For 2021, we reported net income of $2.56 per share, which is an 11% increase compared to net income from continuing operations of $2.30 per share in 2020.
Unemployment rates in this area declined to 3.9% in December 2021, compared to 7.3% a year ago.
Home sales were up 10% during 2021 compared to 2020, with the average sales price up 16%.
And new single-family permits issued were up 12% with multifamily permits up 37% in Oregon this past year compared to the prior period.
This translated into over 11,000 new customers connecting to our gas system during 2021 for a growth rate of 1.5%.
Strong residential housing construction, primarily in Idaho and Texas, translated into a 3% organic customer growth rate.
The combination of organic growth and acquisitions increased our water utility connections by nearly 30% last year.
Despite these increases, our customers continued to pay nearly 30% less for their natural gas today than they did 15 years ago.
Added to its performance benefits, natural gas enjoys up to a 60% price advantage over an electric or oil formats for the typical home we serve.
The request includes a revenue requirement increase of $73.5 million based on a 50-50 cap structure and ROE of 9.5% and a cost of capital of about 6.7%.
We filed an increase in average rate base of $294 million since the last rate case.
The Oregon Commission and stakeholders have 10 months to review the case, and we expect new rates to be effective November 1.
At the same time, we continue to make progress under the Landmark Oregon Senate Bill 98 Legislation, which supports renewable energy procurement and investment by natural gas utilities.
To date, we signed agreements with options to purchase or develop RNG on behalf of our customers, totaling about 3% of Northwest Natural's current annual sales volume in Oregon.
To put it in perspective, today, wind and solar account for about 11% of our total nation's electricity supply after decades of investment.
A new survey conducted by an independent leading opinion search -- research firm showed that 77% of Oregon and Southwest Washington voters want access to all forms of energy, renewable energy, hydro, wind, solar and renewable natural gas for a balanced low-carbon future.
In fact, 78% of voters value the natural gas system for its critical role in lowering emissions with both affordability and reliability and, of course, resiliency as top priorities.
And nearly 80% of owners support local government's efforts to encourage the use of natural gas.
Our annual dividend -- indicated dividend rate is now $1.93 per share.
I'll describe earnings drivers on an after-tax basis using the statutory tax rate of 26.5%.
For the quarter, we reported net income of $40.5 million or $1.32 per share, compared to net income of $45.8 million or $1.50 from continuing operations for the same period in 2020.
The decrease in net income over last year was driven by results of our gas utility, which posted a $0.15 per share decline in earnings.
The other businesses posted a $0.03 per share decrease in earnings, driven by higher business development costs.
Utility margin in the gas distribution segment increased $4.5 million as a result of the new rates and customer growth.
Utility O&M increased $5.7 million, reflecting higher levels of expense for payroll and benefits, contractor and professional services and information technology upgrades.
Utility and depreciation and general taxes increased $1.6 million due to higher property, plant and equipment as we continue to invest in our system.
For the full year 2021, we reported net income of $78.7 million or $2.56 per share, compared to net income from continuing operations of $70.3 million or $2.30 per share for 2020.
This $0.26 per share increase was driven by both the gas utility, which contributed an additional $0.16; and our other businesses that contributed an additional $0.10 per share.
Utility margin increased $30.7 million as higher customer rates and customer growth contributed $30.9 million.
Utility O&M increased $14.2 million, driven by higher employee compensation and benefit costs, lease expenses for our new operations and headquarters building and higher costs related to information technology system upgrades.
Depreciation and general taxes increased $9 million.
Net income from our other businesses increased $3 million, largely due to higher asset management revenues from the cold weather event in February.
For 2021, cash provided by operating activities was $160 million, an increase of $15 million compared to last year.
We invested $300 million into the business, most of which was for the gas utility capital expenditures.
Gas utility capital expenditures for the year are expected to be in the $310 million to $350 million range, including significant projects related to system reinforcement and technology upgrades.
Consistent with these business drivers, the company initiated 2022 earnings guidance today for net income in the range of $2.45 to $2.65 per share.
As a result, we are now targeting a long-term earnings-per-share growth rate of 4% to 6% from 2022 to 2027.
This report illustrates different possible scenarios to transform into a provider of carbon-neutral energy by 2050.
Our Destination Zero analysis is the next evolution for us and built off our 2016 carbon savings goal for our customers' use, and the 2019 study we commissioned with the Environmental Consultant E3, Paris Climate Accord reduction targets by 2050.
And as you know, we've already taken our first steps with a 20-year RNG supply agreement and a total of $50 million investment.
Mike brings more than 25 years of experience in this sector, and I know we're ready and resourced to pursue these opportunities.
Since announcing our initial transaction four years ago, we solidified our water strategy and increased the number of customers we serve fivefold through nearly 20 acquisitions across four states.
And most notably, we signed our largest acquisition today to acquire Far West Water and wastewater utilities in Yuma, Arizona, which serves approximately 25,000 customers.
So in conclusion, your company is financially strong, and I'm pleased the opportunities in the renewables and water sectors have allowed us to increase our long-term earnings-per-share growth rate of 4% to 6%.

Summary:
For 2021, we reported net income of $2.56 per share, which is an 11% increase compared to net income from continuing operations of $2.30 per share in 2020.
For the full year 2021, we reported net income of $78.7 million or $2.56 per share, compared to net income from continuing operations of $70.3 million or $2.30 per share for 2020.