With the recession behind us, employment opportunities have been steadily growing as the economy remains robust and unemployment numbers are low. Economists are expecting these conditions to continue, although growth is expected to be a bit slower than that experienced just after the recession ended. These positive conditions create abundant opportunities for real estate development investment.
According to the US Bureau of Labor Statistics, employment is expected to increase over the next decade at a rate of 0.7% per year, higher than the 0.6% increases of the previous decade. Overall, the labor force is expected to grow and become more diverse. As Americans age, the largest job increases in the US job market are expected in the healthcare sector.
Similar expectations are forecast for the employment outlook in Washington state. While the number of jobs increased 3% last year, this year is expected to be slightly less at 2.4%. However, with so many large companies constantly hiring in the Seattle area, these projections are not expected to have a significant effect on the overall job market in the state.
Increases in employee demand are expected in all areas, although jobs that require a college degree are expected to have the highest growth, particularly in management positions.
According to the Washington State Employment Security Department, jobs that are expected to be on the increase include managers in areas like finance, HR, marketing, medical, and construction. Increased demand is expected for training and compliance managers as well as operations specialists. The technology industry is especially strong in Washington state, with demand on the increase for all levels of technology professionals, including web and software developers, programmers, and analysts.
Within this healthy economy, development investment opportunities are particularly strong. If you’re ready to enter the lucrative real estate development market, contact American Life, Inc. today. Our team of investment professionals is committed to building positive outcomes for our clients and oversees the entire real estate process, from site acquisition to construction and operations management. Contact us at 206-381-1690 in the US at our office at 2710 S. Hanford Street, Suite 100, in Seattle, Washington or at any of our international offices in Shanghai, Tokyo, or London.