Bellingham's economy is booming.
A new study by the federal government shows that Bellingham did extremely well in their most recent study of growth that took place between 2004 and 2005. They looked at Bellingham's gross domestic product and ranked it seventh out of 363 metropolitan areas. Bellingham's GDP growth was 11.1 percent compared 3 percent increase nationwide. The GDP is the market value of goods and services produced by property and labor.
According to Hart Hodges who is the director of the Center for economics and business research at Western Washington University much of the increase could be attributed to the rise in oil prices. Look like they took all of Whatcom county into consideration, not just Bellingham, Mount Vernon saw an even bigger increase of 18.9 percent the second in the nation.
This economic growth is one of the things that seems to be keeping the real estate values in Bellingham and Whatcom County rising, in contrast to the rest of the nation. Looks like as long as the economy of the northwest is strong, so is the value of our real estate.
Photo By LinBow at flickr.com
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