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The Pacific
Northwest has long been recognized as a highly desirable place to live and work
because of the quality of life offered to its residents. A strong and stable
economy, beautiful environment and wealth of cultural and recreational
opportunities distinguish the Puget Sound region of Washington. Central Puget
Sound, comprised of King, Snohomish, Pierce and Kitsap Counties, is vital to the
economy of the region by providing deep water ports to the cities of Seattle,
Tacoma and Everett.
Port of Seattle
/ Port of Tacoma / International Trade
Because of the
proximity to the growing markets in the Pacific Rim, the Puget Sound is expected
to have continued economic growth through international trade. The economic
growth of the Pacific Rim has lead to increased trade and has had a significant
impact on the region, which supports two major ports in Seattle and Tacoma.
High-Tech /
Bio-Tech Industries
The region has a
diversified economic base with notable expansion of computer software,
electronic equipment and biotechnology firms. During 1999 and the first half of
2000 Microsoft added an average of 150 employees per week. About 1,800 new
positions were created at the company in 2002.
Boeing
Boeing has been
important for the Puget Sound economy for more than eight decades and is the
largest employer in the area.
Population
According to the
Puget Sound Council of Governments the population of Washington State has grown
by an average of approximately 20% per decade. From 2001 to 2002, the state
growth rate was 1.1% in comparison to 1.4% the previous year.
The four counties
of the central Puget Sound region account for 56% of Washington’s total 2002
population of 6,014,700.
King County Population
1998 1999 2000 2001
2002 2003
1,665,800
1,677,000 1,737,046 1,758,312 1,774,312 1,779,300
Population Change (Annual % Change From Previous Period)
1998 1999 2000 2001
2002 2003
1.2% 0.7% 3.6% 1.2%
0.9% 0.3%
Source: United States Office of Financial
Management
Employment
The
Seattle-Bellevue-Everett Primary Metropolitan Statistical Area (PMSA) accounts
for 45% of the state’s total labor force.
Total Employment – Seattle-Bellevue-Everett PMSA
Source: Washington State Employment Security
Department
Employment
Metropolitan Statistical
Area Labor
Force Unemployment %
Seattle-Bellevue-Everett PMSA
January
2004
1,409,200 6.2%
February
2004
1,416,000 6.1%
March
2004
1,417,800 5.9%
Washington
State
January
2004
3,152,200 7.2%
February
2004
3,166,800 6.9%
March
2004
3,176,300 6.5%
United States
January
2004
146,863,000 5.6%
February
2004
146,471,000 5.6%
March
2004
146,650,000 5.7%
Source: Washington State Employment Security
Department & U.S. Bureau of Labor Statistics
Source: Washington State Employment Security
Department
Average household
and per capita income levels have steadily increased over the past two decades.
In King County, the median household income has increased by 20.7% over the past
five years. Pierce County’s median household income grew by 13.3% and Snohomish
County’s median household income grew by 12.7%.
There has been a
lot of progress in expanding the employment base and diversifying the regional
economy. The region was successful in its ability to attract young, highly
educated workers during the 1990’s. The presence of these young, creative
workers have lead to the development of new industries, new opportunities, and
job creation.
The regional
economy is beginning to rebound after a slowing down in 2002 and the first half
of 2003 and the general outlook for the central Puget Sound region continues to
be positive. Currently, population rates are estimated to be about 1%, which
should help keep unemployment figures down.
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