Spokane Valley's economic landscape is shifting, with key insights emerging from the latest council meeting. The city, now the eighth largest in Washington, has seen a modest population growth of 1.2% year-over-year, a decline from pre-pandemic rates of 1.6%. This change raises questions about future growth trends as the city navigates its post-pandemic recovery.

In terms of employment, the civilian labor force in Spokane Valley has dipped slightly, marking the lowest levels since 2021. Despite this, the unemployment rate remains favorable at 4%, lower than both state and national averages. The healthcare sector continues to dominate the local job market, employing one in five workers, while retail and hospitality sectors face ongoing challenges, with declines expected to persist into 2025.

Housing trends reveal a surge in multifamily residential permits, with over 620 new units approved in the second quarter of 2025. This increase raises concerns about potential overbuilding in a market that some realtors suggest is stabilizing. Meanwhile, single-family home values have decreased slightly, making housing more accessible for families.

Retail sales have shown a mixed performance, with a slight year-over-year growth in the fourth quarter of 2024, but an overall decline for the year. The council anticipates a potential 2% increase in retail sales for early 2025, aligning with state trends.

As Spokane Valley continues to adapt to these economic shifts, the council remains focused on addressing community needs and planning for sustainable growth in the years ahead.