City of Monroe News Release
Annual Report Recaps Monroe’s Economic Growth
FOR IMMEDIATE RELEASE: Thursday, February 29, 2024
CONTACT: Patrick Doherty, Economic Development Coordinator, City of Monroe, 360-631-0050. pdoherty@monroewa.gov
MONROE, Wash. – The City of Monroe’s Economic Development Office has published its Annual Report that recaps key demographic, economic statistics, and business survey findings from 2023. Each year, the City surveys business owners and managers about expectations for revenues and employment as they enter the new year, asking what economic development priorities they would like the City to focus on.
For the year ending December 2023, 72% of Monroe business owners reflected that they remain optimistic about revenue projections in 2024 and will either keep their staffing at current levels or increase them during the upcoming year. Additionally, 67% of survey respondents expressed concern about rising prices and the cost of doing business, with 61% also finding that qualified candidates for open positions continues to be a challenge. Business owners further mentioned that Monroe’s Economic Development efforts should focus on communications (e.g. newsletter), in-person meetings with businesses, grant and loan research assistance, and commercial property inventory.
Monroe has a diverse and stable local economy with services, manufacturing, retail trade, and construction as the highest concentrated business/industry sectors. Business license endorsements issued by the City increased from 659 in 2022 to 751 in 2023, boding well for increased tax revenue in 2024, which pays for city services. The top five categories for sales tax collection are retail trade, construction, food services, wholesale, and administration & support/waste management & remediation services. Building permits issued by the City last year for single-family residential construction increased from 44 in 2022 to 97 in 2023 but permits for multi-family residential construction remain flat.
“As we review the City’s sales tax revenues for 2023, the forecast remains strong. I remain cautiously optimistic in the modest growth we continue to see in sales tax revenues, despite external inflationary and interest rate pressures,” noted Becky Hasart, the City’s Finance Director.
Since the 2010 U.S. Census, Monroe’s population has increased from slightly more than 17,000 to an estimated 20,590 in 2023, as has the diversity of people who call Monroe home. Monroe’s average household income has risen to $129,738 in 2023 which is higher than Snohomish County and the Seattle metro region. The median age in Monroe is 34.7 years young. More than 26% of Monroe residents have a college degree.
To learn more about economic development in Monroe and to view the City of Monroe 2023 Economic Development Report, visit the Economic Development page at MonroeWA.gov.