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FIN 2022-07-25 Handout Distributed at Meeting - Consumer Price Index (CPI) Discussion
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2022-07-25 Finance and Governance
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FIN 2022-07-25 Handout Distributed at Meeting - Consumer Price Index (CPI) Discussion
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Council Committees
Committees Date (mm/dd/yy)
07/25/22
Committee Name
Finance and Governance 2021-Present
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Agenda Packet
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INFORMATIONAL MEMO <br />Page 5 <br />for determining the affordability of an area when compared to other places. Affordability <br />not only affects residents, but also businesses in Tukwila who consider Cost of Living an <br />important planning tool. <br />The United States National Average for Cost of Living is 100. The following table shows <br />how Tukwila ranks compared to the National Average. Tukwila is above the National <br />Average, in total. However, Tukwila is lower than the national average in both healthcare <br />costs and utilities. Not only is it more expensive for residents to live in Tukwila, but it also <br />means that it is more expensive to provide city services. The City is impacted the same <br />way residents are. <br />Tukwila cost of living is 125.1 <br />COST OF LIVING' <br />Tw+uk <br />Cr"o eo <br />Ligroin <br />F1En3__C sIs <br />l„ik l i ft i a C,i <br />M11§ EaLUIL <br />1 OO=National Average <br />(Source: 2022 US Census American Community Survey, Bureau of Labor Statistics) <br />Selected Demographics for Tukwila and King County <br />Total Population <br />Tukwila's total population grew 532% between 1980 and 2022. This far exceeds King <br />County's growth in the same period at 79%. <br />In the period of April 2021 to April 2022, Tukwila's population growth was 3rd highest in <br />the state at 2.8% (behind 1st place Black Diamond and 2nd place North Bend). While <br />growth projections specific to Tukwila is unavailable, Tukwila's population is expected to <br />continue to grow significantly in the coming years. <br />King County's population growth rate is double that of the entire state of Washington and <br />is expected to increase in population by 5.56%. The County's Growth Management Act <br />(GMA) projection for population is expected to increase steadily 2022 to 2040. <br />
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