Big Sky Times

University of Montana Bureau of Business and Economic Research Director Patrick Barkey doesn’t see any reason why things have to change in Missoula anytime soon.

“It may not be officially defined as of yet, but the tech industry does exist in Missoula, and I think it’s very sustainable,” he told the Big Sky Times. “That’s been the direction that’s helped many of the emerging areas thrive the way they have.”

That’s certainly been the case in Missoula, where a burgeoning tech industry and strong residential housing market largely drove an economy in 2019 that continues to easily outpace the state average.

“The biggest contributor to our overall growth has been expansion in the local economy’s finance and business services industries, which reflects strong tech growth as well as financial institutions serving residential and commercial real estate markets,” Barkey said to the Missoula Current. “Missoula is also a place where people go that’s convenient and close to many of the traditional places people like to travel to. If you look at Missoula’s track record since the last recession, the fastest growth started about three years ago and has been partly fueled by non-residents' spending.”

Barkey said other basic drivers of the state economy included the health care and retail industries, law enforcement, courts system and the university. In all, state government entities still comprise nearly a fourth of the Missoula County economy.

“Missoula has continued to grow even as things with the university have kind of gone sideways in terms of growth,” he said. “Housing prices have also increased, and a lot of that has happened throughout the West.”

In his final assessment, Barkey said the feature appears bright for Missoula.

“We expect to see a continuation of growth exceeding the state average,” he said.