It’s number crunching time. Here’s what the latest data says about Whatcom’s economy.
I’m a self-admitted numbers geek, whether its the economic data or finding new ways to crunch baseball statistics. There is plenty of end-of-year economic data to mine in Whatcom County, so here are a few that jumped out at me at the end of 2018:
▪ This was a busy year for store remodels in Bellingham. Through November, permits were issued for projects valued at more than $51 million, according to data from the city’s permit center. That is nearly double the $26.7 million spent for all 12 months of 2017.
Commercial remodels could be for a variety of projects, from new stores to rehabbing existing places. Either way, there was plenty of investing going on with brick-and-mortar stores and offices this year.
Overall, 2018 may be one of the busiest years in the permit center for quite some time. Through November, the city issued all permits valued at nearly $211 million. That’s $40 million more than all of last year and it could end up being the highest annual total since 2003. Along with commercial remodels, construction of apartments was a major contributor this year.
▪ There are some warning signs in the local data. Through November, Whatcom County had 329 bankruptcy filings, a 5.8 percent increase compared to the same period in 2017, according to the U.S. Bankruptcy Court Western District in Seattle.
It’s still a relatively low number for Whatcom County, particularly compared to the aftermath of the global financial meltdown when bankruptcy filings soared to 808 in 2010. This is the first year-over-year increase since 2010, however, so it’s a trend worth watching.
▪ Whatcom wages are up, but still lag behind other cities. At the end of March Whatcom’s average weekly wage was $923, according to Washington’s Employment Security Department. That’s a 5.5 percent increase compared to the 2017 average. While local wage numbers for the rest of 2018 are not yet available, the strong economy and low unemployment rate mean wages probably further increased throughout the year.
Even with the increase, Whatcom ranked 14th highest in the state, behind several nearby counties including Skagit ($952 average weekly wage) and Snohomish ($1,278). King County continued to top the list, at $1,761.
▪ Border and airport traffic are up. Despite some strong headwinds, it’s looking like traffic at the border and the Bellingham airport will increase over the previous year.
Through October, more than 11.5 million people have crossed southbound through Whatcom County’s five border crossing, according to data collected from the Border Policy Research Institute at Western Washington University. That’s a 9 percent increase compared to the same period in 2017. The increase is happening despite a weak Canadian dollar. Part of the increase appears to be a big boost in traffic last spring, when the price of gas in Whatcom County was significantly lower than in British Columbia.
The number of people flying out of the Bellingham airport totaled 343,552 through November according to the Port of Bellingham. That is about 2,000 more than the same period in 2017. December can be a volatile month for air traffic with the holidays and the weather, so it’s unclear whether the final count will finish above or below last year’s numbers. The Bellingham airport has seen some routes end this year, but has also added several, including seasonal flights to Denver this past summer and Tucson this fall.
