What hurts the U.S. helps Seattle
The housing slump and weak dollar may be hurting much of the U.S., but the economy in Seattle is doing surprisingly fine. Phyllis Fletcher reports what may seem bad for everyone else can be good for Washington state.
Seattle skyline (iStockPhoto.com)
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Doug Krizner: Later in the morning, we'll get the numbers on consumer confidence and durable goods orders. Yesterday's reading on home prices was a shocker. Nationally, home values posted their largest drop in more than 15 years during October. It's true in all but three cities: Charlotte, North Carolina, Portland, Oregon, and Seattle. From KUOW in Seattle, Phyllis Fletcher has more.
Phyllis Fletcher: What kind of place can resist a national housing slump?
Michael Parks: Places where people are happy to come. A very active cultural life, for example. Easy access to the outdoor activities.
Michael Parks has studied and written about the economy in Seattle for 30 years. He says the region's allure isn't all play. The strong tech industry gives cities in the Northwest some juice.
Parks: They're hot, to use an overused word.
He says things that seem bad for everyone else can be good for Washington state. The dollar is low, but that helps the large export business in Washington. Gas is high, but that helps Boeing. It's trying to build a fuel-efficient plane.
Parks: The strong economy in Washington state has kept housing prices increasing throughout the Pacific Northwest.
Still, Seattle isn't totally immune to subprime woes. Foreclosures have doubled in the past year.
I'm Phyllis Fletcher for Marketplace.
