GREAT FALLS — The Great Falls Development Authority says that the first quarter of 2022 was very good for the Great Falls economy.
GFDA vice president Jolene Schalper said, "The first quarter for our economic growth in Great Falls is off to a great start. It's like they fired the gun and everyone is ready to launch into 2022."
According to the economic index, Great Falls is thriving in areas such as employment, market support, and affordable housing, giving people more of an incentive to relocate to the Electric City.
"There's opportunities for people that want to buy a home, when they're young, they still can, Shalper said. "There's opportunities for people that don't want to get lost in the crowd, but want to have professional jobs, that in other cities, they would have to work their way up very slowly, whereas here, we're hungry for more professionals, we're hungry for more businesses, we're hungry for more people and talent, and so you can immediately spring to the top. So really, it's just we have a great way of life, and people are recognizing that, people are moving home, which is great because everybody wants their family home, and they're bringing friends and neighbors.
As we enter into the second quarter of 2022, the GFDA. says that we should expect to continue the upward trend, and that construction is playing a key role.
Schalper stated, "You are going to continue to see buildings popping up. Touro, our medical school, which will be Montana's first medical school has their walls vertical, it's going up, so you over the next two months during this construction season, and really over the fall, you are going to see a lot of construction around town, so don't be frustrated, be excited and share the success that we are having in Great Falls."
The GFDA provided the following information:
- Employment growth in Great Falls MSA (Cascade County) Moodys’ predicts by end 2026: 2,000 new jobs
- Great Falls market support for construction of new for-sale housing: 2,540 units
- Great Falls market support for construction of new rental housing: 1,880 units
- Companies/developers that announced planned 2022 investments in Great Falls: 23
- Great Falls Clinic expansions announced during quarter: $63 million
- Average annual wage growth in Great Falls MSA in four quarters ending 2021Q3: 5.5%
- Average annual wage growth during those four quarters: $2,385
- Total wage growth in Great Falls MSA in four quarters ending 2021Q3: 6.7%
- Dollar amount of annual total wage growth during those four quarters: $107 million
- Cost of living in Great Falls compared to national average: 89.17%
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