Strong growth outlook forecast for Seattle to continue
Seattle faces a number of challenges including the threat of tech layoffs, but its aerospace sector is finally recovering. Seattle’s 2022 job growth rate of 5.0% exceeded the US growth of 4.1% last year. Job growth was led by restaurants and the tech sector. We forecast that Seattle will see job growth of 2.0% in 2023 and an average job growth rate of 0.9% in 2024 through 2027, above the forecasted US rate of 0.5%. Remarkably, Seattle only recently recovered its pandemic-induced lost jobs, showing a net job change from Q1 2020 to Q4 2022 of 0.5%, still below the US net growth of 1.1%.
What you will learn:
- Seattle had GDP growth of 1.9% in 2022, lower than the US rate of 2.0% in 2022. GDP growth was led by the information sector. We forecast 2023 GDP growth of 1.8% and average annual GDP growth of 2.7% in 2024 through 2027, above the forecasted US rate of 1.8%.
- Home to Microsoft, Amazon and others, Seattle’s tech sector jobs rose 8.5% in 2022, while information GDP grew 5.2%. The industry is likely to see declines in Q2 2023, but we forecast average annual job growth of 2.4%, on average, and GDP growth of 3.6% in 2023 through 2027.
- Seattle saw net in-migration of 36,000 in 2022. This contributed to population growth of 0.8% in 2022. We forecast net in-migration of 154,900 from 2023 to 2027 and population growth of 1.2% in 2023 through 2027, above the forecasted US rate of 0.4%.
US States and Metro Service
Forecasts, scenarios and analysis for US states, metropolitan statistical areas and counties.Find Out More
The depth of our data services, the expertise of our economists, our global modelling capabilities, and our technical expertise allow us to tailor data, forecasts and scenarios to your specifications.Find Out More
Real Estate Forecasts and Scenarios
Understand the prospects and risks to your real estate investments by location and property type.Find Out More