PureWest Market Statistics
The state of Montana is often called the Last Best Place. Maybe due to its scenic beauty as far as the eye can see, or maybe because on average, only six people share each square mile compared with 80 persons nationally.
Montana is Big Sky Country and Montanan's like it that way. With a tradition of rugged independence, Montana has stayed strong because:
- Strong credit quality has cushioned the blow from the national recession.
- Above-average population growth.
- Small share of subprime mortgages.
- Consistently low business costs.
- State is running a budget surplus.
Montana's economy was built upon extraction industries: timber, metals and coal and still suffers exposure to the weakening forest products industry which has caused exports to slow considerably. Unemployment is
currently at 6.7%.
The trend in Montana real estate is higher values driven by agricultural-based pricing converting to recreational-based pricing. The pricing of large tracts of land is rarely determined by the annual cash flow from ranching or agriculture, but instead, is based on scenic and amenity factors. A number of real estate developments have been undertaken recently in Montana, boosting economic activity. The state's exposure
to real estate activity has hurt growth recently but is likely to be positive in the long term.