Midwest States Eye Upswing in Development (JPM)
North and upper Midwest states eye upswing in development: Population growth creates new building opportunities in Mountain Time Zone
by James G. Parker
The following is an excerpt from the May/Jun 2008 issue (Volume 73, Number 3) of JPM�, Journal of Property Management.����
The population in the states of Montana, Idaho and North and South Dakota swelled more than 20 percent between 1990 and 2000, according to the U.S. Census Bureau. This is double the overall population growth rate for North America. Skip Anderson, CPM�, of Riverside Management Company, Inc., in Boise, Idaho, and other property managers in the region, see this trend toward growth continuing.�
�The region is seeing increased development due to population growth,� said Anderson. �A population influx provides a boost to property development. These people need places to live and they need jobs. They need retail stores and infrastructure, so commercial activity and development increases.��
Ripe For Commercial Investment
In Idaho, the trend in residential development is leaning toward smaller family units and single-family homes, according to Anderson. �While the growth has slowed to some extent, the Northwest market has not suffered as gravely from the recent downturn in the national economy,� he said.�
However, Anderson said larger investors are watching the region, and within the next 12 to 24 months, Idaho can expect to see an upswing in multifamily residential development and new commercial construction, including the arrival of �big box� retail locations. A number of large investors, including some out-of-state companies, are planning new subdivisions and large single-family home developments in anticipation of further population growth.
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