Contact: data@mbaks.com

In July 2023, the unemployment rate in Washington stood at a healthy 3.6%, while the Seattle/Bellevue/Everett metropolitan area boasted an even lower rate of 3.1%. Notably, the construction sector in the state experienced growth over the past year, adding 4,500 jobs between July 2022 and July 2023. With a total statewide construction employment of 240,900, these figures reflect a positive trend in Washington's labor market and its continued commitment to economic development.

Read the full September Builders Bulletin:

Seattle Times columnist Jonathan Martin recently wrote a column advocating for adopting impact fees in Seattle, arguing that “growth doesn’t pay for growth.” That statement is simply not true. New development already generates other taxes and fees, such as the REET and sales taxes, which pay for transportation, infrastructure, and other priorities.

Our association is concerned about the effect of any added fee on housing costs, especially in light of our current housing affordability crisis. Housing affordability is a concern throughout our region and while the developer or builder initially pays the impact fee for new construction in jurisdictions that charge these fees, it is almost always added on to the sale price of the home. Any additional fees would likely be passed along to buyers or renters, further driving up home prices and rents at a time when housing costs are already skyrocketing. New homebuyers would be forced to pay for the fee with interest over the life of their mortgage.

The reality is that impact fees disproportionately affect new homebuyers, especially those at or below the median family income. The increasing use of impact fees and the costs that they add to development raises serious concerns about the effect of using impact fees to fund infrastructure will have on the affordability of housing.

Furthermore, impact fees are a one-time-only assessment and will never replace other fees/taxes in being a good, stable source of revenue. The city would be better served if a more stable type of user fee were used.

Seattle Is the Nation's Hottest Housing Market… Still

Can you count to 15?

That's how many months the City of Seattle has worn the increasingly heavy crown of hottest U.S. housing market. The median home in Seattle now costs more than $718,000, a 16.2 percent rise over the last 12 months according to Zillow. The Seattle-based real estate company does predict the city's massive gains to simmer down to just 5.7 percent over the next 12 months.

Still, 15 months is an impressive streak. And that got us thinking—which streaks have we beat as the nation's fastest-growing residential market in the country, behind first- and second-place losers Las Vegas and San Francisco?

Lance Armstrong recorded seven straight Tour de France victories from 1999 to 2005. I forget what happened after that.

Retired NBA center Chris Dudley once missed 13 straight free throws in a row, one of which included an air ball.

Pro surfer and Baywatch alum Kelly Slater won 11 world surfing championships, including five in a row from 1994 to 1998.

Okay, maybe we're not quite at legendary status yet, but hey, give it time.

The Seattle-based epicenter of explosive home prices has for some time been distributing its affluent ash across the region, covering the greater Puget Sound landscape with extravagant home prices and happy homeowners—and despondent home buyers. But that's life in the Pacific Northwest right now.

Even while Amazon looks to expand its lush landscape and make traffic stand still elsewhere, plenty more workers will be testing our rich soil in the coming months and maybe years, though they'll be paying a hefty price for a spot in our Emerald garden.

Where might one find their dream home in the foggy future?

MBAKS member Quadrant Homes, for one, is looking to build 63 single-family residences near Laurelhurst on the 17.8 acres currently housing the Talaris Conference Center. If all goes according to Quadrant's plan, the homes would be hot property, with individual lots averaging 5,500 square feet upon which homeowners could enjoy high-end residential living and easy access to everything.

While we wait, we can keep counting months and finding new records to compare to…