Prosperity on the Horizon – REDI Projections for 2025

Each year, Redmond Economic Development, Inc. (REDI)gathers its investors and stakeholders for an evening of celebration and updates. This year was no different, as attendees enjoyed a cocktail hour while receiving insights from the regional Director on Redmond's growth and economic prosperity. The event highlighted critical economic indicators and featured a presentation by Redmond Airport Director, Zach Bass, on the airport's role in the local economy and its upcoming expansion project.

Celebrating Success and Embracing the Future

Over 100 attendees took part in this networking opportunity, mingling with like-minded professionals dedicated to REDI's mission of fostering community and business development to achieve prosperity. The event was aimed not only to honor supporters but also to discuss the promising prospects on the horizon.

Economic Achievements and Projections

Steve Curley shared accomplishments from the past year, which included the completion of eight projects, creating 97 new middle-income jobs and attracting $33.5 million in capital investment. Additionally, REDI unveiled its newly renovated website, enhancing its digital presence.

Curley provided an overview of Redmond's current economics tatus, setting the stage for prosperity in 2025:

·       Flex Space Demand: The vacancy rate for flex space was 4.19% in the 3rd quarter. While some smaller spaces (1,500 – 5,000 SF) became available, there remains a need for larger spaces (10,000 SF).

·       Industrial Land Availability: 750 acres of large-lot industrial land are available just south of the fairgrounds.

·       Public and New Projects: Redmond is managing a half-billion dollars in public and new projects, including a new water treatment reservoir, safety headquarters, library, and recreation facility.

·      Workforce Housing: Despite ongoing challenges, several projects could add over 400 units annually in the coming years.

Curley expressed optimism for 2025, citing continued in-migration to Central Oregon as a positive sign for future workforce growth.

Airport Expansion and Economic Impact

Following Curley's report, guest speaker, Zach Bass, elaborated on the airport's role in Redmond's economic strategies:

·       Business Community Importance: The airport is crucial for business relocation and growth, leisure travel, tourism, and population expansion.

·       Comparative Size and Traffic: Redmond is the 3rd largest commercial airport in Oregon and ranks around 100th in the country. By 2024, over 1.2 million passengers are expected, with projections nearing 2 million by 2036.

·       Expansion Timeline: The airport expansion begins this summer, with a two-year schedule. Upon completion, the airport will feature seven jet bridges, over 30 daily flights, two to three restaurants, and one to two retail shops. Southwest Airlines is being pursued as a new carrier, with Chicago and Minneapolis as targeted destinations.

Bass concluded by affirming, "RDM continues to offer outstanding service while connecting Central Oregon to the country."

Redmond's Path to New Heights

With these economic trends and ongoing projects, Redmond is well-positioned to achieve remarkable growth by 2025. The community's commitment to development and innovation ensures a prosperous future, truly embracing prosperity on the horizon.

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