In June, Dr. Larry Swanson presented a report about the economic outlook
of our area based on intensive study and research by the O’Connor
Center for the Rocky Mountain West. Here’s a summary of what was
presented.
Montana is not a single economic entity; it is really
seven distinct areas, each with their own qualities. About 60% of all
Montanans live in or near one of the seven principal urban centers:
Bozeman, Missoula, Great Falls, Helena,
And nearly 70% live within 35 miles. Another quarter of the population
live in counties surrounding these regional centers and are closely
linked to these centers economically and socially. Less than 14 percent
of the state’s population lives in relatively isolated areas with
small populations.
Personal income in these seven regional centers grew
by over $3.8 billion in the 90’s – about 96% of the income
and employment growth during that decade occurring in and around the
regional centers.
Between 2000 and 2004, income in the Rockies increased
by 8.7% (compared to 6.5% nationwide). Montana’s income grew by
11.4%.
The income base of Gallatin County grew by
more than 70% in inflation-adjusted dollars in the 90’s.
Specific areas of growth in the Bozeman area economy
are health care, engineering, management, financial, insurance and legal
services. Travel and tourism related businesses are also growing –
construction, real estate, hotels and restaurants.
Thanks to technology, people and jobs are much more
flexible than in the past and people have a greater range of choices
about where they live and work. Attractive communities in areas with
high quality
environmental features have reaped the benefit.
Where people used to follow jobs, now the jobs follow the people.
Migration patterns are driving population trends in
the western United States, and studies show that areas with natural
amenities and proximity to outdoor activities are strongly favored.
Gallatin Valley’s population is expected to continue to increase
by 2/2-3% a year through the next 10 years.
When the Bozeman area is compared to its peers across
22 contiguous western states, we stack up quite well. We are #1 in educational
attainment and #5 in median family income.
The conclusions regarding the Bozeman and surrounding
areas, including, in some cases, Gallatin, Madison and Park counties,
were quite positive, reflecting a strong economic outlook for the next
10 years (the time extent of the predictions).
Editorial comment
:) -All-in-all, a great place to live, work, raise children or even
retire.
To find your dream home in this wonderful area
Contact Lynn K today!
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