Congresswoman Suzan DelBene recently visited the Snohomish County Builders Council to speak with Master Builders Association of King and Snohomish Counties (MBAKS) members about key federal housing and economic issues impacting the residential construction industry. During the meeting, Congresswoman DelBene provided an overview of ongoing federal housing discussions and participated in a member Q&A session. Builders and industry professionals shared their challenges related to housing supply, affordability, permitting delays, workforce shortages, and the overall regulatory environment facing homebuilding in Washington state.

During her remarks, Congresswoman DelBene highlighted several key federal housing priorities, including the need to advance comprehensive housing legislation (ROAD to Housing Act), expand and strengthen the Low-Income Housing Tax Credit (LIHTC), and address ongoing permitting and regulatory challenges that continue to delay housing production nationwide. She also discussed the importance of improving coordination across federal agencies and modernizing policies to help increase housing supply and affordability in communities across Washington and the country.

As these conversations continue at the federal level, MBAKS will be heading to Washington, D.C. in June for the NAHB Legislative Conference to meet directly with Washington’s congressional delegation and advocate for key industry priorities.

High priority topics will include:

• Advancing comprehensive housing legislation.
• Addressing permitting challenges and burdensome building codes.
• Supporting workforce development and immigration reforms to help meet the growing demand for housing and strengthen the residential construction workforce.

View more information about the NAHB Legislative Conference.

Homing in on Our Region's Housing Statistics

By MBAKS Senior Policy Analyst Allison Butcher

The Seattle metropolitan area saw a significant increase in multifamily permit activity in 2021 compared to the previous year, led by King and Pierce counties—up 71% and 31% respectively. More than 22,000 multifamily permits were issued in the three-county metro area last year, surpassing pre-pandemic levels of fewer than 19,000 multifamily homes in 2018 and 2019. Single family permits were also up 24% in Pierce County year-over-year. Meanwhile, Snohomish County had a modest decrease in permits last year compared to 2020. King County ended the year down 8% for single family permits.

Please contact data@mbaks.com with questions or feedback. We want to know what data would be useful to you!

Months' Supply of Housing Inventory

As of January 2022

	King County had 0.49 months' supply of inventory (down from 0.92 months' of inventory a year ago).
	Snohomish County had 0.33 months' supply of inventory (down from 0.41 a year ago).

Many industry analysts consider a four-to-six-month level as an indicator of a healthy market.

Source: Northwest Multiple Listing Service

Median Home Price

January 2022

	The median price of single-family homes and condos was $720,000 in King County and $686,792 in Snohomish County.
	For single-family homes only, the median price in King County rose 6.90%, from $725,000 a year ago to $775,000. The median price in Snohomish County rose 19.17%, from $599,990 to $715,000.
	In Seattle, the median price of single-family homes and condos was $729,000. The median price for single-family homes only was $790,000, a 0.19% decrease from $791,471 in January 2021.

Source: Northwest Multiple Listing Service

Building Permit Activity

Jobs

	The seasonally adjusted Washington unemployment rate for January 2022 is 4.4%; for Seattle/Bellevue/Everett, it is 3.5%.
	Construction employment in Washington increased by 500 between December 2021 and January 2022. Total construction employment is 228,100 statewide and 101,900 for Seattle/Bellevue/Everett specifically.

Source: Employment Security Department: WA Employment Estimates (Seasonally Adjusted), January 2022 and Bureau of Labor Statistics.

Population

The Puget Sound region's population as of April 1, 2021 was 4,330,400. Over the past year, the region added 66,200 people, as follows:

Source: Office of Financial Management

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By My Edmonds News

Chermak Construction is going to be showing off one of its remodeled homes in Edmonds this Saturday and Sunday, Oct. 8 and 9, as part of the 2016 Remodeled Homes Tour.