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 AUGUST 2012
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FROM THE
DIRECTOR
To
all of you who contribute to Seattle's vibrant economy:
Now is the one
time of the year when the rest of the country has great reason to envy
our weather. Fittingly, the August edition of The Indicator
quantifies the value of travel and tourism to the city and the region.
And just like those Pacific rainstorms that visit us in winter, this
industry refreshes our economy by bringing in new resources from
outside the region. The Pathways
to Careers section provides an informative ten-year look at
the rise and fall in employment for our major industry sectors, while Seattle by the Numbers
quantifies our economic performance. I hope to see many of you at this
month's City
Business Casual, where we will celebrate Seattle as a
"Startup City!"
Please enjoy,
and as usual, let us know what you think.
Steve
Johnson, Director
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 ECONOMIC
SPOTLIGHT
With
guest columnist Chris Mefford
This
month in the Economic
Spotlight, Chris Mefford breaks down...
Travel
& Tourism
They're baaa-aaack! 'Tis the
season when Seattleites share Downtown Seattle, the Pike Place Market,
and other favorite local haunts with out-of-towners from across the
nation and other parts of the world. While tourists make it to the
waterfront year-round and visitors find their way to Husky stadium
during football season, July and August is the high season for
co-mingling with the people drawn to Seattle for shopping, local food
and drinks, and our summer festivities. This year our mild climate is a
particular draw for Americans seeking a respite from an extended heat
wave across most of the U.S. Seattle is the primary destination for
nearly ten million overnight visitors annually, with many stopping in
the city en route to regional outdoor recreation at nearby
destinations.
Whether coming to Seattle
for business, recreation, or both, tourism to Seattle and King County
is big business. The Seattle Convention and Visitors Bureau estimates
that out-of-town dollars accounted for $5.9 billion in direct expenditures
in 2011. This new money infused into our local economy supports 51,000
jobs in direct employment and accounts for $2.3 billion dollars in
direct earning from travel spending. Tax revenue to state and local
government paid by visitors to King County totaled $463 million in
2011. Tourism is the 4th largest industry in Washington based on gross
domestic product, supporting hotels, eating and drinking
establishments, retail, and entertainment and recreation.
Tourists are the most visual
evidence of new money coming into the Seattle economy, and the industry
is growing. According to the US Department of Commerce, in the last two
years Seattle and Washington State have led the nation in percentage
growth of visitors from overseas markets. An estimated 20% of all
visitors to Seattle are from other countries. The cruise ship industry
brings an estimated 440,000 people to Seattle's waterfront ports ever
year, another growing industry. Tourism supports existing local
businesses and organizations. Nearly 40% of patrons at cultural
organizations in King County come from outside the county. Visitors
spend 50% more than local patrons, stimulating the economy through
retail and lodging tax revenues.
Seattle is in demand and
desirable for people from across the United States and the world to
visit, as often profiled by travel publications. The amenities that
draw out-of-towners here are the same reasons most of us moved here and
stay here. Visitors' valuable contributions to the local economy
support Seattle's cultural attractions, world-class dining, and
entertainment for the rest of us to enjoy all year round.
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PATHWAYS TO
CAREERS
Bringing
partners together to get people the skills they need for jobs, faster.
Industry
Sectors in Seattle - The Past Decade
This month's Pathways to Careers
column examines how the major industry sectors have fared in Seattle
during the past decade, which included both the "dot-com
bubble" recession at its outset as well as the Great Recession.
The Seattle
Jobs Initiative (SJI) has looked specifically at how
employment numbers have changed in each sector over the ten-year period
and compared the proportion of total Seattle employment that each
sector comprised in 2001 versus today. Sectors like Mining &
Logging, Construction, and Manufacturing have all seen varying degrees
of decline, while Education & Healthcare, Information, and
Professional Business Services have all seen significant growth. How do
these numbers translate to the current picture of our economy? Read the
full report that includes graphical data on each sector here.
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SEATTLE BY THE
NUMBERS
 Seattle
By The Numbers is a great way for our readers to
stay current on economic and business news through various numerical
data. The figures can be national unemployment rates, various economic
indicators, Seattle rankings, and data from different industry
reports. Check out our favorite stats from July:
NATIONAL
LOCAL
For
more statistics, check out the Bureau
of Labor Statistics summary of the Seattle metropolitan area or the Seattle Times'
Times Watch indicators.
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CITY BUSINESS
CASUAL
City Business Casual
is back on Thursday,
August 9 from 5:00 to 7:00 p.m. at the Alexis Hotel's  Library Bistro (1007 First Avenue
Seattle). Special guests for this month's theme, Startup City,
include:
Marcelo Calbucci,
Co-Founder & CTO, Every Move
Erin Devoto, Acting
CTO, City of Seattle
Rebecca Lovell, Chief
Business Officer, GeekWire
Kevin Merritt, Founder
& CEO, Socrata
Sabra Schneider, Director
of Electronic Communications, City of Seattle
They
will join business-savvy city staff, business owners, and advocates for
a night of introductions and idea-sharing. Please check
out our website for more information!
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COLLEAGUES ABOUT THE DAILY DIGEST!
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over 100 news sources, the OED Daily Digest is the best way
to keep up with the latest in business, technology, workforce,
industry, real estate, maritime, energy and economic development
news in Seattle.
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