Economy
Our economy thrives when regional businesses expand, hiring is robust, educational achievement rises, and traffic delays don’t obstruct people’s movement.
What are we seeing?
Growth Domestic Product (GDP) growth increased slightly from 2022 to 2023. In 2023, small business employment decreased 3%.
Post-secondary education decreased slightly from 2022 and 2023 for the region, but increased slightly for Native Hawaiian or Pacific Islander (NHPI) and Hispanic people.
There was an increase in new private sector establishments from 2020 to 2021, followed by a large decrease from 2021 to 2022, and a large increase from 2022 to 2023.
Between 2020 and 2021, the number of hours spent in traffic increased from 25 to 45 hours and then increased slightly to 46 hours in 2022. By 2024, it had further risen to 63 hours.
Change in Employment
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<Percentage change in employment across all industries.>
Why is this metric important? Growing employment indicates robust commerce and provides new job and growth opportunities for the region's residents.
Source: U.S. Bureau of Labor Statistics | Quarterly Census of Employment and Wages
Year: 2024
Change in GDP
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<Expansion of economic activity benefits our region's businesses and creates opportunities for all residents to participate in that growth.>
Why is this metric important? Year-over-year percentage change in Gross Domestic Product in millions of current dollars (not adjusted for inflation) for all industries.
Source: Bureau of Economic Analysis | Gross Domestic Product
Year: 2023
Change in Loans to Businesses <1M Revenue
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<Efficient flow of capital into small businesses promotes a vibrant and diverse commercial sector and provides greater opportunity for entrepreneurship and innovation.>
Why is this metric important? Year-over-year percentage change in amount of loans to businesses <$1M in revenue.
Source: Federal Financial Institutions Examination Council | Community Reinvestment Act
Year: 2023
Change in Small Business Employment
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<Year-over-year percentage change in small business employment index in the Seattle metro.>
Why is this metric important? A vibrant and diverse small business sector creates opportunities for new ventures to grow into medium and large businesses, and insulates the region from sector-specific shocks.
Source: Washington State Employment Security Department | Establishment Size
Year: 2024
Hours Lost in Rush Hour - Per Year
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<The total number of hours lost per commuter in congestion during peak commute periods compared to free-flow conditions in Seattle metropolitan area.>
Why is this metric important? Freeway congestion restricts the efficient flow of physical goods, increases commute times, and causes pollution.
Source: INRIX | Global Traffic Scorecard
Year: 2024
New Private Sector Establishments
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<Year-over-year percentage change in small business employment index in the Seattle metro.>
Why is this metric important? Survival rate of private sector establishments after one year in Washington State.
Source: U.S. Bureau of Labor Statistics | Business Employment Dynamics
Year: 2023
Post Secondary Education Rate
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<Percentage of population age 25+ with some college or associate's degree or higher within the region.>
Why is this metric important? Residents with postsecondary degrees have better job prospects and higher earning potential than those without.
*Race-specific data are missing for several years in some counties.
**Interpret AI/AN and NHPI percentages with caution since there are small sample sizes. These were included to ensure representation.
***Only overall postsecondary education rates for 2020 are reported due to inconsistent data collection during the COVID-19 pandemic.
Source: U.S. Census Bureau | American Community Survey 5-Year Estimates
Year: 2024
Unemployment Rate
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<Out of the population aged 16 years and over who are in the civilian labor force, the percentage who are unemployed.>
Why is this metric important? Tracking unemployment highlights economic stability, as high rates signal financial hardship and reduced community well-being.
Source: U.S. Census Bureau | American Community Survey 5-Year Estimates
Year: 2023