The Bureau of Business and Economic Research just held their annual Economic Outlook Seminar in Bozeman. Here’s a few tidbits in case you missed it!
The MAIN focus of the event was on “Implementing the Green Energy Transition”
Nationally - 30% of the American workers work from home compared to 60% during Covid. This was less than 5% during 2019.
For Montana in general:
- 149% of job losses due to Covid have been Recovered - wages have increased.
- 2021 was our growth peak
- Our economy has been less affected than the national average.
- Decline in home mortgage activity
- Migration into MT is slowing - we saw 21,000 migrants in 2021 and 10,000 in 2023.
- Our tourism numbers remain high even after the 1 Million additional visitors we saw in 2020 compared to 2019.
- The Institute for Tourism and Recreation Research team is looking to promote Montana as a Destination for Stewardship and Sustainability with more focus on outdoor recreation and less of your typical tourism marketing ads.
For Gallatin County in general:
- 23% of Gallatin County residents make $142k+ per year, giving them the opportunity to own or buy real estate.
- Construction and Government are the most prominent industries in the county.
- Tech Growth is still surging - although we are seeing the effects of what’s happening nationally in the tech industry.
- MSU & State Government are the drivers of our economy.
Overall - we are doing better in Gallatin County then Montana and Montana is doing better than the national average when it comes to the overall economy. The Economists remain reserved for 2024 through 2027 with a 1.6-2.4 growth each year. Montana looks to be back to normal(pre-pandemic levels) from an economic standpoint.
Here’s a link to their website should you want to learn more: https://bber.umt.edu/
2024 Economic Outlook Summit Presentation.pdf ⬇️
https://drive.google.com/file/d/15sSYHE1KVr82GduZi3FyllSTflTg2ASV/view?usp=sharing
2024 Montana Economic Report.pdf ⬇️
https://drive.google.com/file/d/16c2c8O48_RagI1A8xaG6fvGjMDs9CLxL/view?usp=sharing