With the first quarter of the year completed and Watauga County preparing for the return of summer tourism, the Boone Area Chamber of Commerce released its first Economic Indicators report of 2022.
This quarterly report examines five key statistics within the Watauga County & High Country Economy, featuring a summary of local impacts by Dr. Harry Davis, Appalachian State and North Carolina Bankers Association Professor and long-standing regional economist. The report also includes quick stats and commentary on local commercial real estate activity provided by James Milner, CCIM, Appalachian Commercial Real Estate.
Data was compiled for residential home sales, net sales tax calculations, unemployment, occupancy tax collections, commercial real estate permit applications and transactions, and applications for permits of new single-family homes. These figures include the most recent data released for each category as well as historical data to help establish trends and further context toward the area’s economic stability.
“It’s interesting to note how these numbers back up some important ongoing community conversations,” said David Jackson, President/CEO of the Boone Area Chamber of Commerce. “We see the slowing of residential real estate traffic partly due to the accessibility and affordability issues outlined in the recent Watauga Housing Forums. We’ve watched some employers struggle to find enough workers to fill open positions, and then you see that our area has the 2nd-lowest unemployment rate in the State. We also see the benefits of a winter that was cold and snowy at all of the right times, which boosted our winter tourism businesses especially after the holidays. These numbers support the need further study short-term economic conditions and use them to further inform our long-term community strategy. As inflation, supply chain issues, rising interest rates and other factors continue to influence the world around us, it’s never been more important to keep an eye trained on local trends and impacts.”
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