TOP OF THE CHARTS!
Some of these indicators we take great pride in achieving since they showcase the prosperity in our region. Others may be spin-offs from the opportunities a vibrant economy brings.
Let’s take a peek at a few of the stats:
#1 – Washington State is the fastest – yes, the fastest – growing economy in the United States! This was cited in a recent 24/7 Wall St. list.
- 2016 GDP growth: 3.7%
- 2016 GDP: $414.2 billion (14th largest)
- Largest industry contribution: Information
- 1-yr. population change: 1.8% (5th largest growth)
Like the U.S. as a whole, Washington’s pace of economic growth has steadily increased over the past several years, from 2.4% in 2013 to 2.9% in 2015. Washington’s economy grew 3.7% from $399.4 billion in 2015 to $414.2 billion in 2016, the largest increase of any state and more than twice the 1.5% national pace. Between 2015 and 2016, the population increased by 1.8%.
Also like the rest of the country, Washington’s information sector contributed the most to economic growth. The information services sector GDP rose $5 billion in 2016, and today it accounts for 11.4% of the state’s economy as a whole – the largest share nationwide.
According to another 24/7 Wall St. list, Seattle-Tacoma-Bellevue is the fastest growing “city” in our state:
- Population (2016): 3,798,902
- Population chg. (2011-2016): +8.6% (WA: +6.8%)
- Jobs added (2011-2016): 261,300 (+15.3%)
- Unemployment: 3.8% (WA: 4.9%)
- Largest driver of growth: Natural change
Zillow’s Chief Economist, Dr. Svenja Gudell, noted at the June Business Lunch program that the Seattle/Bellevue region is the hottest real estate market in the nation. The top designation applies to both ownership and also the rental market.
Crane Index: I recently overheard that Seattle and Bellevue have more cranes (construction) than New York, San Francisco and LA combined. And not only have we built a lot of new projects they are filling up. The 710,000 square feet expansion of Lincoln Square – Two Lincoln Tower is nearly 100% leased. Amazon has leased Center 425, totaling 360,000 square feet and the list goes on.
The vision of the Bellevue Chamber of Commerce is to be the top choice for talent, investment and businesses. Our goal is to create a sustainable environment where our entrepreneurial businesses can thrive. Kudos and applause to all of our business leaders for continuing to pivot, create, and push the envelope the last six years. Your efforts have the Bellevue/Seattle marketplace top in the country. With this in mind – we want to continue our momentum. Please drop us an email on your good news stories so we can feature your efforts!