Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Monroe City presents 2024 economic development annual report
Summary
City staff presented the 2024 economic development annual report, highlighting demographics, business activity, permit trends and a business survey; lodging tax and multifamily permits rose while overall 2024 sales tax came in below budgeted expectations.
Monroe City Council received the 2024 economic development annual report during its Feb. 11 meeting, a presentation that summarized demographic trends, permit activity, commercial vacancy rates and results of an annual business survey.
The report, presented by Patrick Doherty, lays out the economic development goals tied to Monroe’s recently completed comprehensive plan and is intended to inform city decisions on rules, incentives and outreach to prospective businesses and developers.
Doherty told the council the report is meant to be “a good tool for us, at the city government to understand the pulse of the economic vitality of our community and help inform decisions,” and walked members through highlights including workforce, housing and business-license data.
Key points from the presentation: the report shows continuing population growth; a modest increase in the share of women in the workforce and in the proportion of residents holding college degrees; a county-level unemployment rate reported at about 4 percent; a retail vacancy rate reported as historically low at 1.2 percent; and an uptick in multifamily building permits compared with the previous two to three years. The report lists 1,376 active Monroe-based business licenses, of which 836 are home-based and 516 are brick-and-mortar businesses.
Doherty also noted lodging tax revenue grew in 2024, while overall sales tax collections for the year came in slightly below the city’s expectations. The business survey included with the report found most respondents were optimistic about revenue and staffing plans for the coming year but continued to name rising costs, crime and homelessness as top concerns. The report’s survey section also contained open-ended suggestions such as improving wayfinding and promoting activity in multiple business districts.
The presentation includes a figure labeled a median apartment rent of "$24.50"; the unit for that figure was not specified in the presentation. Doherty invited council members to send follow-up questions by email and encouraged suggestions for material to include in next year’s annual report.
Council member Beaumont complimented the layout and photos in the packet and singled out local business imagery as a strength. Doherty said the packet will remain a resource for staff, developers and members of the public seeking information about Monroe’s economy.
The report will be used by staff in annual planning; council members were asked to forward any questions through staff so those items can be addressed in follow-up materials.
