I’m back to talk about data, more specifically the data that shows the continued growth in Grays Harbor County. Last week we presented our 2022 Economic Vitality Index (EVI). This report is specially commissioned economic research on our area’s key vitals over the past year.
Compared to the 2021 EVI Report which reflects 2020 data, all of our metrics are trending in the right direction. Wages across all industries continues to grow, but low wage workers (under $29,000 annually) experience the greatest employment volatility. As unemployment rates across the state continue to drop, so does Grays Harbor County. While one of the higher rates in the state in 2021, we dropped below pre-pandemic levels for unemployment.
It is no secret that the region is attracting many new residents and housing is a hot! Median home prices are rising which is great for sellers but challenging for buyers and makes talent recruitment difficult for many of our larger employers. The state of real estate will continue to be an important conversation as we continue to grow.
Now for the staggering (in a good way) statistics. Taxable retail sales have increased over 25%. Even when accounting for 2021’s inflation rate of roughly 6.7% and backing that number out of the overall growth, the remainder still presents over 18% growth.
Along with retail growth came tourism growth. Last year’s data indicated a decrease in the tax, but this year the growth is astronomical at a whopping 52.3%. We know that our region drew many tourists as domestic and international travel was stalled due to the impact of COVID-19. Our beach communities know that this type of growth is likely not sustainable as these types of crowds can have negative impacts to infrastructure, city services, residents, and the environment. Strategic cultivation of tourists and creation of memorable visitor experiences will be the priority for our tourism destinations.
So, what do we do with all this data? First and foremost, GGHI distributes this report to site selectors and commercial relators across the globe. Marketing our region and the opportunities it provides is a key part of what we do as the regional Economic Development Council. At the local level this data is used by many entities for grant applications, funding requests and service/program development. Additionally, this data helps us identify where work needs to be done. Data regarding our population demographics, be it age, education attainment, or household income highlights strengths in our economic future or opportunities for growth to build economic resiliency.
The team at GGHI encourages you to visit our Demographics and Reports page to investigate more about our region and promise it holds.