Boise Development & Economic Trends
I send out a regular email to our investors (many of whom are out-of-state) to give them a rundown on important stories in the Boise Metro Area that impact economic growth and/or development. I have found that for many it is hard to keep up with local news from afar.
It just hit me that it may be of use for many of you, so here is the most recent set of links that I sent out. I hope these news stories are useful. I'll try to do this periodically if I can but let me know if you want to get the email directly.
Of particular note is the article near the bottom about how home price growth relative to wage growth. The Boise area is looking more like high price/rent areas like Seattle than "peer cities" of similar size to Boise. This is an indication of the very high demand relative to new supply. While home prices can't hold this trajectory forever, we believe it is a strong indication that rentals (already at near zero vacancy) will continue to be strong.
MAY 2019
Boise P&Z recommends rejection of new subdivision in NW Boise. Fears of density and traffic concerns. https://www.idahostatesman.com/news/local/community/boise/article230370974.html
Caldwell Urban Renewal Grant – American Food Equipment expansion at Sky Ranch
New Downtown Mixed Use Project: https://boisedev.com/news/2019/05/14/5th-grove-apartments-boise/
Potential New Distribution Company in Caldwell https://www.idahopress.com/news/local/firework-distribution-company-eyes-caldwell-property/article_da8ad0fb-6083-59e9-9234-4c544df98b0f.html
Older article but the project recently held a ground breaking ceremony: https://www.idahostatesman.com/news/local/community/west-ada/article222811955.html
Further info on Karcher Mall redevelopment: https://www.idahopress.com/news/local/california-company-buys-karcher-mall-plans-m-multi-purpose-development/article_b29c9b0c-b12f-54c7-898a-433d52db456b.html
Major Industrial Portfolio Acquisition: https://boisedev.com/news/2019/05/16/one-of-the-largest-deals-ever-new-firm-buys-big-portfolio-of-valley-buildings-and-land/
Idaho Unemployment Remains Very Low: https://www.idahopress.com/news/local/idaho-unemployment-rate-under-for-th-month-in-a-row/article_4941e062-7de2-5b65-a205-60664a477106.html
Caldwell Looking to Support Entrepreneurs Downtown: https://www.idahopress.com/news/local/caldwell-looks-to-potential-downtown-innovation-center/article_0d4226d7-706a-5b3f-9cd6-529b41b0d85e.html
Brookings Industry Report shows some potential headwinds associated with the Boise area’s recent growth. In particular, the growth being primarily in non-professional employers (which may be good for rentals). https://boisedev.com/news/2019/05/21/boise-brookings-growth-change/
Boise ranks high for parks: https://www.idahostatesman.com/news/local/community/boise/article230596579.html
Meridian is the nation’s 5th fastest growing city. https://boisedev.com/news/2019/05/23/meridian-among-nations-fastest-growing-cities/
Cluster of industrial/showroom space growing at Franklin and Cloverdale. https://boisedev.com/news/2019/05/20/commercial-center/
Downtown Boise residential projects: https://www.idahostatesman.com/news/business/article230436254.html
Boise has fastest growing home prices but wages aren’t keeping up. https://www.idahostatesman.com/news/business/article230753284.html
City of Eagle growth is causing political waves that may impact future development in that high-income pocket of the Treasure Valley. https://www.idahostatesman.com/news/local/community/west-ada/article230411429.html
Wine may not be the first thing you think of in Idaho but south of Caldwell is a growing wine region that some say can rival Washington wines. Koenig, one of the original wineries just traded hands to another local family who looks to help it grow. https://www.idahostatesman.com/news/business/article230757934.html