Did you know there are nearly 140 different community indicators on Yakima Valley Trends - each updated throughout the year? But which ones, and when?
This issue of the Yakima Valley Trends blog lists some of the most recently updated indicators on the Yakima Valley Trends website.
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Recent Updates
In PEOPLE:
Total Population & Annual Growth Rate
The 2024 estimate by the Washington Office of Financial Management (OFM) of Yakima County’s population was 263,200. This represents a gain of 2,000 over the prior year, or a 0.8% increase. Since 2020, the average annual population growth rate has been nearly 0.6%. Population growth rate in the state has been double this rate.
Migration is now a larger factor in increasing the population than the natural increase (balance of births and deaths) in most metro areas. Not so in Yakima County. For most of the years since the turn of the century, net migration has been negative, or more people leaving than staying. Yet, for the period 2023-24, OFM estimated in-migration to be 1,144. This accounted for the bulk of the population increase. A reversal of trend?
In AGRICULTURE:
Total Number of Food & Beverage Manufacturers & Share of Employment of the Total Labor Force
Nearly half of the county’s manufacturing workforce is in food processing. This indicator tracks both the number of firms in the county and the workers’ share of total employment. The number of firms in 2023 was 84, a figure largely the same since 2018. These companies’ share of the total workforce was 3%, also largely the same for the past several years.
In CULTURE, RECREATION & TOURISM:
Total Accommodation Retail Sales and Annual Growth Rate
Receipts at hotels, motels and other forms of lodging represent the purest measure of visitor activity. Receipts from other industries frequented by tourists, such as restaurants and bars, obviously cater to residents as well.
In 2023, the county’s accommodations sales hit a record of nearly $55 million. The recovery from the pandemic by this industry was complete by 2022 and 2023 added to the positive momentum.
In ECONOMIC VITALITY:
MHI serves as one of the bellwether measures of economic progress. Its focus is households, not individuals. And as a middle value, it uses the median, simply the number that divides a set of values into two equal halves. For income distribution in the U.S., the median gives a better idea of the “middle.”
In 2023, MHI in the county was estimated to be nearly $70,000. This represented a large gain over 2022 of $6,000, largest single year gain on record. Still, the county’s MHI is considerably below that of the U.S. and far below the state median.
In ECONOMIC VITALITY CONT.:
Earnings from work makes up the largest share of household income. Unlike the other two components of household income – federal transfer payments and investment income – earnings from work can be influenced by local efforts, either private or public. This indicator tracks the annual average of all workers who are part of the unemployment insurance pool.
For 2023, the annual average in the county was a bit greater than $47,000. This represents about a $2,500 increase over 2022. Due to inflation however, the “real” wage in the county fell, as it did statewide.
In EQUITY & INCLUSION:
Total and Share of K-12 Students Eligible for USDA Free & Reduced Price Lunch Program
While important to know that public K-12 students have access to nutritious meals, this measure also gives an idea of poverty among families with children. Recently, nearly all the qualifying students were in the “free” category. In school year 2023/24, about 45,000 county students qualified. This set record. That was 88% of the public-school student population in that school year.
A decade ago, the share qualifying was 71%.
In HOUSING:
Housing, in all its dimensions, has become a hot-button issue in our society today. This indicator tracks the middle value noted in sales of existing home every quarter. The most recent value, from Q2 of this year, was about $378,000. This compares to nearly $245,0009 in the same quarter in 2019. Or an increase in the median of $133,000 over a five-year period.
As is easily observable, the current state median resale price lies far above that of Yakima, by about $320,000.
Housing Affordability Index for All Homebuyers
The HAI of the entire population is a relatively simple ratio. In the numerator is the median household income. In the denominator are the mortgage costs (based on house prices, mortgage rates and fees) for the median priced (resale) home. A value greater than 100 connotes affordability; a value less than 100 implies unaffordability.
For Q2 of this year, the HAI for All-Buyers was nearly 71. In 2019, it was 103. Over the entire period, housing in Yakima County has been more affordable than statewide.
Housing Affordability Index for First-Time Homebuyers
The first-time buyers HAI serves the same role as the All-Buyers measure but for a different population. Here, it is defined as a household at 70% of the median income, divided by the mortgage costs of a house that is 85% of the median observed for sales of existing homes.
The current (Q2 of this year) value for this HAI for Yakima County is about 50. In 2019, it was 73. Affordability for this part of the population essentially vanished after 2020.
list updated 11.21.24
The complete list of Yakima Valley Trends can be found here.
Graduating Interns
In this issue, we say goodbye to four graduating interns. They have accomplished so much over the past year at the institute. Left to right, they are: Laura Velasquez-Neal (mechanical engineering), Jessica Phan (Visual Communications Design), Angelica Cortes (Data Analytics) and Miranda Carmona (Economics). Angelica and Miranda have each received the Frances Houston medal, awarded to 20 graduating seniors for excellence in academics. All four will do well wherever they go.