The most arresting finding in a new report on advanced industries in the United States is that employment in these fields has been stagnant since 1980. First, though, a little sugar. The Seattle-Tacoma-Bellevue metropolitan area ranks very well in the new Brookings Institution report. Using 2013 data, we were: No. 2 out of 100 metros in advanced…More
Topic: Seattle economy
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Take heart, ye boom fatigued. Seattle fell out of the top 10 of the latest Best Performing Cities report from the Milken Institute. It ranks No. 11 for 2014 vs. No. 6 the previous year. San Francisco came in first, followed by Austin, Provo-Orem, Utah, Silicon Valley and the Research Triangle. Tech centers accounted for 13…More
November’s unemployment rate in King County was 4.4 percent — that’s what economists generally consider full employment. Pan out to the Seattle-Tacoma-Bellevue metro statistical area and the rate was 5.1 percent. It was still the 18th best in the nation but by comparison metro Denver and Austin were 3.9 percent and Minneapolis 3 percent. The feds…More
On Sunday, I wrote about economic markers for the Puget Sound region in the new year. For those who want to geek out, here are some numbers that provide a baseline for performance in 2015: • 81,099, the total Boeing employment in Washington at the end of 2014. Although the company is bullish on growth…More
The damage from the Great Recession isn’t over, not by a long shot. It will linger for years, even in booming Seattle. But Washington is doing much better on the employment front, particularly if the seeming stall in job growth from late summer doesn’t reemerge. Here’s how we got there. 1. The unemployment rate has steadily…More
Growth in per-capita personal income (PCPI) for Seattle-Tacoma-Bellevue slowed to 1.1 percent last year after turning in a blistering 6.3 percent rise in 2012. We ranked 223 out of about 370 metros, according to the U.S. Bureau of Economic Analysis. The national average was a 2 percent increase. Still, at $55,190 we were well above…More
With last Friday’s report that the economy added 192,000 jobs, we have now technically recovered all the jobs lost during the Great Recession. We’re back to 2008 levels of private-sector employment. You get a gold star if you said, “but it’s not 2008.” That’s the important “but” that should be in all the headlines. The working-age population…More
We shouldn’t be too complacent about the rise in Seattle unemployment to 5.2 percent in August from 4.8 percent the month before. True, one month does not a trend make and there’s always “noise” in data. But, as the Seattle Times’ Amy Martinez reported, the metro area’s joblessness hasn’t risen four-tenths of a percentage…More
The Seattle-Tacoma-Bellevue metropolitan area ranked fifth among the top 50 metro merchandise trade exporters in 2012. Higher than Dallas-Fort Worth. Higher than the Bay Area. Considering that we are the 15th most populous metro, this is punching above our weight big time. The newly updated rankings come from the U.S. International Trade Administration. No….More
An exhaustive new study finds that economic mobility is not dead in America, but it matters where you live. The Southeast, as well as parts of Ohio, Indiana and Michigan perform badly, as this map shows. But certain cities and regions do much better at enabling intergenerational mobility, according to researchers from Harvard and the University of California at Berkeley. As the New York Times‘ David Leonhardt writes,
Climbing the income ladder occurs less often in the Southeast and industrial Midwest, the data shows [sic], with the odds notably low in Atlanta, Charlotte, Memphis, Raleigh, Indianapolis, Cincinnati and Columbus. By contrast, some of the highest rates occur in the Northeast, Great Plains and West, including in New York, Boston, Salt Lake City, Pittsburgh, Seattle and large swaths of California and Minnesota.
Indeed, the study found that children here who grew up in the relatively poor 25th percentile of national income distribution enjoy the same financial performance as adults as middle-class children (the 50th percentile) who grew up in Atlanta. And while race does matter, both white and black residents of Atlanta have lower economic mobility.More