Why are gas, groceries, housing so expensive in Pierce County? Tacoma economist explains

The article examines the impact of inflation on the cost of living in Tacoma and Pierce County, focusing on rising prices for housing, groceries, and gas. Economist Andrew Monaco identifies several factors contributing to these increases, including a growing population drawn to the region's natural beauty and high-paying jobs in tech and finance, which heightens demand and pressures the housing market, leading to increased rental and mortgage costs. The article also discusses how proposed tariffs by President-elect Trump could exacerbate the situation by raising consumer prices across various sectors. Additionally, it highlights the increasing market power of companies, resulting in higher price markups for goods. Despite improvements in the local economy since the pandemic, including lower unemployment rates, many residents continue to face affordability challenges.

The article emphasizes the complexity of economic dynamics and the importance of informed discussions about potential solutions, with Monaco's expert analysis providing valuable context for understanding the current and future state of the local economy.