Live From New West Real Estate and Development in the Northern Rockies Conference

Northern Rocky Communities Some of the Nation’s Fastest Growing

By Jill Kuraitis, 10-06-06

	David Kansas, Chris Thornberg, and Jonathan Schechter discuss market trends in the Northern Rockies at the Real Estate and Developement conference friday morning. Photo by Matthew Cochran

Over 170 people listened this morning to the keynote session of Growth and Development in the Northern Rockies conference, taking place at the Hilton Garden Inn in Missoula, Montana.

Chris Thornberg of Beacon Economics, and an expert in regional economies, real estate dynamics and business forecasting, gave a energetic rundown (perfect for the first session of the day) on the American economy. His theme – Trends and Bends – described the typical rhythm of the real estate market. He defined current trends as 1) a decent labor market; 2) stronger income growth; and 3) continuing population growth. “Real estate, real estate, real estate,” was Thornberg’s description of bends.

“But the economy can be like your dog – when you leave, he’s devastated, and he will be sad forever and ever. When you return, he’s ecstatic, and he thinks it’s the happiest day of his life – permanently.” We still have to catch up and revise that kind of thinking, he said.

Thornberg showed statistics on housing trends which indicate a continuing boom in Colorado and Idaho, but with Idaho’s growth more sustainable, and Colorado’s in danger of bust. Montana and Wyoming are on good trends paths, but not as strong as Idaho.

In the second half of the keynote, Jonathan Schechter of The Charture Institute, a think-tank in Jackson, Wyoming, presented his view of the health of resort real estate in the A-9, or top nine growth markets, all of which are in the Rockies.

Destination skier days have declined steadily since 1990. National park visitation is down. People are moving right into the National Parks communities and use them as amenities. These trends are leading to economic struggle in resort communities.

The fundamental dynamic affecting the Northern Rockies right now is that a lot of people are moving to our communities because they can live anywhere they want, and they choose a place that speaks to their heart. These people often have independent incomes and they are affecting the economy of the region through their spending and investments.

Another factor affecting resort and open West real estate is the dramatic change in the quality of urban life – as cities become more congested, people move to suburbs and resort communities. People are moving because they can – telecommuting is one reason.

The session set the stage for the conference, a discussion of the diverse impacts affecting the Northern Rockies—from the real estate to resort growth.

Click here to listen to full audio from this panel.

Like this story? Get more! Sign up for our free newsletters.