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Below are the US counties with the highest per-capita income (as of 2018), according to this recent Bloomberg article:
Teton, WY is home to the Jackson Hole valley (which has some of the best skiing in the world). And Pitkin, CO is home to Aspen. Turns out, rich people like ski towns.
Interestingly enough, 2018 saw per capita income grow in the greatest number of US counties since 1981. According to the Bureau of Economic Analysis, it was 97% of all counties:
For the full Bloomberg article, click here.
Charts: Bloomberg
Jackson Hole Airport (JAC) has one runway. It is 6,300 feet long by 150 feet wide and it was originally constructed in 1959. In 1965, the first of many proposals was put forward to lengthen the runway to 8,000 feet so that jets could fly into the airport. But it was never adopted. Subsequent proposals were made in 1992 and 1999, but they were again highly contentious and similarly never adopted. The runway remains 6,300 feet long.
However in the early 1980s jets began using the existing runway and the area started to boom. According to this old New York Times article from 2002, the town’s growth exactly parallels the introduction of jet service at JAC. The town doubled from 9,000 people in 1980 to 18,000 people in 2000. Its per capita income also shot up from a steady $20,000 in 1984 to more than $67,000 in 2011 – making Teton County one of the richest in the US.
Tourism destinations and second home markets like Jackson Hole are heavily dependent on access. In 2003, a total of 211,788 passengers flew through JAC airport and, in 2016, it was over 340,000 people. But second home markets are also the first to get hit during macroeconomics shocks. Following the 2008 financial crisis, passenger volumes at JAC didn’t recover until 2014.
If you look at air traffic throughout the year you’ll also see that it is highly seasonal. Below is a chart showing monthly passenger volumes at JAC from 2003 to 2016 (data from the Bureau of Transportation Statistics). Some of you may be surprised to see that more people visit Jackson Hole in the summer, compared to the winter. But what’s perhaps even more conspicuous is the sharp drop off during the swing seasons.
Below are the US counties with the highest per-capita income (as of 2018), according to this recent Bloomberg article:
Teton, WY is home to the Jackson Hole valley (which has some of the best skiing in the world). And Pitkin, CO is home to Aspen. Turns out, rich people like ski towns.
Interestingly enough, 2018 saw per capita income grow in the greatest number of US counties since 1981. According to the Bureau of Economic Analysis, it was 97% of all counties:
For the full Bloomberg article, click here.
Charts: Bloomberg
Jackson Hole Airport (JAC) has one runway. It is 6,300 feet long by 150 feet wide and it was originally constructed in 1959. In 1965, the first of many proposals was put forward to lengthen the runway to 8,000 feet so that jets could fly into the airport. But it was never adopted. Subsequent proposals were made in 1992 and 1999, but they were again highly contentious and similarly never adopted. The runway remains 6,300 feet long.
However in the early 1980s jets began using the existing runway and the area started to boom. According to this old New York Times article from 2002, the town’s growth exactly parallels the introduction of jet service at JAC. The town doubled from 9,000 people in 1980 to 18,000 people in 2000. Its per capita income also shot up from a steady $20,000 in 1984 to more than $67,000 in 2011 – making Teton County one of the richest in the US.
Tourism destinations and second home markets like Jackson Hole are heavily dependent on access. In 2003, a total of 211,788 passengers flew through JAC airport and, in 2016, it was over 340,000 people. But second home markets are also the first to get hit during macroeconomics shocks. Following the 2008 financial crisis, passenger volumes at JAC didn’t recover until 2014.
If you look at air traffic throughout the year you’ll also see that it is highly seasonal. Below is a chart showing monthly passenger volumes at JAC from 2003 to 2016 (data from the Bureau of Transportation Statistics). Some of you may be surprised to see that more people visit Jackson Hole in the summer, compared to the winter. But what’s perhaps even more conspicuous is the sharp drop off during the swing seasons.
I am thinking about all of this not only because I just got back from Jackson Hole, but also because I am very interested in the demand drivers that fuel the real estate in many of these mountain towns. It’s easy to get it wrong. Unlike major urban centers – which often operate under a perpetual supply deficit – you can’t just build and necessarily expect people to come.
Revelstoke Mountain Resort, for instance, first opened in 2007 with grand aspirations of building one of the largest ski resorts in North America. But they got crushed in 2008 and have never fully recovered – at least relative to their original plans. Maybe the answer is a bigger airport.
Jackson Hole never disappoints.
The valley is this wonderful combination of cowboy town, expansive flat plains, wildlife, snowcapped mountains, challenging skiing and snowboarding, ‘mountain modern’ architecture, and twangy accents.
One of the highlights of the trip was discovering a hot spring along the side of the Snake River. We never would have found it had it not been for a few locals. Apparently it’s called the “stinky spring.”
The setup was no frills — a bunch of rocks arranged as basins in order to catch the surprisingly steamy sulfur water. But the experience of sitting in the mountains and jumping between the icy river and hot springs was priceless.
That’s another great thing about ski towns: they change your perception of snow, winter, and the outdoors. When it snows in Jackson, people smile and grab their skis and snowboards. I aspire to bring that same energy to winter in the city.
I could never be a ski bum, but I can certainly appreciate why others make that choice. Until the 10th annual…
I am thinking about all of this not only because I just got back from Jackson Hole, but also because I am very interested in the demand drivers that fuel the real estate in many of these mountain towns. It’s easy to get it wrong. Unlike major urban centers – which often operate under a perpetual supply deficit – you can’t just build and necessarily expect people to come.
Revelstoke Mountain Resort, for instance, first opened in 2007 with grand aspirations of building one of the largest ski resorts in North America. But they got crushed in 2008 and have never fully recovered – at least relative to their original plans. Maybe the answer is a bigger airport.
Jackson Hole never disappoints.
The valley is this wonderful combination of cowboy town, expansive flat plains, wildlife, snowcapped mountains, challenging skiing and snowboarding, ‘mountain modern’ architecture, and twangy accents.
One of the highlights of the trip was discovering a hot spring along the side of the Snake River. We never would have found it had it not been for a few locals. Apparently it’s called the “stinky spring.”
The setup was no frills — a bunch of rocks arranged as basins in order to catch the surprisingly steamy sulfur water. But the experience of sitting in the mountains and jumping between the icy river and hot springs was priceless.
That’s another great thing about ski towns: they change your perception of snow, winter, and the outdoors. When it snows in Jackson, people smile and grab their skis and snowboards. I aspire to bring that same energy to winter in the city.
I could never be a ski bum, but I can certainly appreciate why others make that choice. Until the 10th annual…
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