The Pacific Northwest’s robust economy is forecast to continue to outperform over the next few years. A large presence of high-growth tech and manufacturing sectors supports the region’s largest cities—Seattle, Portland, and Boise.
Seattle
We forecast stable GDP growth across most US metros in 2024, followed by decelerating growth over the subsequent four years. All of the top 50 metros are forecast to see real GDP growth in 2024 as well as continued but slower growth through 2028.
Most metros have had steady GDP and job growth in 2023 but will start to see quarterly declines in Q4 or Q1 2024. All of the top 50 metros are forecast to see a slowdown in GDP growth in 2024, driven by lower finance and real estate GDP more than by other sectors.
Seattle faces a number of challenges including the threat of tech layoffs, but its aerospace sector is finally recovering.
