chris mefford - edc · real estate: single family housing zillow home value index, united states...
TRANSCRIPT
Chris Mefford
8/12/2019 CAI Confidential 2
Who we are
CAI is a planning and economics firm.
What we believeSuccessful strategies are grounded in data and economic theory.
How – What makes our approach uniqueWe produce sophisticated analysis and tell data-rich stories with an emphasis on design and technology.
What we do We lead strategies, produce reports, and develop technology to reach more people and improve impact.
Community Attributes tells data-rich stories about
communities that are important to decision-makers.
• A little context
• Regional growth models
• Thurston County trends and economic drivers
• U.S. and Global trends and economic drivers
3
Contents
4
A little context
U.S. Economic RecoveryMonths of expansion following recession, NBER definition
5Sources: National Bureau of Economic Research, 2019; Community Attributes Inc., 2019.
*2008-2009 expansion period still ongoing.
Recession Period Recovery/ Expansion Period
2008-2009 2009 - ?
1990-1991 1991-2001
1960-1961 1961-1970
1981-1982 1982-1990
1937-1938 1938-1945
2001 2001-2008
1973-1975 1975-1980
1929-1933 1933-1937
1948-1949 1949-1953
1913-1915 1915-1918
Months of Recovery/Expansion
122
120
106
92
80
73
58
50
45
44
0 25 50 75 100 125
1
2
3
4
5
6
7
8
9
10
6
U.S. Labor Force Participation & Unemployment
50.0
52.0
54.0
56.0
58.0
60.0
62.0
64.0
66.0
68.0
70.0
0.0
2.0
4.0
6.0
8.0
10.0
12.0
UNEMPLOYMENT
Rate %
Labor Force
Participation %
Labor Force
Participation
Unemployment
Unemployment
Rate in U.S.3.7%
63.2%August 2019
Labor Force
Participation
7
Workers and Income
Workers by Wage Range (2018 dollars)Washington State, Based on Median Annual Earnings
Wages & IncomesWashington State
Sources: U.S. Bureau of Labor Statistics, Occupational Employment Statistics, 2018.
$0
$20,000
$40,000
$60,000
$80,000
$100,000
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
2018 $
10th Percentile(0.6% CAGR)
25th Percentile(0.8% CAGR)
50th Percentile(0.3% CAGR)
75th Percentile(0.6% CAGR)
90th Percentile(0.6% CAGR)
422
1,261
861
268
435
1,386
1,011
427
0
200
400
600
800
1,000
1,200
1,400
1,600
Less than
$32,000
$32,000 to
$50,000
$50,000 to
$80,000
$80,000 to
$125,000
2007 2018
Thousands of Workers
Annual Median Earnings 2018 $
8
Where will we grow?
Sources: Washington Office of Financial Management, 2019; Community Attributes Inc., 2019.
9
A little theory
10
Circular Flows of the Economy
Robert Gordon, 2002
11
Major Industries in Washington 4,326,400 Total Jobs
Sources: Bellevue Creative Economy Study, 2017; QCEW, 2017; Washington State Employment Security Department, 2017; QCEW, Bureau of Labor Statistics,
2017; Industry/Occupation Crosswalk, Washington State Employment Security Department, 2017; Bureau of Economic Analysis, 2017
12
Major Industries in Washington Percent of Export Jobs by Industry
Sources: Bellevue Creative Economy Study, 2017; QCEW, 2017; Washington State Employment Security Department, 2017; QCEW, Bureau of Labor Statistics,
2017; Industry/Occupation Crosswalk, Washington State Employment Security Department, 2017; Bureau of Economic Analysis, 2017
13
Total Washington Exports by Commodity or Merchandise
Source: U.S. Census Bureau, 2018.
14
Washington Non-Aerospace Exports2018
Source: U.S. Census Bureau, 2018.
15
Washington Aerospace Exports2018
Source: U.S. Census Bureau, 2018.
16
Thurston County
17
Real Estate: Single Family HousingZillow Home Value Index, United States and Washington Metros | Q3 2019
Sources: Zillow, 2019.
$492k
$404k $404k
$374k$364k
$329k $327k$312k $303k $300k
$284k$270k $263k
$250k $249k $248k$230k
$215k$195k
$182k $177k
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
18
Real Estate: Single Family HousingZillow Home Value Index, Olympia and Comparable (Population Rank) Metros | Q3 2019
Sources: Zillow, 2019.
$374k
$328k $327k
$303k
$269k$256k
$241k
$215k
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
Bremerton, WA Greeley, CO Olympia, WA Kennewick, WA Merced, CA Crestview-Fort
Walton Beach-
Destin, FL
Wilmington, NC Yakima, WA
19
Real Estate: Single Family HousingChange in Zillow Home Value Index, United States and Washington Metros | 2009-2019
Sources: Zillow, 2019.
16.5%
1.1%
9.8%
6.1%
12.9%
9.8%
6.4%
10.0%
8.4%
5.0%
15.1%
7.4%
12.0%
4.5%
11.9%
4.9%
8.3%
7.2%6.6%
3.4%
7.8%
6.9%
4.9% 4.8%4.4% 4.3% 4.2% 4.2% 4.1% 3.9% 3.8% 3.7% 3.6% 3.6% 3.5% 3.4% 3.4%
3.0% 3.0% 2.8% 2.7%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
One Year (2018-2019)
10 Year (2009-2019)
20
Real Estate: Multifamily HousingAverage Lease Rate and Change in Lease Rate, Thurston County | 2009-2019
Sources: CoStar, 2019.
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
20
09
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
10
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
11
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
12
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
13
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
14
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
15
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
16
Q1
20
16
Q2
20
16
Q3
20
16
Q4
20
17
Q1
20
17
Q2
20
17
Q3
20
17
Q4
20
18
Q1
20
18
Q2
20
18
Q3
20
18
Q4
20
19
Q1
20
19
Q2
QTD
Lease per SF
Lease Rate Change (Y/Y %)
Rate / SF Rate Change
21
Real Estate: Multifamily HousingVacancy Rate, Thurston County | 2009-2019
Sources: CoStar, 2019.
5.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
22
Real Estate: Multifamily HousingUnits Delivered (Net of Demolition), Thurston County | 2009-2019
Sources: CoStar, 2019.
(200)
(100)
0
100
200
300
400
5002
00
9 Q
1
20
09
Q3
20
10
Q1
20
10
Q3
20
11
Q1
20
11
Q3
20
12
Q1
20
12
Q3
20
13
Q1
20
13
Q3
20
14
Q1
20
14
Q3
20
15
Q1
20
15
Q3
20
16
Q1
20
16
Q3
20
17
Q1
20
17
Q3
20
18
Q1
20
18
Q3
20
19
Q1
QTD
23
Real Estate: Commercial OfficeVacancy Rate, Lewis, Thurston, Pierce and King Counties | 2009-2019
Sources: CoStar, 2019.
0%
2%
4%
6%
8%
10%
12%
14%
THURSTON
LEWIS
PIERCE
KING
24
Real Estate: Commercial OfficeAverage Lease Rate, All Classes, Lewis, Thurston, Pierce and King Counties | 2009-2019
Sources: CoStar, 2019.
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00THURSTON
LEWIS
PIERCE
KING
25
Real Estate: Commercial OfficeAbsorption (Square Feet), Thurston County| 2009-2019
Sources: CoStar, 2019.
(400,000)
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
20
09
Q1
20
09
Q4
20
10
Q3
20
11
Q2
20
12
Q1
20
12
Q4
20
13
Q3
20
14
Q2
20
15
Q1
20
15
Q4
20
16
Q3
20
17
Q2
20
18
Q1
20
18
Q4
QTD
26
Real Estate: Commercial OfficeDeliveries (Square Feet, net of demolitions), Thurston County| 2009-2019
Sources: CoStar, 2019.
(300,000)
(200,000)
(100,000)
0
100,000
200,000
300,000
20
09
Q1
20
09
Q3
20
10
Q1
20
10
Q3
20
11
Q1
20
11
Q3
20
12
Q1
20
12
Q3
20
13
Q1
20
13
Q3
20
14
Q1
20
14
Q3
20
15
Q1
20
15
Q3
20
16
Q1
20
16
Q3
20
17
Q1
20
17
Q3
20
18
Q1
20
18
Q3
20
19
Q1
QTD
27
Real Estate: IndustrialVacancy Rate, Lewis, Thurston, Pierce and King Counties | 2009-2019
Sources: CoStar, 2019.
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
THURSTON
LEWIS
PIERCE
KING
28
Real Estate: IndustrialLease Rate, Lewis, Thurston, Pierce and King Counties | 2009-2019
Sources: CoStar, 2019.
$0.00
$2.00
$4.00
$6.00
$8.00
$10.00
$12.00
THURSTON
LEWIS
PIERCE
KING
29
Real Estate: IndustrialAbsorption (Square Feet), Thurston County| 2009-2019
Sources: CoStar, 2019.
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
30
Real Estate: IndustrialDeliveries (Square Feet, net of demolitions), Thurston County| 2009-2019
Sources: CoStar, 2019.
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
31
A little theory
32
What is economic development?
TRADE SHOWS
BrandingMarketing, Promotion
SITE SELECTION SUPPORT
Entrepreneurial Support
Higher Education
Workforce
Supports
BUSINESS CLIMATE
Permitting, Business Support
BASIC NEEDS Housing
TRANSPORTATION
Public Safety
Schools & Early Childhood
Parks & Trails
PUBLIC HEALTH
VIBRANT NEIGHBORHOODS
CULTURAL ASSETS
Go after what you want
Work with what you’ve got
Be a good place to live
Jobs (Thurston County)1990 - 2019
Sources: Washington Employment Security Department., 2019.
0
15,000
30,000
45,000
60,000
75,000
90,000
105,000
120,000
135,000Jobs
2019
117,000 jobs
286,000 people
Actuals
Washington State ESD
Forecast
Washington State ESD
117,000
2019
130,000
2027
101,000
2008
64,000
1990
Jobs in Thurston County2003 - 2019
34
2,790
1,930
2,820 2,850 2,900
1,610
-3,200
-1,230
-330
420
3,090 3,180 3,020
4,070
2,880
3,940
2,390
-4,500
-3,750
-3,000
-2,250
-1,500
-750
0
750
1,500
2,250
3,000
3,750
4,500
2003 2005 2007 2009 2011 2013 2015 2017 2019
New Jobs
Sources: Washington Employment Security Department., 2019.
35
Job Growth in Thurston County2003 - 2019
3.2%
2.2%
3.1% 3.0% 3.0%
1.6%
-3.2%
-1.3%
-0.3%
0.4%
3.2% 3.2%2.9%
3.8%
2.6%
3.5%
2.0%
-4.5%
-3.5%
-2.5%
-1.5%
-0.5%
0.5%
1.5%
2.5%
3.5%
4.5%
2003 2005 2007 2009 2011 2013 2015 2017 2019
Growth Rate
Sources: Washington Employment Security Department., 2019.
Jobs and PeopleChange in Jobs & Net Migration, Thurston County | 1991 - 2018
36
Jobs
Sources: U.S. Bureau of Labor Statistics, 2019; Washington Office of Financial Management, 2019.
-5,500
-4,500
-3,500
-2,500
-1,500
-500
500
1,500
2,500
3,500
4,500
5,500
Jobs
People
2018 - 20192,450 Jobs
3,460 Net In-migration
Jobs and PeopleRegional Commute Patterns, 2017
37Sources: U.S. Census Bureau, LEHD,
2017; Community Attributes Inc., 2019.
Jobs and PeopleRegional Commute Patterns, 2017
38Sources: U.S. Census Bureau, LEHD,
2017; Community Attributes Inc., 2019.
Where people who work in Thurston County live Where people who live in Thurston County work
Count Share
Thurston County 63,647 54.7%
Pierce County 12,420 10.7%
King County 9,138 7.9%
Lewis County 5,449 4.7%
Mason County 3,502 3.0%
Snohomish County 3,464 3.0%
Grays Harbor County 3,047 2.6%
Clark County 2,355 2.0%
Kitsap County 1,727 1.5%
Cowlitz County 1,570 1.3%
All Other Locations 10,076 8.7%
Total Thurston Employees 116,395
Count Share
Thurston County 63,647 56.5%
Pierce County 15,343 13.6%
King County 15,245 13.5%
Lewis County 3,472 3.1%
Snohomish County 2,811 2.5%
Mason County 2,143 1.9%
Grays Harbor County 1,336 1.2%
Clark County 1,307 1.2%
Kitsap County 944 0.8%
Spokane County 867 0.8%
All Other Locations 5,535 4.9%
Total Thurston Residents 112,650
39
Migrations to Thurston CountyBy Origin of Newly Issued Driver’s Licenses, Thurston County | Past 12 Months
Origin Drivers
California 1,219
Oregon 488
Texas 412
Arizona 291
Florida 241
Colorado 235
Alaska 168
Georgia 145
Idaho 143
North Carolina 141
Total U.S. 5,770
International 184
Total Migrations 5,954
Sources: Washington Department of Licensing, 2019.
40
Population Growth & Housing Unit ChangeThurston County | 2006 – 2019
201520102005
Sources: U.S. Census Bureau, 2017; Washington Office of Financial Management, 2019.
-3,500
-2,500
-1,500
-500
500
1,500
2,500
3,500
4,500
Annual Households & Housing Unit Change in Thurston County, 2006 - 2019
Households Housing Units
41
Population and Housing UnitsThurston County Cities | 2019
Population Housing Units
Olympia 52,770 25,140
Lacey 51,270 21,710
Tumwater 24,060 10,540
Yelm 9,140 3,310
Rainier 2,110 830
Tenino 1,840 780
Bucoda 580 250
Thurston County 285,800 119,940
Sources: Washington State Office of Financial Management, 2019.
42
Population and Housing Growth in Thurston CitiesCAGR 2009 – 2017
Sources: U.S. Census Bureau, 2019; Washington Office of Financial Management, 2019.
1.2%
-1.2%
0.7%
1.2%
1.2%
1.8%
3.9%
4.1%
0.9%
0.5%
0.0%
1.3%
0.9%
1.3%
2.4%
2.9%
-1.5% -0.5% 0.5% 1.5% 2.5% 3.5% 4.5%
Thurston County
Tenino
Bucoda
Olympia
Rainier
Lacey
Tumwater
Yelm
Housing Units
Households
43
Population ForecastThurston County | 2000 - 2040
Sources: Washington Office of Financial Management, 2019.
438,800
370,700
312,100
207,400
285,800
0
50000
100000
150000
200000
250000
300000
350000
400000
450000
500000
Living Wage in Thurston County, 2018
Household Income
$26,100
$12.60 per hourLiving Alone
$69,400
Sources: M.I.T. Living Wage Calculator, 2019; Community Attributes Inc., 2019.
45
Assessed Land ValueThurston County | 2019
Sources: Thurston County, 2019;
Community Attributes Inc., 2019.
46
Jobs by Industry (Thurston County)Ranked by Total Covered Employment| 2018
Source: Washington State ESD,
2019.
Industry 2008 2018 Net New Jobs CAGR
Government 36,320 38,280 1,960 0.5%
Health care and social assistance 11,199 15,236 4,037 3.1%
Retail trade 11,062 12,812 1,750 1.5%
Accommodation and food services 7,737 9,369 1,632 1.9%
Construction 3,926 6,011 2,085 4.4%
Administrative and waste services 3,249 5,979 2,730 6.3%
Professional and technical services 3,273 4,738 1,465 3.8%
Other services, except public administration 4,218 3,877 (341) -0.8%
Wholesale trade 2,743 3,112 369 1.3%
Manufacturing 3,088 3,060 (28) -0.1%
Finance and insurance 2,349 2,518 169 0.7%
Transportation and warehousing 1,684 2,378 694 3.5%
Educational services 1,243 2,129 886 5.5%
Agriculture, forestry, fishing and hunting 1,337 2,006 669 4.1%
Information 1,108 1,574 466 3.6%
Arts, entertainment, and recreation 1,195 1,537 342 2.5%
Real estate and rental and leasing 1,256 1,307 51 0.4%
Management of companies and enterprises 682 887 205 2.7%
Utilities 261 188 (73) -3.2%
Mining 40 15 (25) -9.3%
Total Covered 97,970 117,013 19,043 1.8%
Jobs by Industry (Thurston County)Ranked by Net New Jobs | 2008 - 2018
47Sources: Washington Employment Security Department., 2019.
4,380
2,200
1,450 1,430 1,390 1,330 1,220
770 660 550
(1,000)
-
1,000
2,000
3,000
4,000
5,000
Health care and social
assistance
Government Accommodation and
food services
Retail trade Transportation and
warehousing
New Jobs
Professional and
technical services
Accommodation and
food servicesAdministrative and
waste services
Agriculture, forestry,
fishing, and huntingEducation
services
Jobs by Industry (Thurston County)2008 - 2018
48Sources: Washington Employment Security Department., 2019.
350 310 260 180 100 -
(40) (70)(310)
(1,000)
-
1,000
2,000
3,000
4,000
5,000
Wholesale trade Information Finance and insurance Mining Manufacturing
New Jobs
Arts, entertainment,
and recreation
InformationManagement of
companies and
enterprisesFinance and
insurance
49
Employment by Establishment SizeThurston County| 2017
13.6%
26.2%
10.9%
13.2%
9.1%
13.3%
13.7%
0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
1-9 Employees
10-49 Employees
50-99 Employees
100-249 Employees
250-499 Employees
500-999 Employees
1,000+ Employees
41% or 60KSmall Business* Employees
in Thurston County
*Note: Small Business are defined as firms employing fewer than 100 employees.
Sources: Washington Employment Security Department, 2019.
50
U.S. & Global Trends and Outlook
Global GDP Percent Change1980-2023 | Real GDP
5.6% 5.4%
3.7%3.5%
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
1980 1985 1990 1995 2000 2005 2010 2015 2020
Forecast
6.0%
5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
-1.0%
Source: International Monetary Fund, 2019; Community Attributes Inc., 2019.
0%
20%
40%
60%
80%
100%
Percent of Global GDP by Country1980-2023 | Real GDP
EU
All Others
Japan
China
United States
Source: International Monetary Fund, 2019; Community Attributes Inc., 2019.
7.24
-2.54
-5.0
-2.5
0.0
2.5
5.0
7.5
10.0
12.5
15.0
1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022
-5.0
-2.5
0.0
2.5
5.0
7.5
10.0
12.5
15.0
1980 1983 1986 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022
China, U.S. and Global GDP, Percent Change1980-2023 | Real GDP
World United States China
15.0%
12.5%
10.0%
7.5%
5.0%
2.5%
0.0%
-2.5%
-5.0%
Source: International Monetary Fund, 2019; Community Attributes Inc., 2019.
-6.0%
-4.0%
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Real GDP, year-over-year growth (%)1990-2024
54Sources: IMF World Economic Outlook, April 2019.
ForecastHistorical
China, India, Emerging,
Developing Asia
Emerging,
Developing Europe
U.S.
Euro Area
World
Total Trade VolumeGoods and services, annual % change
55Sources: IMF World Economic Outlook, April 2019.
Assumes stability in global trade regime,
which could be undermined in 2019.
Historical Forecast
0.6%
3.8%
5.9%
11.1%
8.0%
9.4%8.0%
3.1%
-10.5%
12.5%
7.3%
3.1%3.6% 3.9%
2.8%2.2%
5.4%
3.8% 3.4% 3.9% 3.9% 3.9% 3.8% 3.8%
-15%
-10%
-5%
0%
5%
10%
15%
U.S. Real Gross Domestic ProductHistoric and Forecast, 2000-2024
56Sources: St. Louis FRED, 2018; Blue Chip Economic Indicators, 2018 (for years 2018-2019); International Monetary Fund World Economic Outlook, 2018
(for years 2020-2022).
Historical Forecast4.1%
1.0%
1.7%
2.9%
3.8%3.5%
2.9%
1.9%
-0.1%
-2.5%
2.6%
1.6%
2.2%
1.8%
2.5%
2.9%
1.6%
2.2%
2.9%
2.3% 2.4%2.2%
1.6% 1.6% 1.6%
-3.5%
-1.5%
0.5%
2.5%
4.5%
Historical Forecast
57
Interest RatesOne month Fed Funds Rate and LIBOR, 1990 - 2019
0%
3%
6%
9%
Fed Funds Effective Rate
LIBOR
Sources: St. Louis FRED, 2019.
58
Your Foreboding Recession Money Shot: Inverted Yield CurveTen Year Treasury Yields MINUS 3-Month Treasury Yields: 2005 - 2019
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
J-2005 J-2006 J-2007 J-2008 J-2009 J-2010 J-2011 J-2012 J-2013 J-2014 J-2015 J-2016 J-2017 J-2018 J-2019
Sources: St. Louis FRED, 2019.
59
Federal Deficit1972-2017
-$2,000
-$1,500
-$1,000
-$500
$0
$500
1970 1976 1982 1988 1994 2000 2006 2012 2018
Billions 2018 $
Debt-to-personal Income (%)Per Capita Debt, 2018
60
Debt Per Capita1968-2018
0%
5%
10%
15%
20%
25%
1968 1975 1982 1989 1996 2003 2010 2017
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
1968 1975 1982 1989 1996 2003 2010 2017
Revolving debt
Non-revolving debt
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
1968 1978 1988 1998 2008 2018
Revolving debt
Non-revolving debt
0%
5%
10%
15%
20%
25%
1968 1978 1988 1998 2008 2018
61
Regional Strengths, Challenges & Opportunities
Elements of a Healthy Community
Basic Needs
Vibrant Communities Arts & Culture
Economic Opportunity Environment Education
Health & Wellness
Employment
Wage levels
Upward mobility
Poverty
Access to services
Infrastructure
Air & water quality
Ecosystems & species
Natural resources
Meeting standards
Graduation rates
Workforce alignment
Safety
Engagement
Mobility
Access
Activity
Heritage
Longevity
Nutrition
Fitness
UN Sustainable Development Goals
64
Economic Growth Foundations
TRADE SHOWS
BrandingMarketing, Promotion
SITE SELECTION SUPPORT
Entrepreneurial Support
Higher Education
Workforce
Supports
BUSINESS CLIMATE
Permitting, Business Support
BASIC NEEDS Housing
TRANSPORTATION
Public Safety
Schools & Early Childhood
Parks & Trails
PUBLIC HEALTH
VIBRANT NEIGHBORHOODS
CULTURAL ASSETS
Go after what you want
Work with what you’ve got
Be a good place to live
65
Strengths
Momentum Global Presence Talent Attraction Natural Environment
66
Challenges
Housing Education Workforce SupplyBusiness Climate &
Fiscal Sustainability
737 & NMA
67
Regional Opportunities
Cloud TechnologyTriple
Bottom Line
Mega Regional
Connections
Artificial Intelligence &
Tech Entrepreneurship
68
Thank YouChris Mefford