The 5th annual State of the Rockies Report Card prepared by Colorado College was recently released, and as always provides some interesting insight into our changing and vibrant region. The eight-state Rockies region offers breathtaking scenery, intact ecosystems, and a growing amenities-based economy. From 2000 to 2006, the Rockies region experienced a population growth rate 4.5 times the national average. The eight included for data purposes are Arizona , Colorado , Idaho , Montana , Nevada , New Mexico , Utah and Wyoming. The report in its entirety can be accessed at www.coloradocollege.edu/stateoftherockies/reportcard.html.
Every year, some general "baseline" figures are compiled to analyze many of the area's economic and demographic "vital signs". This year's data comes from the 2000 Census and the 2006 American Community Survey. Both of these are conducted by the U.S. Census Bureau and can be found at www.census.gov.
As in previous years, the West shows population growth much higher than the national average (15% since 2000 compared to 6% nationally). Economic growth in our region is twice the national average in that jobs in all occupations grew at a rate of 18 percent. The largest growth industry between 2000 and 2006 for the region was construction at 30%, followed by service positions at 27%. This compares to national stats of 15% in the construction industry and 21% in the service sector.
A few other noteworthy statistics shows Montana at 70% for owner-occupied housing units compared to 69% for the Rockies and 67% for the United States. The median household income for Montanans in 2006 showed a 5% increase over 2000 which was a nice comparison to the -1% for both the Rockies and the nation. Also worth noting is Montana 's educational attainment status of 90% for high school diploma or equivalency (compared to 84% nationwide) and 27% for Bachelor's Degree, which matches the national figure. Montana also has the highest percentage of population age 65+ in the region with 14%, followed by Arizona 's 13%, and the regional average of 11%. All of these numbers position our area as a place where people want to reside and eventually retire.
As in all areas of the country, many living in the Rockies region are concerned about housing availability and affordability, and today's slower housing market has both positive and negative effects on those issues. When price inflation for housing begins to level off, mid-level home buyers can often benefit from reduced prices and increased supply of homes. On the flip side, as the Rockies continues to be the fastest growing area nationwide, many who are relocating are coming from more expensive markets and consider this region "affordable" which can keep prices moving upward. Therefore, appreciation rates in the Rockies region are comparatively higher than other census areas. Additionally, Idaho , Montana, Wyoming, and Utah maintain the highest rates of appreciation in the country, while the more metropolitan areas like Las Vegas and Phoenix are witnessing slower housing growth.
Continued population growth in the Rockies will require thoughtful planning to ensure that there is adequate housing for those residents who provide basic services to their respective communities. Housing is the largest expenditure in American's budgets, as well as a basic necessity of life. It is reported that many areas in the Rockies region are actively pursuing affordable housing funds, down payment assistance funds, and zoning regulations for housing developments.
The Rockies will likely continue to be the fastest growing Region in the nation. Forecasts to 2012 indicate that the Rocky Mountain West will grow at a rate more than double the national average. Growth has been mainly concentrated in the region's metropolitan areas with compelling job opportunities. Resort markets and second home markets will continue to grow moderately and attract buyers from both coast lines as well as within the region. Locally, Bozeman continues to remain in the national spotlight as a sanctuary within the Rocky Mountains . Its placement in the "Top 10 Best Places to Retire" by U.S. News and World Report correctly positions our community as a destination for vacationers, a home for tech-industry employees, and a retirement locale for those seeking culture, sense of community, and access to the great outdoors.
Robyn Erlenbush is owner of ERA Landmark Real Estate (with offices in Bozeman, Big Sky, Livingston and Clyde Park) and Intermountain Property Management. She can be reached at robyn@eralandmark.com.
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