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The Pacific Northwest city of Seattle is a hub for innovation and a strong economic player in a number of key industries. Companies founded in and around the Emerald City are among the most well-known in the world. (Has anybody ever heard of Starbucks? Amazon? Boeing?) A little company named Microsoft is also headquartered nearby.
Look beyond those home runs and you’ll still see a successful and vibrant economy that’s well tooled to take on the challenges of tomorrow. Let’s take a look at the economy of Seattle, Washington.
Seattle is the Nation’s Second Largest Tech Hub
Seattle’s tech workforce in 2022 measured at an astounding 194,040, second only to San Francisco in the United States.1 The industry accounts for nearly 30% of Seattle’s economy, making it a major economic driver.2
The success of behemoths like Amazon and Microsoft speaks for itself, but they’re not the only area tech companies to thrive. Business intelligence company Tableau Software was recently acquired by Salesforce, while Hewlett Packard purchased supercomputer and systems company Cray Inc.3
Seattle also ranks as the nation’s number 9 life sciences cluster.
The city’s reliance upon the tech sector does make it vulnerable to downturns. Layoffs from both Amazon and Microsoft accentuate that point. In the bigger picture, however, Seattle seems poised to remain a stronghold of tech innovation for decades to come.
Seattle’s Aerospace Industry Looks to the Sky as well as the Future
Seattle is home to the largest aerospace supply chain in the US, with an annual Gross Regional Product of $28B and 280,000 supported jobs.4
Boeing, which began in Seattle over a century ago, remains a major player, with nearly half of its global workforce located in the area.4 They’re not alone, however, as Seattle is home to over 900 aerospace-related companies.
According to the Washington State Department of Commerce, the state’s aerospace industry “specializes in aerostructures, composites, advanced materials, aircraft interiors, engineering and tooling, avionics, information and communication technologies, R&D, un-crewed and autonomous systems, next-generation air mobility, and space.”5
Over the last century, the state has produced more than 33,000 aircraft for commercial and military purposes.5
Port of Seattle a Major Economic Engine
Seattle’s position on the Pacific Ocean serves the city with more than just beautiful views and delicious seafood. The Port of Seattle is a major economic engine that serves as a gateway to 130 global destinations.6
With its strategic location, the Port of Seattle supports a diverse range of industries, including manufacturing, agriculture, and technology. It handles a substantial volume of containerized cargo, ensuring the efficient movement of goods, and plays a crucial role in the region’s economic infrastructure. The port’s extensive facilities cater to various shipping needs, fostering economic growth and job creation.
Healthcare and Research in Seattle
The healthcare industry is a major employer in Seattle, with both care workers and researchers making invaluable contributions.
In addition to numerous major hospitals, Seattle is home to the largest private foundation in the world,7 the Bill and Melinda Gates Foundation (There’s that Microsoft guy again). The Foundation’s lofty goals include the eradication of infectious disease and the reduction of poverty on a global scale. Its presence attracts talent, fosters innovation, and creates jobs in the non-profit sector. Additionally, its partnerships with local organizations enhance Seattle’s reputation as a hub for social impact, further influencing the city’s economic and social landscape.
Seattle’s Tourism Benefits from Natural Beauty, Strong Tourist Attractions
Seattle hosted 34 million visitors in 2022, representing a strong recovery from setbacks felt during the early days of the pandemic. Tourists flock to the area to take in its natural beauty and visit landmarks such as the Space Needle, Pike Place, and Seattle Aquarium, as well as to support sports teams, including the Mariners, Seahawks, and Kraken.
Major events such as the Cloudbreak Music Festival build upon Seattle’s legacy as a musical capital. (Ask a Gen-Xer and they’ll tell you that Seattle’s Big 4 grunge bands Nirvana,
Pearl Jam, Soundgarden, and Alice in Chains had every bit the cultural impact of Amazon, Boeing, Starbucks, and Microsoft).
Seattle: Cloudy Skies, Bright Future
Seattle’s reliance on the tech sector makes it vulnerable to short-term ups and downs, but with a strong and innovative workforce and a diverse, forward-looking economy, look for Seattle to have a financial future that is much brighter than its often-rainy weather.
Cited Sources
1 Schlosser, Kurt. “Report Ranks Seattle No. 2 in Overall ‘tech Talent’ Even as Hiring Slows across Industry.” GeekWire, July 18, 2023. https://www.geekwire.com/2023/report-ranks-seattle-no-2-in-overall-tech-talent-even-as-hiring-slows-across-industry/.
2 Saldanha, Alison. “Seattle Remains a Top Town for Tech Talent, but There’s a Catch.” The Seattle Times, September 1, 2023. https://www.seattletimes.com/business/seattle-remains-a-top-town-for-tech-talent-but-theres-a-catch/.
3 “Five Top Tech Companies in Seattle.” Executech, August 30, 2021. https://www.executech.com/insights/five-top-tech-companies-in-seattle/.
4 “Aerospace.” Greater Seattle Partners, September 23, 2023. https://greater-seattle.com/aerospace/.
5 “Washington State: The next Big Thing in Aerospace and Aviation.” Washington State – Where the Next Big Thing Begins, November 29, 2023. https://choosewashingtonstate.com/why-washington/our-key-sectors/aerospace.
6 Drawhorn. “How Is the Port Funded?” Port of Seattle, October 24, 2023. https://www.portseattle.org/blog/how-port-funded.
7 “Healthcare.” Visit Seattle, December 20, 2023. https://visitseattle.org/meeting-professionals/why-seattle-is-great-for-meetings/top-industries/innovative-healthcare/.
