Key Takeaway’s from the 75th Annual BBER Event:
As we shared last week, Marcell and Ashley had the opportunity to share why “Billings has the Power” and attendees listened to key updates and trends related to tourism, healthcare, and real estate and construction.
Here are a few key takeaways from this year’s BBER event:
- Moving In: Our population continues to grow
- According to in-migration data, Yellowstone County continues to see a surge in population migration, similar to Missoula. Notably, Yellowstone County tops the list in terms of in-state migration (residents relocating to Yellowstone County).
- Back to Work: Employment is exceeded pre-pandemic levels
- In our largest industries, including Construction, Healthcare, and Retail, employment has exceeded pre-pandemic levels. In many cases, wages have increased as well to attract workforce and meet demand.
- Montana Outlook: Housing continues to be scarce
- According to research economist Derek Sheehan, low rental vacancy rates, houses on the market, higher interest rates and number of buyers will keep housing as an important discussion in Montana and our region. Big Sky Economic Development partnered to create a Downtown Housing Study, and continues to keep housing as an important part of our work.
- According to new data from the City of Billings, housing units finished in 2023 doubled from 2020-2022 figures. It’s worth noting that multifamily housing grew from 78 (2022) to 687 (2023). Single family units finished slightly decreased from 2022.
Are you looking to attract top talent, or welcome a new team member to Billings? Better Off in Billings (https://betteroffinbillings.org/) is here to help you showcase all that Billings has to offer your current and future talent. Additionally, we’ve published our latest issue of Economic Pulse with key trends in the energy sector (https://bigskyeconomicdevelopment.org/bber-bsed-recap/)
Access the BSED 2024 Economic Pulse here: BSED EconomicPulse
Access the BSED 2024 BBER “We’ve Got the Power” PowerPoint here: BBER PP