Windermere’s Chief Economist Predicts a Seattle Recession? Really?!
According to the Puget Sound Business Journal, “Windermere Chief Economist Matthew Gardner anticipates a couple of years before a recession heads this direction.”
Calm down! We know what you are thinking … NOT AGAIN! We are here to tell you not to panic. He is not talking about a full-on recession. He believes we will see a few years of “fairly modest to fairly strong” growth in the greater Seattle area before a slowdown which he says will last for about seven months.
With the expansion of Amazon and other tech companies, many continue to flood into the Puget Sound area. Many of these tech companies are coming from the Bay area (Facebook, Google). California is the second-largest source of migration to Washington after Oregon. Gardner does not see a bubble on the horizon for Seattle’s for-sale residential market, but he does worry about the continual rise in housing prices.