Local Indicators & Trends*

Real estate led recessions impact PBC more than others because of the relative importance and concentration of the industry here. However, it took just 18 months from the recession peak to resume job growth in the last real estate led recession (90/91) because it was mostly limited to the comparatively smaller commercial rather than residential sector. Our most recent recession lasted almost twice that (33 months) with another 20 months spent bumping along the bottom due to the sheer size of the speculative bubble and the corresponding financial crisis. While the local residential real estate sector continues to be anchored in the recession, we are now seeing some improvement in local labor markets.