples with one of the highest unemployment rates nationwide, Snohomish County's comparatively strong labor market performance highlights its potential as a model for other regions seeking to revitalize their economies and attract skilled workers.

🎥 Tour a RARE Shoreline Seattle Home Near Upcoming Light Rail w/ BIG Backyard

ENDLESS Possibilities in Shoreline, WA!

Discover the charm of this unique 3 bed/1.75 ba home perched on a hill with established trees all around.

This unique floor plan offers an expansive backyard with two water features, providing a serene retreat minutes away from the upcoming Shoreline North/185th Light Rail Station, offering easy access to downtown Seattle & beyond.

Embrace the opportunity to remodel and create your dream home in this fantastic location!

📍19245 11th Avenue NE, Shoreline, WA

💰 $824,000

⛵️ Port of Everett to Transform in 2025

Driving the news: The Port of Everett is seeking bids for the construction of two new multi-tenant retail buildings totaling 21,000+ square feet at Fisherman's Harbor in Waterfront Place.

Details:

• The construction opportunity involves the development of parcels A6 and A12, as well as a new 78-stall parking lot along "Restaurant Row."
  

• The buildings are already leased up, with only one 2,800 sq. ft. suite available, which the Port is seeking to fill with a Mexican restaurant.
  

• The overall development plans for the waterfront include 63,000 square feet of retail and restaurant space, 447,500 square feet of offices, two hotels, 20,000 square feet of marine retail, and up to 660 waterfront homes including apartments, condominiums, and townhomes/lofts.

Why it matters: This construction project is part of the Port of Everett's larger Waterfront development plan, which aims to create a vibrant and attractive destination for residents and visitors alike.

The addition of new retail spaces and a Mexican restaurant will further enhance the dining and entertainment offerings at Fisherman's Harbor.

The big picture: The Waterfront development project is a multi-phase initiative that includes residential housing, hotels, a restaurant row, a fresh fish market, an amphitheater, and an entertainment district.

The Port has facilitated over $300 million in public/private investment to date.

Between the lines: The Port's commitment to honoring Everett's maritime history is evident in the design and naming of the development, such as the "Net Shed" fish market and the incorporation of art installations that pay tribute to the city's fishing heritage.

What's next: The bid opening is expected on June 10, with a targeted Notice to Proceed in mid-June 2024.

The project is expected to be completed in Q3 2025.

The bottom line: The Port of Everett's Waterfront development project continues to make progress, with the upcoming construction of new retail spaces further enhancing the public dining and entertainment options at Fisherman's Harbor.

🏆 Seattle Ranks in Top Global Cities in Oxford Economic Study

Driving the news: A new "Global Cities Index" from Oxford Economics ranks Seattle at No. 6 among the world's top 1,000 largest cities, driven by its robust tech economy.

Details: The index scores cities based on Economics, Human Capital, Quality of Life, Environment, and Governance.

Seattle trails New York, London, San Jose, Tokyo, and Paris, but outranks Los Angeles, San Francisco, Melbourne, and Zurich in the top 10.

Why it matters: Seattle's No. 4 ranking in the Economics category, buoyed by tech giants like Amazon and Microsoft, shows its economic strength and diversity, with a high GDP per capita and employment growth.

By the numbers: Seattle ranks 40th in Human Capital, 56th in Quality of Life, 40th in Environment, and 184th in Governance.

The big picture: While Seattle's tech-driven economy is a significant advantage, the report notes that high-income inequality and housing affordability remain pressing issues.

Between the lines: Oxford Economics cites Seattle's "healthy economic stability measure" and diverse employment base, including tech, aerospace (Boeing), and retail (Starbucks, Costco, Nordstrom).

What's next: Addressing income disparities and housing costs could further bolster Seattle's global competitiveness, according to the report.

The bottom line: Seattle's tech prowess propels its standing as a leading global city, but long-term success hinges on tackling socioeconomic challenges like inequality and affordability.

📊 Our Current Local Market Data

The real estate market is hot in Snohomish County!

If you want to buy a home in this market, you’ll need a solid strategy for searching and making strong offers. Your home search could take a while, but you’ll have to move quickly when you find a home you like.

I’m staying on top of the market daily and there are even financing options that can help you purchase at a lower rate.

If you ever have questions, don’t hesitate to ask.

📰 In Other News…

• Snohomish County reports nearly 10% drop in homelessness compared to last year

• Tuesday marks 1st public hearing for $1.45 billion Seattle transportation levy proposal
  

• Snohomish County Public Works wins national award for Little Bear Creek

That’s all for today, I hope you have an amazing week!

If there’s ever anything you need:

➡️ a custom market or home value report

➡️ a home services list for a reliable contractor or services professional

➡️ feedback or a professional opinion on a home project

Just let me know! I’m here to help with all your home needs.

Talk soon,

Lisa Bender

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