Ravalli County: emerging from the downturn.

• Author: Sylvester, James T.
• Position: Statistical data

Recent economic statistics demonstrate Ravalli County's economy is emerging from the downturn experienced in the Great Recession.

The number of residential real estate sales in Ravalli County increased in 2013 over 2012 levels.

The median sales price increased about 4 percent to about $182,000. Average days on market declined, reinforcing the real estate market recovery.

Income of Ravalli County residents working in other counties is the largest source of income. The rate of growth in this income stream has slowed in the past few years as the housing price difference with Missoula has closed. Higher fuel prices also influence commuting between the two counties.

Housing construction, a mainstay of the Ravalli County economy, continues to lag, with employment levels still half of what they were in 2007. Construction employment is forecast to remain well below 2007 levels for the foreseeable future.

Metal manufacturing, including small arms manufacturing, continues to expand. Wood products manufacturing depends on national housing markets. Wood supply is an ongoing concern, but the market for log homes dominates the demand for Ravalli County wood products.

Glaxo-Smith-Kline, a major pharmaceutical company, and the U.S. Centers for Disease Control's Rocky Mountain Lab both employ medical researchers with average annual incomes double the county average of $23,000. Both also employ support personnel, stabilizing the local labor market.

Nonfarm earnings are forecast to increase about 2.1 percent per year through 2017.

James T. Sylvester is an economist at the Bureau of Business and...