Not So Hard Money and Bridge Loans in Idaho
The scale of the valley’s growth is stunning, especially when the 2008 Recession halted much of the development in the area.
Since recovering from the recession, Boise and the rest of the valley are hitting full stride on new investments and population increases. The population forecasts and recent influx of people from out of state suggest Boise could be on similar paths that Northwest cities like Portland, Denver, and Salt Lake City were on decades ago. Most of these people are coming Washington, Oregon, Utah, and California. This rapid increase has made Boise one of the fastest-growing places in the United States.
In a recent ranking by Forbes, Boise and its surrounding metropolitan area is the fastest growing areas in the country. The population grew by 3 percent in 2017, ranking first in the country. Job growth also increased by 3.58 percent, the second highest in the nation. The entire state of Idaho is also projected to grow at a steady rate of 1.4 percent through 2025, according to the Idaho Department of Labor.
This population increase goes hand-in-hand with the economic investments that have been made in the Treasure Valley.
Outside investment is a driving force for the rapid growth in Downtown Boise, with nearly a dozen of the new buildings and businesses being owned by companies out of state. Boise’s primary area of job growth is in the tech sector. Idaho has seen an increase of 6.3 percent in job growth in the tech industry, only second to Utah.
These are exciting times for the commercial real estate market and we’re happy to be in a strong financial position to help Idaho’s business community grow.