7% net job loss in 2010 won't affect Redmond housing targets.

Housing targets unchanged

by 2010  job losses

UPDATED:  Last night, city council reviewed the 2010 employment estimates for Redmond.   Total employment was down 15.2% from  90,704 ('09) to 76,876 in 2010.  Actual employment loss was approximately  7% or 6,000.  The 7,746 jobs (8.25%) lost when Microsoft relocated employees from Redmond to Issaquah and Bellevue in 2009-2010 are not counted.  

As a result, Council voted to lower their 2030 employment target from 126,600 to 119,000.  The source for employment estimates is Puget Sound Regional Council

Councilmember Pat Vache' got a "no" from staff when he asked if the job loss "will affect housing targets."   President Richard Cole had concerns of a housing imbalance, saying "Redmond has been picked on in the past" for being behind in housing goals.  Staff responded, a small imbalance could create an oversupply of housing in our favor.   

The percent reduction in jobs by sector, based on Redmond licensing data is, as follows: 

• Construction Resources,  - 25% 
• Finance, Insurance, and Real estate - 15%  
• Manufacturing,  -23% 
• Retail, --2%
• Services, -4%
• Wholesale, Trade, Transportation - 3%
• Government -4%   [*includes reduction of 19 contracted jobs (2%) paid by Microsoft, B.Y.]
• Education, -5%)

Redmond was ranked the highest for percent job loss 2009-2010, as compared to other cities.  To name a few:  Redmond, -15.25%, Sammamish - 9.59%, Sea Tac 6.80%, Woodinville, -4.75%, Seattle, -2.35%, Mercer Island, - 1.33%, Bellevue, -1.03%, Kirkland ++1.02%, Issaquah  ++5.59 

(Redmond's net job loss is 7% after Microsoft location corrections)

Reported by Bob Yoder

Source:  City document AM 11-166

* 2009 - 2010 city budget manual

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