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 decreased slightly from 2021 to 2022. In 2023, small business employment also decreased.
Migration to the region and post-secondary education decreased slightly from 2021 and 2022. Data from 2020 were not available for post-secondary education rates.
There was an increase in new private sector establishments from 2020 to 2021, followed by a large decrease from 2021 to 2022.
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 2023, it had further risen to 58 hours.
+7.0% change in Gross Domestic Product (GDP)
(as of 2024)
Click on each section below to view data results for the REGION. (Optimized for desktop viewing). Data for King, Kitsap, Pierce, and Snohomish will be available soon.
We’re headed in the right direction!
This trend means something is wrong.
Arrows show us weather a trend is ↑ increasing or ↓ decreasing.
Why is this metric important?
Expansion of economic activity benefits our region's businesses and creates opportunities for all residents to participate in that growth.
Source: U.S. Department of Commerce, Bureau of Economic Analysis
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.
Why is this metric important?
Successful new businesses promote opportunities for entrepreneurship and innovation and are a particularly good vehicle for household wealth accumulation.
Source: BLS
Why is this metric important?
Efficient flow of capital into small businesses promotes a vibrant and diverse commercial sector and provides greater opportunity for entrepreneurship and innovation.
Source: FFIEC
Why is this metric important?
Residents with postsecondary degrees have better job prospects and higher earning potential than those without.
Source: ACS
**Due to the COVID-19 pandemic causing inconsistent data reporting, we have only included the overall postsecondary education rates.
Why is this metric important?
Migration into our region provides a deeper pool of talent for businesses to employ, and indicates a region that is attractive to outsiders.
Source: ACS
Why is this metric important?
Freeway congestion restricts the efficient flow of physical goods, increases commute times, and causes pollution.
Source: INRIX
