The latest economic data indicates the Whatcom County construction industry may be starting to bounce back.
Construction hiring jumped by 800 between February and March, while permits were issued for several projects across the county in recent months. It's particularly busy construction-wise at Cherry Point, Barkley Village and the Bellingham International Airport.
The labor data shows 6,200 people were employed in construction locally, the highest level since May, 2011. Typically, construction employment increases as the weather improves, peaking in August. With this many people employed in construction this early in the season, it'll be interesting to see if that trend holds this year.
Retail growth: It was a busy first quarter when it came to starting a business in Whatcom County. Through the first three months of 2012, a visual count showed 47 Whatcom County storefront businesses that have either opened or plan on being open in the next couple of months. That's well ahead of the pace of previous first quarters in recent years and is also well ahead of storefront business closures (17) in the first three months of 2012. In the first couple years of the Great Recession, storefront openings and closings were about even locally; in 2011 a shift took place toward more openings - for the entire year Whatcom County had 114 storefront openings, versus 67 closures.
Other significant events that took place in April:
Aluminum Boats Australia has decided against opening a facility in Bellingham, choosing instead to go to Anacortes. According to a press release from the port, ABA officials said Bellingham was its first choice, but that the inability to directly launch vessels the size the company builds from that site added "insurmountable costs" to the business.
Meridian Village, which has a variety of retail tenants including Marshalls and DeWaard & Bode, was sold U.S. Bank National Association to Meridian Village WA LLC for $13.6 million. The buyer is a Delaware limited liability company.
Allegiant Air, which made Bellingham one of its operation bases four years ago, is planning to build its own 9,000-square-foot building at the Bellingham International Airport.
Jerry Chambers Chevrolet Cadillac was sold to Lithia Motors Inc. of Medford, Ore.
Bidding closed April 20 on 167 liquor stores across the state, including four in Bellingham and one in Ferndale. The sum of the bids totaled $30.75 million, with rights awarded to 121 successful bidders, according to the Washington State Liquor Control Board in an April 23 announcement. Rights to the five Whatcom County stores sold for about $1.4 million.
Tourists spent a record amount of money in Whatcom County last year, according to a new report released last month. Spending by tourists hit $555.4 million in 2011, a 16.9 percent increase from 2010.
Port of Bellingham's Executive Director Charlie Sheldon resigned and the commission agreed to what amounts to a severance package last month.
After resigning from Western Washington University's Center of Economic Vitality last month, Tom Dorr became the subject of an internal audit that concluded he violated several ethical policies.
BY THE NUMBERS
Whatcom County quarterly retail sales
Q4 2011: $828.1 million
Q3 2011: $797.7 million
Q4 2010: $789.1 million
Quarterly change: up 3.8 percent
Year-over-year change: up 4.1 percent
Six-year quarterly high: $873.4 million, fourth quarter, 2007
Six-year quarterly low: $624.4 million, first quarter 2009
Whatcom County bankruptcies
April 2012: 50
March 2012: 72
February 2012: 65
April 2011: 82
Monthly change: down 30.6 percent
Year-over-year change: down 23.1 percent
Six-year monthly high: 83, February 2010
Six-year monthly low: 11, February 2006
Whatcom County auto sales
March 2012: 289
February 2012: 290
March 2011: 268
Monthly change: down less than 1 percent
Year-over-year change: up 7.8 percent
Six-year monthly high: 553, May 2006
Six-year monthly low: 140, December 2008
Whatcom County residential sales
April 2012: 163
March 2012: 186
April 2011: 166
Monthly change: down 12.4 percent
Year-over-year change: down 1.8 percent
Six-year monthly high: 398, August 2007
Six-year monthly low: 104, February 2009
Unincorporated Whatcom County building permit values
April 2012: $20.2 million
March 2012: $9.3 million
April 2011: $5.2 million
Monthly change: up 117 percent
Year-over-year change: 288 percent
Five-year monthly high: $65.3 million, July 2011
Five-year monthly low: $2.6 million, January 2012
Whatcom County foreclosures
March 2012: 52
February 2012: 47
March 2011: 36
Monthly change: up 10.6 percent
Year-over-year change: up 44.4 percent
Six-year monthly high: 153, April 2009
Six-year monthly low: 17, September 2007
Median price of homes sold in Whatcom County
April 2012: $245,000
March 2012: $235,000
April 2011: $241,750
Monthly change: up 4.3 percent
Year-over-year change: up 1.3 percent
Six-year monthly high: $280,450, May 2007
Six-year monthly low: $208,000, November 2011
Whatcom homes newly listed for sale
April 2012: 376
March 2012: 364
April 2011: 409
Monthly change: up 3.3 percent
Year-over-year change: down 8.1 percent
Six-year monthly high: 707, May 2007
Six-year monthly low: 131, December 2011
Bellingham airport traffic
March 2012: 52,872
February 2012: 41,218
March 2011: 45,640
Monthly change: up 28.3 percent
Year-over-year change: up 15.8 percent.
Six-year monthly high: 52,872, March 2012
Six-year monthly low: 12,597, September 2010
End of April 2012: $1.01
End of March 2012: $1.00
End of April 2011: 99 cents
Six-year high: $1.07, November 2007
Six-year low: 77 cents, March 2009
Southbound Canadian border crossings into Whatcom County
December 2011: 1,228,747
November 2011: 1,089,223
December 2010: 1,025,143
Monthly change: up 12.8 percent
Year-over-year change: up 19.9 percent
Five-year monthly high: 1,540,776 August 2011
Five-year monthly low: 645,792 October 2006
Bellingham building permit values
April 2012: $8.5 million
March 2012: $6.2 million
April 2011: $19.5 million
Monthly change: up 37.1 percent
Year-over-year change: down 56.4 percent
Six-year monthly high: $47.3 million, December 2009
Six-year monthly low: $1.1 million, November 2008
Ferndale building permit values
March 2012: $3.2 million
February 2012: $0.3 million
March 2011: $1.8 million
Monthly change: up 967 percent
Year-over-year change: up 77.8 percent
Five-year monthly high: $12.9 million, July 2007
Five-year monthly low: $0.2 million, January 2009
Whatcom County construction jobs
March 2012: 6,200
February 2012: 5,400
March 2011: 5,400
Monthly change: up 14.8 percent
Year-over-year change: up 14.8 percent
Six-year monthly high: 8,600, September 2006
Six-year monthly low: 5,000, December 2010
Whatcom County unemployment
Whatcom March 2012: 8.1 percent
Whatcom February 2012 (revised): 8.6 percent
Whatcom March 2011: 8.6
State March 2012 (seasonably adjusted): 8.3 percent
Nation March 2012 (seasonably adjusted): 8.2 percent.
Six-year monthly high: 10.4 percent, February 2010
Six-year monthly low: 3.7 percent, October 2007
Sources: Washington State Department of Revenue; U.S. Bankruptcy Court, Western District of Washington; Cross-Sell; Washington State Department of Licensing; Northwest Multiple Listing Service; Whatcom County Planning and Development Services; Bank of Canada; Port of Bellingham; RealtyTrac; Center For Economics and Business Research, Western Washington University; City of Bellingham; Washington State Employment Security Department.
Market Report runs each month.
Reach DAVE GALLAGHER at firstname.lastname@example.org or call 715-2269. Visit his business blog online at blogs.bellinghamherald.com/business or get updates on Twitter at twitter.com/BhamHeraldBiz.