FROM THE DIRECTOR
To all of you who contribute to Seattle's vibrant economy:
the past two weeks economic development professionals from Indonesia,
Malaysia, Nepal, Jordan, and Bulgaria have visited Seattle to learn
about the economic development priorities and strategies of Seattle and
the region. As they tell their stories, I am reminded of how
fortunate we are to enjoy the blessing of a strong and diverse economy
and all the natural and people powered assets that have led to our great
success. I am also reminded how dependent our economic well-being
is on relationships with people who live around the world, and that our
fortunes are interconnected.
In this issue of The Indicator,
Chris Mefford writes about the importance of international trade in our
economy, and the Seattle Jobs Initiative will share its research on how
new restrictions the federal government is planning on financial aid
will make it harder for low-skilled working adults to get the education
and training they need to succeed in our economy.
Please enjoy, and as usual, let us know what you think.
Steve Johnson, Director
With guest columnist Chris Mefford
This month in the Economic Spotlight, Chris Mefford breaks down...
economies grow or shrink based on the balance of economic resources
(people, money, goods and services) that flow into and out of the
region. The fundamentals of regional economic growth, therefore, rely on
our ability to export goods and services, and on international demand
for Washington State products.
known for its abundance of natural resources, exported almost $7
billion dollars in agricultural products and lumber in 2010.
Airplanes, by far the state's largest commodity export, bring $24
billion to the regional economy. Across all industries, the State's
total physical exports were valued at $64 billion in 2010, supporting
about 180,000 jobs.
region also exports many services to other countries, satisfying
international demand for local talent, experiences and innovation. While
export of physical products remains strong, the number of service
sectors with international activity is an impressive new component of
the statewide export base.
leading experts in Global Health export their knowledge and provide
health care services around the globe, supporting more than 2,500 local
jobs, possibly as many as 5,000 jobs. In
Education, Washington's colleges and universities export training to
international students who spend over $450 million on tuition and living
expenses in the State annually. Washington
Financial Services companies take in investments and sell securities for
clients around the world. Architects and Engineers provide design
services, along with research and development transmitted globally. Both
sectors export an estimated $3 billion combined.3 Tourism is another
export activity, providing experiences to people coming to the Northwest
from all over the world, infusing the State's economy with over $3.5
billion3dollars generated elsewhere per year. Our region's Software
strengths have evolved into Information and Communications Technology
products, now downloadable from locations worldwide.
The Washington Council on International Trade and the Trade Development Alliance of Greater Seattle
are producing a report incorporating Services exports with more
traditional export goods. Total services exports may exceed the value of
commodity exports and support as many or more jobs.3 The study also
highlights the importance of import activity to the State.
exports bring tens of billions of dollars to the local economy and
support hundreds of thousands of jobs. Our prosperity and economic
vibrancy is bolstered by international demand for goods, commodities,
resources and increasingly, services which originate in
 Washington Global Health Alliance, 2009.
 NAFSA: Association of International Educators, 2011.
PATHWAYS TO CAREERS
Bringing partners together to get people the skills they need for jobs, faster.
New Restrictions to Pell Funding Impact Low-skill Community College Students
federal legislation will prevent students without a high school diploma
or the equivalent who enroll in college for the first time after July
1, 2012 from accessing federal financial aid, including Pell grants.
cost-saving measure by the federal government will have a
disproportionate impact on community college students, and in particular
older, low-income and minority students, and on innovative community
college programs geared toward helping lower-skill students succeed.Read
more in Seattle Jobs Initiative's Beyond Headlines.
CITY BUSINESS CASUAL
City Business Casual is back on Thursday, May 10 from 5:00 to 7:00 p.m. at The Mayflower Park Hotel (405 Olive Way) . Special guests for this month's theme, What's Next for Green Business?, include:
Mike O'Brien, Seattle City Councilmember
Kevin Burrell, Executive Director, ECOSS
Kevin J. Dingle, President/Founder, Sustaining Structures
Ray Hoffman, Director, Seattle Public Utilities
Dave Low, Director of Sustainability Practices, Kidder Matthews / 2030 District
Rico Quirindongo, Principal, DKA Architecture / AIA
Jill Simmons, Director, Seattle Office of Sustainability & Environment
Yale Wong, CEO/Founder, General BioDiesel
They will join business-savvy city staff, business owners, and
advocates for a night of introductions and idea-sharing. Includes Happy
Hour pricing and $7 validated parking. Please check out our website for more information!
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