The Seattle area continues to thrive.
The regional economy – encompassing Tacoma, Everett, Seattle, Redmond and Bellevue – has a gross domestic product of $ 383 billion, according to an analysis by Greater Seattle Partners using data from the Bureau of Economic Analysis.
This now places the Seattle metropolitan area in the top 10 of the largest regional economies in the United States, pushing Atlanta to 11th place. Seattle’s regional economy grew 5.1% from 2018 to 2019, and this is the first time Seattle has gained a spot since 2012.
It should be noted that the analysis is based on data before COVID-19 shut down large swathes of the economy. However, Seattle’s booming tech sector rocked the region’s economic engines as big tech companies like Microsoft and Amazon released the results of the blockbuster, with stock prices to match. Microsoft’s market value is $ 1.61 trillion, while Amazon is not too far behind at $ 1.56 trillion.
Just this week, GeekWire reported a surge in venture capital dollars pouring into the region, propelling a new generation of life science, healthcare and software companies. And unlike the San Francisco Bay Area, which is experiencing what some have called a “brain drain” of technological talent, Seattle appears to be holding on.
LinkedIn employee migration data shows Seattle added 2.2 tech workers for every worker left, from March through October last year. That’s just slightly below the 2.5 figure recorded in 2019.
“While there is no doubt that our status as a ‘superstar city’ is fueled by the tech industry and home to two of the largest cloud computing companies on the planet, our pioneering spirit has long created global brands. for households, from trendy coffee to theft, ”said Brian McGowan, Managing Director of Greater Seattle Partners.
And how important is Seattle’s economy to the rest of Washington state?
Consider this: King County – where the tech hubs of Seattle, Redmond, and Bellevue are located – had a gross domestic product of $ 294 billion in 2019, more than half of the entire state of Washington. whose 39 counties had a gross domestic product of $ 548. billion.
Here is an overview of the main economic regions of the United States and the evolution of GDP from 2018 to 2019.