Buoyed by a booming tech sector, Seattle surpasses Atlanta to claim 10th largest regional economy (Tacoma: real estate, homes)

[homesinseattle]

Article link here. https://www.google.com/amp/s/www.gee...l-economy/amp/

“The Seattle region continues to boom.

The regional economy — encompassing Tacoma, Everett, Seattle, Redmond and Bellevue — boasts a gross domestic product of $383 billion, according to an analysis by Greater Seattle Partners using data from the Bureau of Economic Analysis.

That now places the Seattle metropolitan area in the top 10 largest regional economies in the U.S., nudging Atlanta to 11th place. The Seattle regional economy grew by 5.1% from 2018 to 2019, and this marks the first time that Seattle has gained a spot since 2012.

It should be noted that the analysis is based on data before COVID-19 shuttered large swaths of the economy. However, Seattle’s booming tech sector has kept the economic engines of the region humming as large technology companies like Microsoft and Amazon post blockbuster results, with stock prices to match. Microsoft’s market value stands at $1.61 trillion, while Amazon is not too far behind at $1.56 trillion.

Just this week, GeekWire reported on a surge in venture capital dollars flowing into the region, propelling a new generation of life sciences, health care and software companies. And unlike the San Francisco Bay Area which is undergoing what some have dubbed an “exodus” of tech talent, Seattle seems to be holding firm.

Employee migration data from LinkedIn shows that Seattle added 2.2 tech workers for every one worker that left, from March to October of last year. That’s just slightly below the 2.5 number recorded in 2019.

“While there is no doubt that our ‘superstar city’ status is fueled by the tech industry and being home to two of the largest cloud computing companies on the planet, our pioneering spirit has long created household global brands from coffee to fashion to flight,” said Brian McGowan, chief executive officer of Greater Seattle Partners.

And just 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 — showed a gross domestic product of $294 billion in 2019. That’s more than half of the entire state of Washington whose 39 counties had a gross domestic product of $548 billion”.

[pnwguy2]

Amazon and other tech companies are indeed thriving during the pandemic times. I think the numbers will continue to look good through 2021. Overtaking Atlanta is somewhat just symbolic but I can’t help remembering how they got Seattle’s rail transit funding back in the early 70’s because Seattle wouldn't approve mass transit, twice! Certainly a different mentality back then.

[hellopity]

10 years from now Seattle will feel the same real estate (and commuter) pain as Silicon Valley. My parents reminded me that there was a time before the dot com boom when south bay was not desirable except for the Palo Alto area (west of the tracks). The pandemic put a small dent on that trajectory, but it is inevitable. We are amassing a critical mass of high paying, future-oriented jobs that will make us an innovation-based economy. And despite all the rancor from naysayers, Seattle is a highly desirable destination.

[87112]

It is a breakneck workaholic region. I don't see any slowdown no matter what. I am too old to enjoy this pace. I am out as soon as that pension kicks in.

[usernametaken]

Originally Posted by 87112

It is a breakneck workaholic region. I don't see any slowdown no matter what. I am too old to enjoy this pace. I am out as soon as that pension kicks in.

I have a 1-year contract this year at one of the larger companies in this region. What I find amazing is how many people seem to do no work at all. Some spend several hours a day posting or liking unrelated things on Slack channels (and for their break from "work", it is time for Facebook, Instagram and Twitter). We even have Slack channels devoted to sports, pets, beer, diversity, correct pronouns etc... If you say the right things in those channels, you might even get promoted!

I wonder if the situation at Amazon has become similarly lackadaisical in 2020/2021 work-from-home conditions? Seems unfair for people to be paid $150,000 and just have fun on Slack (and City-Data )!

[grega94]

Originally Posted by usernametaken

I have a 1-year contract this year at one of the larger companies in this region. What I find amazing is how many people seem to do no work at all. Some spend several hours a day posting or liking unrelated things on Slack channels (and for their break from "work", it is time for Facebook, Instagram and Twitter). We even have Slack channels devoted to sports, pets, beer, diversity, correct pronouns etc... If you say the right things in those channels, you might even get promoted!

I wonder if the situation at Amazon has become similarly lackadaisical in 2020/2021 work-from-home conditions? Seems unfair for people to be paid $150,000 and just have fun on Slack (and City-Data )!

Idk, but from what I’ve heard people at Amazon get pushed very hard and because of that have high turnover. Also I work for a contractor at Microsoft and everyone is supper busy, a lot of multitasking going on and with periodic on-call schedules to cover non business hours.

[pnwguy2]

Originally Posted by usernametaken

I have a 1-year contract this year at one of the larger companies in this region. What I find amazing is how many people seem to do no work at all. Some spend several hours a day posting or liking unrelated things on Slack channels (and for their break from "work", it is time for Facebook, Instagram and Twitter). We even have Slack channels devoted to sports, pets, beer, diversity, correct pronouns etc... If you say the right things in those channels, you might even get promoted!

I wonder if the situation at Amazon has become similarly lackadaisical in 2020/2021 work-from-home conditions? Seems unfair for people to be paid $150,000 and just have fun on Slack (and City-Data )!

I can’t find the original link, but I remember an article basically quoting Jeff Bezos saying he was not a big fan of working from home. However, he has a number of large office buildings that he needs to keep occupied!

[dav51lin]

and hardly
any one can afford to live here

[TheTimidBlueBars]

Originally Posted by homesinseattle

Employee migration data from LinkedIn shows that Seattle added 2.2 tech workers for every one worker that left, from March to October of last year. That’s just slightly below the 2.5 number recorded in 2019.

Is that growth in actual residents of Seattle during 2020, or just growth in people holding jobs that are based in Seattle? That's really impressive if the former is the case.

[folkguitarist555]

Originally Posted by dav51lin

and hardly
any one can afford to live here

Cruel and inhumane housing costs.