Washington has been named No. 1 in the U.S. News Best States ranking for the second year in a row, making it the first state to do so.
Washington’s low-carbon energy infrastructure and strong secondary education system remain among the best in the country, as does the state’s economy, which is the nation’s fastest growing. Shortcomings have persisted as well, with the state’s high housing and labor costs placing it in the middle of the pack in terms of opportunities for its people, according to the Best States rankings.
Washington has solidified its position as a tech-sector leader thanks to its democratic politics, flat taxes, and industry-oriented university system. Amazon recently surpassed Boeing Co. as the state’s biggest private employer, surpassing Boeing Co., which was already dealing with the grounding of its 737 Max jet before the coronavirus pandemic curtailed air travel. Thousands of people work for Google and Facebook in the Seattle area, a trend that state officials hope will continue.
In addition to the big names, the state has become a global pioneer in business incubation. According to U.S. News, nearly 200 businesses received venture capital funding in 2020 in the state, which is ranked fifth for venture capital. As tech entrepreneurs who made their fortunes during the state’s rise look to expand a new generation of Washington-born companies, this strength is evident.
“It’s just gotten bigger in the nearly 15 years I’ve been in venture. There are more prospects, and there are more entrepreneurs “Tim Porter, a managing director at Madrona Venture Group, one of the oldest venture capital companies in Washington, agrees. “Seattle and Washington will come out better on the other side of this very difficult year.”
According to data from the Bureau of Economic Analysis, Washington’s gross domestic product grew at a 5% annual pace in the five years leading up to the coronavirus pandemic. Chris Green, the director of the state’s Department of Commerce’s Office of Economic Development and Competitiveness, runs through the sectors that helped the state grow economically.
Of course, technology is booming, but the state has also seen growth in life sciences, renewable energy, and space programs. Despite the trade war with China, the agricultural sector in the state is thriving. Timber and other forest products, which were once the lifeblood of the Evergreen State’s economy, are experiencing a revival. It’s a significant shift for a state that was once solely dependent on a single sector – aerospace – and employer – Boeing.
Washington has solidified its position as a tech-sector leader thanks to its democratic politics, flat taxes, and industry-oriented university system. Amazon recently surpassed Boeing Co. as the state’s biggest private employer, surpassing Boeing Co., which was already dealing with the grounding of its 737 Max jet before the coronavirus pandemic curtailed air travel. Thousands of people work for Google and Facebook in the Seattle area, a trend that state officials hope will continue.
In addition to the big names, the state has become a global pioneer in business incubation. According to U.S. News, nearly 200 businesses received venture capital funding in 2020 in the state, which is ranked fifth in the nation for venture capital. As tech entrepreneurs who made their fortunes during the state’s rise look to expand a new generation of Washington-born companies, this strength is evident.
